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16175000000 8614000000 -5935000000 7797000000 -96000000 -236000000 10144000000 16175000000 <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>’ are d<span class="_ _3"/>ete<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d us<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>nd<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d as o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) be<span class="_ _3"/>fore d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>ion<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>sse<span class="_ _3"/>s ad<span class="_ _3"/>jus<span class="_ _3"/>ted fo<span class="_ _3"/>r ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng i<span class="_ _3"/>tem<span class="_ _3"/>s wit<span class="_ _3"/>hou<span class="_ _3"/>t ca<span class="_ _3"/>sh fl<span class="_ _3"/>ow ef<span class="_ _3"/>fec<span class="_ _3"/>t. Trad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">payabl<span class="_ _0"/>es<span class="_ _0"/> relat<span class="_ _0"/>ing t<span class="_ _0"/>o<span class="_ _0"/> purchas<span class="_ _0"/>es o<span class="_ _0"/>f in<span class="_ _0"/>tan<span class="_ _0"/>gible<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s, a<span class="_ _3"/>nd p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, p<span class="_ _3"/>lant<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n ‘Ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n tra<span class="_ _3"/>de p<span class="_ _3"/>aya<span class="_ _3"/>ble<span class="_ _3"/>s’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’ re<span class="_ _3"/>la<span class="_ _3"/>tes to ca<span class="_ _3"/>sh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>ons f<span class="_ _3"/>rom ta<span class="_ _3"/>x eq<span class="_ _3"/>u<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pay<span class="_ _3"/>me<span class="_ _3"/>nt he<span class="_ _3"/>re<span class="_ _3"/>of th<span class="_ _3"/>rou<span class="_ _3"/>gh p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts (<span class="_ _3"/>PTCs)<span class="_ _3"/>, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts (<span class="_ _3"/>ITCs)<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d oth<span class="_ _3"/>er ta<span class="_ _3"/>x at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes to ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e al<span class="_ _3"/>so n<span class="_ _3"/>ote 3.9 ‘Tax eq<span class="_ _3"/>ui<span class="_ _3"/>ty li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom i<span class="_ _3"/>nve<span class="_ _3"/>sti<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>ti<span class="_ _3"/>es’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on wi<span class="_ _3"/>th th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of n<span class="_ _3"/>on<span class="_ _3"/>-cu<span class="_ _3"/>rr<span class="_ _3"/>ent a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise<span class="_ _3"/>s as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>ll as t<span class="_ _3"/>he p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se an<span class="_ _3"/>d sa<span class="_ _3"/>le of <span class="_ _1"/>sec<span class="_ _3"/>ur<span class="_ _3"/>iti<span class="_ _3"/>es th<span class="_ _3"/>at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e not re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as ca<span class="_ _3"/>sh a<span class="_ _3"/>nd ca<span class="_ _3"/>sh e<span class="_ _3"/>qu<span class="_ _3"/>iv<span class="_ _3"/>ale<span class="_ _3"/>nts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>ti<span class="_ _3"/>es’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e si<span class="_ _3"/>ze or co<span class="_ _3"/>mp<span class="_ _3"/>os<span class="_ _3"/>iti<span class="_ _3"/>on of e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loa<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tal<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s on le<span class="_ _3"/>ase<span class="_ _3"/>s an<span class="_ _3"/>d net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s rel<span class="_ _3"/>ated to i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>. Pro<span class="_ _3"/>ce<span class="_ _3"/>ed<span class="_ _3"/>s fro<span class="_ _3"/>m the r<span class="_ _3"/>ais<span class="_ _3"/>in<span class="_ _3"/>g of sh<span class="_ _3"/>or<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m re<span class="_ _3"/>po lo<span class="_ _3"/>ans a<span class="_ _3"/>re p<span class="_ _3"/>res<span class="_ _3"/>ente<span class="_ _3"/>d ne<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _3"/>sh fl<span class="_ _3"/>ows i<span class="_ _3"/>n cur<span class="_ _3"/>re<span class="_ _3"/>nci<span class="_ _3"/>es ot<span class="_ _3"/>he<span class="_ _3"/>r tha<span class="_ _3"/>n th<span class="_ _3"/>e fu<span class="_ _3"/>nc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>al cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ar<span class="_ _3"/>e tra<span class="_ _3"/>nsl<span class="_ _3"/>ated a<span class="_ _3"/>t th<span class="_ _3"/>e ave<span class="_ _3"/>rag<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rate<span class="_ _3"/>s for t<span class="_ _3"/>he m<span class="_ _3"/>ont<span class="_ _3"/>h in q<span class="_ _3"/>ues<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>les<span class="_ _3"/>s th<span class="_ _3"/>ese d<span class="_ _3"/>if<span class="_ _3"/>fe<span class="_ _3"/>r sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>can<span class="_ _3"/>tly fro<span class="_ _3"/>m the r<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>on da<span class="_ _3"/>te.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>’ are d<span class="_ _3"/>ete<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d us<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>nd<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d as o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) be<span class="_ _3"/>fore d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>ion<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>sse<span class="_ _3"/>s ad<span class="_ _3"/>jus<span class="_ _3"/>ted fo<span class="_ _3"/>r ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng i<span class="_ _3"/>tem<span class="_ _3"/>s wit<span class="_ _3"/>hou<span class="_ _3"/>t ca<span class="_ _3"/>sh fl<span class="_ _3"/>ow ef<span class="_ _3"/>fec<span class="_ _3"/>t. Trad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">payabl<span class="_ _0"/>es<span class="_ _0"/> relat<span class="_ _0"/>ing t<span class="_ _0"/>o<span class="_ _0"/> purchas<span class="_ _0"/>es o<span class="_ _0"/>f in<span class="_ _0"/>tan<span class="_ _0"/>gible<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s, a<span class="_ _3"/>nd p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, p<span class="_ _3"/>lant<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n ‘Ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n tra<span class="_ _3"/>de p<span class="_ _3"/>aya<span class="_ _3"/>ble<span class="_ _3"/>s’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’ re<span class="_ _3"/>la<span class="_ _3"/>tes to ca<span class="_ _3"/>sh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>ons f<span class="_ _3"/>rom ta<span class="_ _3"/>x eq<span class="_ _3"/>u<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pay<span class="_ _3"/>me<span class="_ _3"/>nt he<span class="_ _3"/>re<span class="_ _3"/>of th<span class="_ _3"/>rou<span class="_ _3"/>gh p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts (<span class="_ _3"/>PTCs)<span class="_ _3"/>, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts (<span class="_ _3"/>ITCs)<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d oth<span class="_ _3"/>er ta<span class="_ _3"/>x at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes to ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e al<span class="_ _3"/>so n<span class="_ _3"/>ote 3.9 ‘Tax eq<span class="_ _3"/>ui<span class="_ _3"/>ty li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom i<span class="_ _3"/>nve<span class="_ _3"/>sti<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>ti<span class="_ _3"/>es’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on wi<span class="_ _3"/>th th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of n<span class="_ _3"/>on<span class="_ _3"/>-cu<span class="_ _3"/>rr<span class="_ _3"/>ent a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise<span class="_ _3"/>s as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>ll as t<span class="_ _3"/>he p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se an<span class="_ _3"/>d sa<span class="_ _3"/>le of <span class="_ _1"/>sec<span class="_ _3"/>ur<span class="_ _3"/>iti<span class="_ _3"/>es th<span class="_ _3"/>at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e not re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as ca<span class="_ _3"/>sh a<span class="_ _3"/>nd ca<span class="_ _3"/>sh e<span class="_ _3"/>qu<span class="_ _3"/>iv<span class="_ _3"/>ale<span class="_ _3"/>nts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>ti<span class="_ _3"/>es’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e si<span class="_ _3"/>ze or co<span class="_ _3"/>mp<span class="_ _3"/>os<span class="_ _3"/>iti<span class="_ _3"/>on of e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loa<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tal<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s on le<span class="_ _3"/>ase<span class="_ _3"/>s an<span class="_ _3"/>d net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s rel<span class="_ _3"/>ated to i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>. Pro<span class="_ _3"/>ce<span class="_ _3"/>ed<span class="_ _3"/>s fro<span class="_ _3"/>m the r<span class="_ _3"/>ais<span class="_ _3"/>in<span class="_ _3"/>g of sh<span class="_ _3"/>or<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m re<span class="_ _3"/>po lo<span class="_ _3"/>ans a<span class="_ _3"/>re p<span class="_ _3"/>res<span class="_ _3"/>ente<span class="_ _3"/>d ne<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _3"/>sh fl<span class="_ _3"/>ows i<span class="_ _3"/>n cur<span class="_ _3"/>re<span class="_ _3"/>nci<span class="_ _3"/>es ot<span class="_ _3"/>he<span class="_ _3"/>r tha<span class="_ _3"/>n th<span class="_ _3"/>e fu<span class="_ _3"/>nc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>al cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ar<span class="_ _3"/>e tra<span class="_ _3"/>nsl<span class="_ _3"/>ated a<span class="_ _3"/>t th<span class="_ _3"/>e ave<span class="_ _3"/>rag<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rate<span class="_ _3"/>s for t<span class="_ _3"/>he m<span class="_ _3"/>ont<span class="_ _3"/>h in q<span class="_ _3"/>ues<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>les<span class="_ _3"/>s th<span class="_ _3"/>ese d<span class="_ _3"/>if<span class="_ _3"/>fe<span class="_ _3"/>r sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>can<span class="_ _3"/>tly fro<span class="_ _3"/>m the r<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>on da<span class="_ _3"/>te.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng s<span class="_ _3"/>eg<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>ste<span class="_ _3"/>nt wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r in<span class="_ _3"/>tern<span class="_ _3"/>al r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>ng to o<span class="_ _3"/>ur ch<span class="_ _3"/>ie<span class="_ _3"/>f op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ci<span class="_ _3"/>sio<span class="_ _3"/>n-<span class="_ _3"/>ma<span class="_ _3"/>ke<span class="_ _3"/>r, the G<span class="_ _3"/>rou<span class="_ _3"/>p Ex<span class="_ _3"/>ecu<span class="_ _3"/>tiv<span class="_ _3"/>e T<span class="_ _0"/>eam<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The oper<span class="_ _0"/>ating segmen<span class="_ _0"/>ts are<span class="_ _0"/> managed primar<span class="_ _4"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ily o<span class="_ _3"/>n the b<span class="_ _3"/>as<span class="_ _3"/>is of EB<span class="_ _3"/>IT<span class="_ _3"/>DA an<span class="_ _3"/>d inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial<span class="_ _0"/> income,<span class="_ _0"/> financial<span class="_ _0"/> expense<span class="_ _0"/>s, and<span class="_ _0"/> tax<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e all<span class="_ _3"/>oca<span class="_ _3"/>ted to th<span class="_ _3"/>e op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng s<span class="_ _3"/>eg<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ile </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e the<span class="_ _3"/>m at G<span class="_ _3"/>rou<span class="_ _3"/>p leve<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>gm<span class="_ _3"/>en<span class="_ _3"/>t inc<span class="_ _3"/>om<span class="_ _3"/>e an<span class="_ _3"/>d seg<span class="_ _3"/>me<span class="_ _3"/>nt e<span class="_ _3"/>xp<span class="_ _3"/>ens<span class="_ _3"/>es a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ose i<span class="_ _3"/>tem<span class="_ _3"/>s tha<span class="_ _3"/>t, i<span class="_ _3"/>n ou<span class="_ _3"/>r inte<span class="_ _3"/>rn<span class="_ _3"/>al m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>t<span class="_ _3"/>in<span class="_ _3"/>g, a<span class="_ _3"/>re di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to i<span class="_ _3"/>ndi<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>gm<span class="_ _3"/>ent<span class="_ _3"/>s or c<span class="_ _3"/>an b<span class="_ _3"/>e ind<span class="_ _3"/>i<span class="_ _3"/>rec<span class="_ _3"/>tly al<span class="_ _3"/>loca<span class="_ _3"/>ted to i<span class="_ _3"/>nd<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vi<span class="_ _3"/>du<span class="_ _3"/>al se<span class="_ _3"/>gm<span class="_ _3"/>e<span class="_ _3"/>nts o<span class="_ _3"/>n a rel<span class="_ _3"/>ia<span class="_ _3"/>ble b<span class="_ _3"/>as<span class="_ _3"/>is<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion s<span class="_ _3"/>pe<span class="_ _3"/>ci<span class="_ _3"/>fi<span class="_ _3"/>ed i<span class="_ _3"/>n a cont<span class="_ _3"/>rac<span class="_ _3"/>t wi<span class="_ _3"/>th a cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>on pr<span class="_ _3"/>ic<span class="_ _3"/>e) an<span class="_ _3"/>d exc<span class="_ _3"/>lud<span class="_ _3"/>es a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>lle<span class="_ _3"/>cte<span class="_ _3"/>d on be<span class="_ _3"/>ha<span class="_ _3"/>lf of t<span class="_ _3"/>hi<span class="_ _3"/>rd pa<span class="_ _3"/>r<span class="_ _3"/>tie<span class="_ _3"/>s, i<span class="_ _3"/>.e<span class="_ _3"/>. V<span class="_ _0"/>A<span class="_ _0"/>T<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e wh<span class="_ _3"/>en w<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>r co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tro<span class="_ _3"/>l ove<span class="_ _3"/>r a pro<span class="_ _3"/>du<span class="_ _3"/>ct o<span class="_ _3"/>r se<span class="_ _3"/>rv<span class="_ _3"/>ice to a c<span class="_ _3"/>us<span class="_ _3"/>tome<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or a p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If a p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice i<span class="_ _3"/>s va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i.<span class="_ _3"/>e. b<span class="_ _3"/>on<span class="_ _3"/>us pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s, i<span class="_ _3"/>nc<span class="_ _3"/>ent<span class="_ _3"/>ive p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>ed de<span class="_ _3"/>ad<span class="_ _3"/>l<span class="_ _3"/>ine<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>, th<span class="_ _3"/>e var<span class="_ _3"/>ia<span class="_ _3"/>ble c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in rev<span class="_ _3"/>en<span class="_ _3"/>ue wh<span class="_ _3"/>en i<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hi<span class="_ _3"/>gh<span class="_ _3"/>ly pro<span class="_ _3"/>ba<span class="_ _3"/>ble t<span class="_ _3"/>hat t<span class="_ _3"/>he re<span class="_ _3"/>ven<span class="_ _3"/>ue w<span class="_ _3"/>il<span class="_ _3"/>l not b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>n su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ad<span class="_ _3"/>ju<span class="_ _3"/>st th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e ti<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue of m<span class="_ _3"/>on<span class="_ _3"/>ey if t<span class="_ _3"/>he pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s ex<span class="_ _3"/>cee<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">twelve mont<span class="_ _3"/>hs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on o<span class="_ _3"/>f powe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n of pow<span class="_ _3"/>er i<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>d at ou<span class="_ _3"/>r own w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, sol<span class="_ _3"/>ar fa<span class="_ _3"/>rm<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d pow<span class="_ _3"/>er s<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s as we<span class="_ _3"/>ll a<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>ci<span class="_ _3"/>lla<span class="_ _3"/>ry s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces<span class="_ _3"/>. We re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>he p<span class="_ _3"/>ower i<span class="_ _3"/>s pro<span class="_ _3"/>du<span class="_ _3"/>ce<span class="_ _3"/>d, s<span class="_ _3"/>in<span class="_ _3"/>ce th<span class="_ _3"/>is is w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs oc<span class="_ _3"/>cur<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for h<span class="_ _3"/>av<span class="_ _3"/>in<span class="_ _3"/>g CPH p<span class="_ _3"/>la<span class="_ _3"/>nts o<span class="_ _3"/>n sta<span class="_ _3"/>nd<span class="_ _3"/>by or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>ady to i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se o<span class="_ _3"/>r de<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of po<span class="_ _3"/>wer to b<span class="_ _3"/>ala<span class="_ _3"/>nc<span class="_ _3"/>e the d<span class="_ _3"/>em<span class="_ _3"/>an<span class="_ _3"/>d an<span class="_ _3"/>d su<span class="_ _3"/>pp<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he sy<span class="_ _3"/>ste<span class="_ _3"/>m is co<span class="_ _3"/>ns<span class="_ _3"/>ide<span class="_ _3"/>re<span class="_ _3"/>d on<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obligation<span class="_ _0"/> fulfill<span class="_ _0"/>ed o<span class="_ _0"/>ver t<span class="_ _0"/>ime.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>owe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>ower i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>des r<span class="_ _3"/>eve<span class="_ _3"/>nue f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of po<span class="_ _3"/>wer s<span class="_ _3"/>ou<span class="_ _3"/>rced f<span class="_ _3"/>ro<span class="_ _3"/>m othe<span class="_ _3"/>r pr<span class="_ _3"/>od<span class="_ _3"/>uce<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es th<span class="_ _3"/>e sa<span class="_ _3"/>le of p<span class="_ _3"/>ower s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tor pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, t<span class="_ _3"/>hi<span class="_ _3"/>rd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">party balancing<span class="_ _0"/> con<span class="_ _0"/>tracts, e<span class="_ _0"/>xchanges, and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er s<span class="_ _3"/>ale<span class="_ _3"/>s con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he sa<span class="_ _3"/>le i<span class="_ _3"/>s rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he po<span class="_ _3"/>wer i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>ed to th<span class="_ _3"/>e gr<span class="_ _3"/>id<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of pow<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ic<span class="_ _3"/>e, or w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re ex<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er<span class="_ _3"/>s to the c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r at a v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le p<span class="_ _3"/>ric<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>e<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>er<span class="_ _3"/>ies to b<span class="_ _3"/>e sa<span class="_ _3"/>tis<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me<span class="_ _3"/>. For s<span class="_ _3"/>uc<span class="_ _3"/>h cont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>nd fo<span class="_ _3"/>r lo<span class="_ _3"/>ng<span class="_ _3"/>-ter<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s on s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g pow<span class="_ _3"/>er a<span class="_ _3"/>t a fi<span class="_ _3"/>xed p<span class="_ _3"/>ri<span class="_ _3"/>ce, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue i<span class="_ _3"/>n th<span class="_ _3"/>e am<span class="_ _3"/>oun<span class="_ _3"/>t up to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we ha<span class="_ _3"/>ve a ri<span class="_ _3"/>ght to i<span class="_ _3"/>nvo<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rev<span class="_ _0"/>enue from<span class="_ _0"/> constr<span class="_ _0"/>uction o<span class="_ _0"/>f wind<span class="_ _0"/> farms</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>ct<span class="_ _3"/>ion o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t and c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n ph<span class="_ _3"/>as<span class="_ _3"/>e fro<span class="_ _3"/>m de<span class="_ _3"/>sig<span class="_ _3"/>n to de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n <span class="_ _6"/>o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al a<span class="_ _3"/>ss<span class="_ _3"/>et. T<span class="_ _3"/>he a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nt con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>st<span class="_ _3"/>s of two p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rm<span class="_ _3"/>anc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>ns:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>W<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore t<span class="_ _3"/>ra<span class="_ _3"/>nsm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n as<span class="_ _3"/>set<span class="_ _3"/>s, i<span class="_ _3"/>f ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>bl<span class="_ _3"/>e. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs' s<span class="_ _3"/>ha<span class="_ _3"/>res of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm a<span class="_ _3"/>nd of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if a<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>cab<span class="_ _3"/>le<span class="_ _3"/>. If ou<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de m<span class="_ _3"/>ult<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e wi<span class="_ _3"/>ll be a<span class="_ _3"/>llo<span class="_ _3"/>cate<span class="_ _3"/>d to ea<span class="_ _3"/>ch p<span class="_ _3"/>er<span class="_ _3"/>for-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>nc<span class="_ _3"/>e obl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n bas<span class="_ _3"/>ed o<span class="_ _3"/>n the s<span class="_ _3"/>tan<span class="_ _3"/>d-<span class="_ _3"/>a<span class="_ _3"/>lon<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g pri<span class="_ _3"/>ces<span class="_ _3"/>. W<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ese a<span class="_ _3"/>re no<span class="_ _3"/>t di<span class="_ _3"/>rec<span class="_ _3"/>tly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le, th<span class="_ _3"/>ey ar<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed c<span class="_ _0"/>ost<span class="_ _0"/>-pl<span class="_ _0"/>us mar<span class="_ _0"/>gin. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>, usi<span class="_ _3"/>ng a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re p<span class="_ _3"/>rog<span class="_ _3"/>res<span class="_ _3"/>s towa<span class="_ _3"/>rds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>lete sa<span class="_ _3"/>tis<span class="_ _3"/>fac<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n be<span class="_ _3"/>ca<span class="_ _3"/>use t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r ga<span class="_ _3"/>in<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l of th<span class="_ _3"/>e wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm du<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>roce<span class="_ _3"/>ss<span class="_ _3"/>. Th<span class="_ _3"/>e in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d ref<span class="_ _3"/>lec<span class="_ _3"/>ts t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g tra<span class="_ _3"/>ns<span class="_ _3"/>fer of co<span class="_ _3"/>ntr<span class="_ _3"/>ol<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>on of a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m con<span class="_ _3"/>si<span class="_ _3"/>st<span class="_ _3"/>s of a fi<span class="_ _3"/>xe<span class="_ _3"/>d fee a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a re<span class="_ _3"/>lati<span class="_ _3"/>ve<span class="_ _3"/>ly min<span class="_ _3"/>or v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le fe<span class="_ _3"/>e, d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>di<span class="_ _3"/>ng on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm ca<span class="_ _3"/>n be p<span class="_ _3"/>ut i<span class="_ _3"/>nto op<span class="_ _3"/>er<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rati<span class="_ _3"/>on fo<span class="_ _3"/>r an o<span class="_ _3"/>ffs<span class="_ _3"/>ho<span class="_ _3"/>re tr<span class="_ _3"/>ans<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ss<span class="_ _3"/>ion a<span class="_ _3"/>ss<span class="_ _3"/>et is a f<span class="_ _3"/>ix<span class="_ _3"/>ed fe<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Af<span class="_ _3"/>ter s<span class="_ _3"/>ig<span class="_ _3"/>ni<span class="_ _3"/>ng th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gr<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>nt, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we ca<span class="_ _3"/>rr<span class="_ _3"/>y ou<span class="_ _3"/>t an a<span class="_ _3"/>sse<span class="_ _3"/>ss<span class="_ _3"/>me<span class="_ _3"/>nt de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d to be co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>eted<span class="_ _3"/>. We ca<span class="_ _3"/>lcu<span class="_ _3"/>late th<span class="_ _3"/>e si<span class="_ _3"/>ze of th<span class="_ _3"/>e va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>n thi<span class="_ _3"/>s ba<span class="_ _3"/>si<span class="_ _3"/>s. We o<span class="_ _3"/>nly rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee wh<span class="_ _3"/>en i<span class="_ _3"/>t is h<span class="_ _3"/>ig<span class="_ _3"/>hly pr<span class="_ _3"/>oba<span class="_ _3"/>b<span class="_ _3"/>le tha<span class="_ _3"/>t a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t reve<span class="_ _3"/>rsa<span class="_ _3"/>l wi<span class="_ _3"/>ll n<span class="_ _3"/>ot tak<span class="_ _3"/>e pla<span class="_ _3"/>ce. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r pa<span class="_ _3"/>ys th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on a pa<span class="_ _3"/>ym<span class="_ _3"/>ent s<span class="_ _3"/>che<span class="_ _3"/>du<span class="_ _3"/>le<span class="_ _3"/>. Th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sc<span class="_ _3"/>hed<span class="_ _3"/>u<span class="_ _3"/>le is d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d an<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>gr<span class="_ _3"/>ess of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of c<span class="_ _3"/>ont<span class="_ _3"/>rol to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd s<span class="_ _3"/>al<span class="_ _3"/>e of he<span class="_ _3"/>at a<span class="_ _3"/>nd s<span class="_ _3"/>te<span class="_ _3"/>am</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">He<span class="_ _3"/>at i<span class="_ _3"/>s sol<span class="_ _3"/>d un<span class="_ _3"/>de<span class="_ _3"/>r lon<span class="_ _3"/>g-te<span class="_ _3"/>rm h<span class="_ _3"/>ea<span class="_ _3"/>t cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e hea<span class="_ _3"/>t is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al h<span class="_ _3"/>eat c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r ha<span class="_ _3"/>s ma<span class="_ _3"/>de a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent to f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ce th<span class="_ _3"/>e ma<span class="_ _3"/>jo<span class="_ _3"/>ri<span class="_ _3"/>ty of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X as<span class="_ _3"/>soc<span class="_ _3"/>ia<span class="_ _3"/>ted wi<span class="_ _3"/>th th<span class="_ _3"/>e bi<span class="_ _3"/>om<span class="_ _3"/>as<span class="_ _3"/>s con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ve<span class="_ _3"/>rsi<span class="_ _3"/>on of t<span class="_ _3"/>he C<span class="_ _3"/>HP p<span class="_ _3"/>lan<span class="_ _3"/>t. T<span class="_ _3"/>he p<span class="_ _3"/>rep<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as a c<span class="_ _3"/>ontr<span class="_ _3"/>ac<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity, a<span class="_ _3"/>nd it i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>so r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as r<span class="_ _3"/>eve<span class="_ _3"/>nue i<span class="_ _3"/>n ste<span class="_ _3"/>p wi<span class="_ _3"/>th th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of h<span class="_ _3"/>ea<span class="_ _3"/>t to th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pay<span class="_ _3"/>me<span class="_ _3"/>nt for t<span class="_ _3"/>he sa<span class="_ _3"/>le of h<span class="_ _3"/>ea<span class="_ _3"/>t con<span class="_ _3"/>si<span class="_ _3"/>sts o<span class="_ _3"/>f fi<span class="_ _3"/>xed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ate<span class="_ _3"/>d wit<span class="_ _3"/>h ope<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nte<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>nc<span class="_ _3"/>e of a CH<span class="_ _3"/>P pla<span class="_ _3"/>nt, f<span class="_ _3"/>ue<span class="_ _3"/>l cos<span class="_ _3"/>ts fo<span class="_ _3"/>r the g<span class="_ _3"/>e<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on of h<span class="_ _3"/>ea<span class="_ _3"/>t, a<span class="_ _3"/>nd a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l ret<span class="_ _3"/>urn<span class="_ _3"/>. T<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is d<span class="_ _3"/>ue wh<span class="_ _3"/>en d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>ere<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>a<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>as i<span class="_ _3"/>s our g<span class="_ _3"/>as s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m oth<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>rs<span class="_ _3"/>, an<span class="_ _3"/>d it is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed wh<span class="_ _3"/>en t<span class="_ _3"/>he g<span class="_ _3"/>as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to ou<span class="_ _3"/>r bu<span class="_ _3"/>yer. Th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>fer of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l occ<span class="_ _3"/>ur<span class="_ _3"/>s eit<span class="_ _3"/>he<span class="_ _3"/>r wh<span class="_ _3"/>en th<span class="_ _3"/>e ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>to the d<span class="_ _3"/>is<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of ga<span class="_ _3"/>s at a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e pr<span class="_ _3"/>ice<span class="_ _3"/>, or wh<span class="_ _3"/>er<span class="_ _3"/>e we ar<span class="_ _3"/>e exc<span class="_ _3"/>lus<span class="_ _3"/>ive s<span class="_ _3"/>up<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>, are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rma<span class="_ _3"/>nc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>n wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>eri<span class="_ _3"/>es to b<span class="_ _3"/>e sat<span class="_ _3"/>is<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r suc<span class="_ _3"/>h con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s, we r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt up to w<span class="_ _3"/>hi<span class="_ _3"/>ch we h<span class="_ _3"/>ave a r<span class="_ _3"/>ig<span class="_ _3"/>ht to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>oi<span class="_ _3"/>ce. S<span class="_ _3"/>om<span class="_ _3"/>e lon<span class="_ _3"/>g-te<span class="_ _3"/>rm g<span class="_ _3"/>as sa<span class="_ _3"/>le<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de c<span class="_ _3"/>lau<span class="_ _3"/>se<span class="_ _3"/>s whi<span class="_ _3"/>ch g<span class="_ _3"/>ive t<span class="_ _3"/>he r<span class="_ _3"/>ig<span class="_ _3"/>ht to ren<span class="_ _3"/>e<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">got<span class="_ _3"/>ia<span class="_ _3"/>te the f<span class="_ _3"/>ix<span class="_ _3"/>ed s<span class="_ _3"/>ale<span class="_ _3"/>s pr<span class="_ _3"/>ice<span class="_ _3"/>s. E<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tat<span class="_ _3"/>ion<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he o<span class="_ _3"/>utco<span class="_ _3"/>mes o<span class="_ _3"/>f ren<span class="_ _3"/>eg<span class="_ _3"/>oti<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in r<span class="_ _3"/>eve<span class="_ _3"/>nue b<span class="_ _3"/>efo<span class="_ _3"/>re we k<span class="_ _3"/>now th<span class="_ _3"/>e ou<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>me of t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ne<span class="_ _3"/>go<span class="_ _3"/>tia<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e ga<span class="_ _3"/>s is d<span class="_ _3"/>ue wh<span class="_ _3"/>en t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted i<span class="_ _3"/>nto th<span class="_ _3"/>e dis<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Distribution<span class="_ _0"/> and transmission</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for d<span class="_ _3"/>is<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on a<span class="_ _3"/>nd tr<span class="_ _3"/>an<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oi<span class="_ _3"/>l is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e oi<span class="_ _3"/>l is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e buy<span class="_ _3"/>er, or w<span class="_ _3"/>he<span class="_ _3"/>n the c<span class="_ _3"/>apa<span class="_ _3"/>ci<span class="_ _3"/>ty is m<span class="_ _3"/>ad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">avail<span class="_ _0"/>able.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>ted a<span class="_ _3"/>s the a<span class="_ _3"/>mo<span class="_ _3"/>unt to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we are e<span class="_ _3"/>nt<span class="_ _3"/>itle<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r<span class="_ _0"/>, an<span class="_ _3"/>d co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is pay<span class="_ _0"/>able when<span class="_ _0"/> invoic<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">O&amp;M a<span class="_ _3"/>n<span class="_ _3"/>d oth<span class="_ _3"/>er s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m pr<span class="_ _3"/>ovi<span class="_ _3"/>di<span class="_ _3"/>ng se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d over t<span class="_ _3"/>im<span class="_ _3"/>e as o<span class="_ _3"/>ur cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs s<span class="_ _3"/>im<span class="_ _3"/>ulta<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">neousl<span class="_ _0"/>y r<span class="_ _0"/>eceive<span class="_ _0"/> and c<span class="_ _0"/>onsume th<span class="_ _0"/>e benefits<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _0"/>vided. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r fi<span class="_ _3"/>xed<span class="_ _3"/>-<span class="_ _3"/>pri<span class="_ _3"/>ce<span class="_ _3"/>d cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, rev<span class="_ _3"/>en<span class="_ _3"/>ue i<span class="_ _3"/>s reco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d bas<span class="_ _3"/>ed o<span class="_ _3"/>n the a<span class="_ _3"/>ct<span class="_ _3"/>ua<span class="_ _3"/>l ser<span class="_ _3"/>v<span class="_ _3"/>ice re<span class="_ _3"/>nd<span class="_ _3"/>e<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he e<span class="_ _3"/>nd of t<span class="_ _3"/>he re<span class="_ _3"/>po<span class="_ _3"/>rt<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>rio<span class="_ _3"/>d as a p<span class="_ _3"/>ro<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e total s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces to b<span class="_ _3"/>e re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>s dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al l<span class="_ _3"/>ab<span class="_ _3"/>our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ho<span class="_ _3"/>ur<span class="_ _3"/>s sp<span class="_ _3"/>ent r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to the to<span class="_ _3"/>tal la<span class="_ _3"/>bo<span class="_ _3"/>ur h<span class="_ _3"/>ou<span class="_ _3"/>rs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expected.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>pr<span class="_ _3"/>ice c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>re in<span class="_ _3"/>voi<span class="_ _3"/>ced o<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>nth<span class="_ _3"/>ly bas<span class="_ _3"/>is<span class="_ _3"/>, an<span class="_ _3"/>d con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>ion i<span class="_ _3"/>s pa<span class="_ _3"/>yab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>nvoi<span class="_ _3"/>ce<span class="_ _3"/>d. Va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee se<span class="_ _3"/>r<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re du<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter t<span class="_ _3"/>he s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ts o<span class="_ _3"/>ff<span class="_ _3"/>sho<span class="_ _3"/>re tr<span class="_ _3"/>an<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>ets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he U<span class="_ _3"/>K wh<span class="_ _3"/>ich a<span class="_ _3"/>re re<span class="_ _3"/>qu<span class="_ _3"/>ir<span class="_ _3"/>ed to be d<span class="_ _3"/>iv<span class="_ _3"/>este<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ird p<span class="_ _3"/>ar<span class="_ _3"/>ti<span class="_ _3"/>es d<span class="_ _3"/>ue to E<span class="_ _3"/>U un<span class="_ _3"/>bu<span class="_ _3"/>nd<span class="_ _3"/>li<span class="_ _3"/>ng re<span class="_ _3"/>gu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>ted as i<span class="_ _3"/>nve<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tor<span class="_ _3"/>ie<span class="_ _3"/>s an<span class="_ _3"/>d tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed to co<span class="_ _3"/>st of s<span class="_ _3"/>ale<span class="_ _3"/>s whe<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set i<span class="_ _3"/>s di<span class="_ _3"/>ves<span class="_ _3"/>ted to e<span class="_ _3"/>ith<span class="_ _3"/>er a fa<span class="_ _3"/>rm<span class="_ _3"/>-<span class="_ _3"/>down p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or to t<span class="_ _3"/>he b<span class="_ _3"/>uye<span class="_ _3"/>r ap<span class="_ _3"/>poi<span class="_ _3"/>nte<span class="_ _3"/>d by Ofg<span class="_ _3"/>em<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>ent g<span class="_ _3"/>ran<span class="_ _3"/>ts co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se g<span class="_ _3"/>rant<span class="_ _3"/>s for e<span class="_ _3"/>nvi<span class="_ _3"/>ro<span class="_ _3"/>nm<span class="_ _3"/>enta<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>sta<span class="_ _3"/>in<span class="_ _3"/>ab<span class="_ _3"/>le powe<span class="_ _3"/>r g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n, g<span class="_ _3"/>ra<span class="_ _3"/>nts fo<span class="_ _3"/>r th<span class="_ _3"/>e fu<span class="_ _3"/>ndi<span class="_ _3"/>ng o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">develo<span class="_ _3"/>pme<span class="_ _3"/>nt projec<span class="_ _3"/>ts, inves<span class="_ _3"/>tment g<span class="_ _3"/>rants, etc<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>ent g<span class="_ _3"/>ran<span class="_ _3"/>ts a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>ere i<span class="_ _3"/>s rea<span class="_ _3"/>so<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le as<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce th<span class="_ _3"/>at t<span class="_ _3"/>he g<span class="_ _3"/>rant<span class="_ _3"/>s wi<span class="_ _3"/>ll b<span class="_ _3"/>e rec<span class="_ _3"/>ei<span class="_ _3"/>ved<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As g<span class="_ _3"/>ra<span class="_ _3"/>nts fo<span class="_ _3"/>r pow<span class="_ _3"/>er g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n ar<span class="_ _3"/>e inte<span class="_ _3"/>nd<span class="_ _3"/>ed a<span class="_ _3"/>s a com<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>ns<span class="_ _3"/>ati<span class="_ _3"/>on fo<span class="_ _3"/>r the p<span class="_ _3"/>ri<span class="_ _3"/>ce of p<span class="_ _3"/>ower, we sy<span class="_ _3"/>ste<span class="_ _3"/>ma<span class="_ _3"/>tic<span class="_ _3"/>ally re<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se th<span class="_ _3"/>e gr<span class="_ _3"/>ant<span class="_ _3"/>s un<span class="_ _3"/>de<span class="_ _3"/>r reve<span class="_ _3"/>nu<span class="_ _3"/>e in s<span class="_ _3"/>tep w<span class="_ _3"/>ith t<span class="_ _3"/>he p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d thu<span class="_ _3"/>s th<span class="_ _3"/>e rel<span class="_ _3"/>ated r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Res<span class="_ _3"/>ea<span class="_ _3"/>rch c<span class="_ _3"/>ost<span class="_ _3"/>s are c<span class="_ _3"/>ost<span class="_ _3"/>s in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d to fi<span class="_ _3"/>nd n<span class="_ _3"/>ew or i<span class="_ _3"/>mp<span class="_ _3"/>rove </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>is<span class="_ _3"/>tin<span class="_ _3"/>g tec<span class="_ _3"/>hn<span class="_ _3"/>olo<span class="_ _3"/>gi<span class="_ _3"/>es (e<span class="_ _3"/>.g<span class="_ _3"/>. im<span class="_ _3"/>prov<span class="_ _3"/>in<span class="_ _3"/>g of<span class="_ _3"/>fsh<span class="_ _3"/>ore fo<span class="_ _3"/>un<span class="_ _3"/>da<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opt<span class="_ _3"/>im<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g the b<span class="_ _3"/>la<span class="_ _3"/>de s<span class="_ _3"/>tabi<span class="_ _3"/>l<span class="_ _3"/>ity a<span class="_ _3"/>nd p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>velo<span class="_ _3"/>pi<span class="_ _3"/>ng n<span class="_ _3"/>ew way<span class="_ _3"/>s of co<span class="_ _3"/>nve<span class="_ _3"/>rt<span class="_ _3"/>in<span class="_ _3"/>g ren<span class="_ _3"/>ewa<span class="_ _3"/>ble e<span class="_ _3"/>le<span class="_ _3"/>ctr<span class="_ _3"/>ons </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to re<span class="_ _3"/>new<span class="_ _3"/>ab<span class="_ _3"/>le mo<span class="_ _3"/>lec<span class="_ _3"/>ule<span class="_ _3"/>s an<span class="_ _3"/>d syn<span class="_ _3"/>the<span class="_ _3"/>tic f<span class="_ _3"/>ue<span class="_ _3"/>ls)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Res<span class="_ _3"/>ea<span class="_ _3"/>rch c<span class="_ _3"/>ost<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the i<span class="_ _3"/>nc<span class="_ _3"/>ome s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as inc<span class="_ _0"/>urred.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ly com<span class="_ _3"/>pr<span class="_ _3"/>ise s<span class="_ _3"/>ala<span class="_ _3"/>ri<span class="_ _3"/>es (<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nted i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">No<span class="_ _3"/>te 2.7 ‘<span class="_ _3"/>Em<span class="_ _3"/>ploye<span class="_ _3"/>e cos<span class="_ _3"/>ts’<span class="_ _3"/>) as w<span class="_ _3"/>el<span class="_ _3"/>l as i<span class="_ _3"/>nter<span class="_ _3"/>na<span class="_ _3"/>l an<span class="_ _3"/>d ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts<span class="_ _3"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e di<span class="_ _3"/>rec<span class="_ _3"/>tly or i<span class="_ _3"/>nd<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly attr<span class="_ _3"/>ib<span class="_ _3"/>ute<span class="_ _3"/>d to de<span class="_ _3"/>sig<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t of of<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>nd o<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, so<span class="_ _3"/>la<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, P2<span class="_ _3"/>X pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion fa<span class="_ _3"/>ci<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s, a<span class="_ _3"/>nd e<span class="_ _3"/>ne<span class="_ _3"/>rgy s<span class="_ _3"/>tor<span class="_ _3"/>age fa<span class="_ _3"/>ci<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts ar<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>d un<span class="_ _3"/>til t<span class="_ _3"/>he ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>is<span class="_ _3"/>ati<span class="_ _3"/>on <span class="_ _1"/>cri<span class="_ _3"/>ter<span class="_ _3"/>ia </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e met<span class="_ _3"/>. De<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts i<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>d af<span class="_ _3"/>ter t<span class="_ _3"/>ha<span class="_ _3"/>t are c<span class="_ _3"/>ap<span class="_ _3"/>ita<span class="_ _3"/>lis<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as ‘<span class="_ _3"/>Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt u<span class="_ _3"/>nd<span class="_ _3"/>er co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n’ (se<span class="_ _3"/>e note </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.1<span class="_ _0"/> ‘Intan<span class="_ _0"/>gible<span class="_ _0"/> assets,<span class="_ _0"/> and<span class="_ _0"/> property<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t and<span class="_ _0"/> equipment’).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>in<span class="_ _3"/>s fro<span class="_ _3"/>m far<span class="_ _3"/>m-<span class="_ _3"/>do<span class="_ _3"/>wns of o<span class="_ _3"/>wne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p inte<span class="_ _3"/>re<span class="_ _3"/>sts i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d on t<span class="_ _3"/>he d<span class="_ _3"/>ive<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t da<span class="_ _3"/>te </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as ot<span class="_ _3"/>he<span class="_ _3"/>r op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng i<span class="_ _3"/>nco<span class="_ _3"/>me<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>in<span class="_ _3"/>s fro<span class="_ _3"/>m fu<span class="_ _3"/>ture c<span class="_ _3"/>ons<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r'<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>are o<span class="_ _3"/>f the w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d ove<span class="_ _3"/>r ti<span class="_ _3"/>me i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>ent i<span class="_ _3"/>n ste<span class="_ _3"/>p wi<span class="_ _3"/>th co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e note<span class="_ _3"/>s 2.<span class="_ _3"/>2 ‘Re<span class="_ _3"/>ven<span class="_ _3"/>ue<span class="_ _3"/>’ and 3<span class="_ _3"/>.<span class="_ _3"/>5 ‘Co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>ici<span class="_ _3"/>es fo<span class="_ _3"/>r the i<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e fro<span class="_ _3"/>m ‘U<span class="_ _3"/>S </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax c<span class="_ _3"/>red<span class="_ _3"/>it<span class="_ _3"/>s an<span class="_ _3"/>d tax a<span class="_ _3"/>ttr<span class="_ _3"/>ib<span class="_ _3"/>ute<span class="_ _3"/>s’ are d<span class="_ _3"/>es<span class="_ _3"/>cri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.9 ‘Tax eq<span class="_ _3"/>ui<span class="_ _3"/>ty li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Los<span class="_ _3"/>ses f<span class="_ _3"/>rom o<span class="_ _3"/>ur m<span class="_ _3"/>ar<span class="_ _3"/>ket t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies a<span class="_ _3"/>re p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s un<span class="_ _3"/>de<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ineffecive<span class="_ _0"/> hedges, e<span class="_ _0"/>tc.<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>tm<span class="_ _3"/>en<span class="_ _3"/>t of ow<span class="_ _3"/>ne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p in<span class="_ _3"/>ter<span class="_ _3"/>es<span class="_ _3"/>ts i<span class="_ _3"/>n ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>offshore<span class="_ _0"/> wind<span class="_ _0"/> farms</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>t an ow<span class="_ _3"/>ne<span class="_ _3"/>rsh<span class="_ _3"/>ip i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t in a<span class="_ _3"/>n of<span class="_ _3"/>f-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m to a pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r<span class="_ _0"/>, we t<span class="_ _3"/>ypi<span class="_ _3"/>ca<span class="_ _3"/>lly al<span class="_ _3"/>so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ter i<span class="_ _3"/>nto ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s on t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ion a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>ture o<span class="_ _3"/>pe<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on wi<span class="_ _3"/>th a d<span class="_ _3"/>ive<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nt are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>typicall<span class="_ _0"/>y agreemen<span class="_ _0"/>ts on:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>t<span class="_ _3"/>he s<span class="_ _3"/>ale of s<span class="_ _3"/>ha<span class="_ _3"/>res (d<span class="_ _3"/>iv<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nt of a<span class="_ _3"/>sse<span class="_ _3"/>ts) (S<span class="_ _3"/>PA)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e fu<span class="_ _3"/>ture c<span class="_ _3"/>ons<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(const<span class="_ _0"/>ruction agreements<span class="_ _0"/> or construction<span class="_ _0"/> man<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s, if n<span class="_ _3"/>ot i<span class="_ _3"/>n op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e fu<span class="_ _3"/>ture o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e off<span class="_ _3"/>sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(O&amp;<span class="_ _0"/>M agreemen<span class="_ _0"/>ts).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ra<span class="_ _3"/>mm<span class="_ _3"/>e is c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as a<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d pro<span class="_ _3"/>gra<span class="_ _3"/>mm<span class="_ _3"/>e as t<span class="_ _3"/>he p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me i<span class="_ _3"/>s set<span class="_ _3"/>tle<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in s<span class="_ _3"/>ha<span class="_ _3"/>res<span class="_ _3"/>. Th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of t<span class="_ _3"/>he P<span class="_ _3"/>SUs a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>d nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f PSU<span class="_ _3"/>s gra<span class="_ _3"/>nted a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ur<span class="_ _3"/>ed at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of gra<span class="_ _3"/>nti<span class="_ _3"/>ng a<span class="_ _3"/>nd r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>in th<span class="_ _3"/>e in<span class="_ _3"/>co<span class="_ _3"/>me sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r em<span class="_ _3"/>ploy<span class="_ _3"/>ee </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts ov<span class="_ _3"/>er th<span class="_ _3"/>e ves<span class="_ _3"/>ti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>as a<span class="_ _3"/>n off<span class="_ _3"/>set i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>ee<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r eq<span class="_ _3"/>uit<span class="_ _3"/>y </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the v<span class="_ _3"/>est<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>ri<span class="_ _3"/>od<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e PS<span class="_ _3"/>Us an<span class="_ _3"/>d th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SU<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to b<span class="_ _3"/>e gr<span class="_ _3"/>ante<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed o<span class="_ _3"/>ut as a p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y sim<span class="_ _3"/>ul<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on Ø<span class="_ _3"/>rste<span class="_ _3"/>d'<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to<span class="_ _3"/>tal sh<span class="_ _3"/>ar<span class="_ _3"/>eh<span class="_ _3"/>old<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">retu<span class="_ _3"/>rn r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to ten co<span class="_ _3"/>mp<span class="_ _3"/>ar<span class="_ _3"/>ab<span class="_ _3"/>le Eur<span class="_ _3"/>op<span class="_ _3"/>ea<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>er<span class="_ _3"/>gy co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ies<span class="_ _3"/>. Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fac<span class="_ _3"/>tor<span class="_ _3"/>ed i<span class="_ _3"/>nto th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>d are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d sub<span class="_ _3"/>se<span class="_ _3"/>qu<span class="_ _3"/>ent<span class="_ _3"/>l<span class="_ _0"/>y. Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ic<span class="_ _3"/>ipa<span class="_ _3"/>nt<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>ens<span class="_ _3"/>ate<span class="_ _3"/>d for a<span class="_ _3"/>ny di<span class="_ _3"/>vid<span class="_ _3"/>en<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">receiving<span class="_ _0"/> additional<span class="_ _0"/> PSUs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r the p<span class="_ _3"/>ur<span class="_ _3"/>po<span class="_ _3"/>se of as<span class="_ _3"/>se<span class="_ _3"/>ssi<span class="_ _3"/>ng i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent l<span class="_ _3"/>oss<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Int<span class="_ _0"/>angible<span class="_ _0"/> asset<span class="_ _0"/>s’<span class="_ _0"/>,<span class="_ _0"/> and<span class="_ _0"/> ‘Property<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equip<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>’ are g<span class="_ _3"/>ro<span class="_ _3"/>upe<span class="_ _3"/>d at t<span class="_ _3"/>he lev<span class="_ _3"/>el fo<span class="_ _3"/>r wh<span class="_ _3"/>ich t<span class="_ _3"/>he<span class="_ _3"/>re ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">separ<span class="_ _0"/>atel<span class="_ _4"/>y ident<span class="_ _0"/>ifiable<span class="_ _0"/> ca<span class="_ _0"/>sh fl<span class="_ _0"/>ow<span class="_ _0"/>s (<span class="_ _0"/>cas<span class="_ _0"/>h-generat<span class="_ _0"/>ing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>it<span class="_ _3"/>s (CGUs)<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CGUs a<span class="_ _3"/>re as<span class="_ _3"/>se<span class="_ _3"/>sse<span class="_ _3"/>d for i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent w<span class="_ _3"/>he<span class="_ _3"/>nev<span class="_ _3"/>er ev<span class="_ _3"/>ent<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or c<span class="_ _3"/>irc<span class="_ _3"/>um<span class="_ _3"/>sta<span class="_ _3"/>nce<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>cate th<span class="_ _3"/>at t<span class="_ _3"/>he ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n ass<span class="_ _3"/>et or CG<span class="_ _3"/>U may n<span class="_ _3"/>ot be r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e. If a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>di<span class="_ _3"/>cat<span class="_ _3"/>io<span class="_ _3"/>n of im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt ex<span class="_ _3"/>is<span class="_ _3"/>ts<span class="_ _3"/>, an e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>te of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>'s or CG<span class="_ _3"/>U'<span class="_ _3"/>s reco<span class="_ _3"/>vera<span class="_ _3"/>b<span class="_ _3"/>le am<span class="_ _3"/>ou<span class="_ _3"/>nt is m<span class="_ _3"/>ad<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lue of a CG<span class="_ _3"/>U is im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>red i<span class="_ _3"/>f the n<span class="_ _3"/>et b<span class="_ _3"/>ook </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue e<span class="_ _3"/>xce<span class="_ _3"/>ed<span class="_ _3"/>s the r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hic<span class="_ _3"/>h is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>er of t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se an<span class="_ _3"/>d th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s of di<span class="_ _3"/>sp<span class="_ _3"/>osa<span class="_ _3"/>l<span class="_ _3"/>. Valu<span class="_ _3"/>e-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se ca<span class="_ _3"/>lcu<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lat<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt'<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>ctat<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to fu<span class="_ _3"/>ture c<span class="_ _3"/>as<span class="_ _3"/>h flow<span class="_ _3"/>s fro<span class="_ _3"/>m fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l fore<span class="_ _3"/>cas<span class="_ _3"/>ts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss pl<span class="_ _3"/>ans a<span class="_ _3"/>nd i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>de a nu<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r of as<span class="_ _3"/>sum<span class="_ _3"/>p<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons a<span class="_ _3"/>nd e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ates<span class="_ _3"/>. Fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e les<span class="_ _3"/>s cos<span class="_ _3"/>ts of d<span class="_ _3"/>is-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>sal i<span class="_ _3"/>s us<span class="_ _3"/>ed fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>ds a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>sed o<span class="_ _3"/>n a mu<span class="_ _3"/>lti<span class="_ _3"/>ple </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>alys<span class="_ _3"/>is a<span class="_ _3"/>nd d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted ca<span class="_ _3"/>sh f<span class="_ _3"/>low m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s, i<span class="_ _3"/>f a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>b<span class="_ _3"/>us<span class="_ _3"/>in<span class="_ _3"/>ess c<span class="_ _3"/>ase i<span class="_ _3"/>s av<span class="_ _3"/>ai<span class="_ _3"/>lab<span class="_ _3"/>le. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tin<span class="_ _3"/>g ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ows in<span class="_ _3"/>volve<span class="_ _3"/>s a nu<span class="_ _3"/>mb<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of as<span class="_ _3"/>su<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>nd es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tes<span class="_ _3"/>. In th<span class="_ _3"/>e US<span class="_ _3"/>, key es<span class="_ _3"/>ti<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns fo<span class="_ _3"/>r the fo<span class="_ _3"/>rec<span class="_ _3"/>as<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>ds a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X (i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g kn<span class="_ _3"/>ock-<span class="_ _3"/>on e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s fro<span class="_ _3"/>m su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>lay<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>), i<span class="_ _3"/>nfl<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, ter<span class="_ _3"/>ms of c<span class="_ _3"/>ond<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>n new </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, p<span class="_ _3"/>os<span class="_ _3"/>sib<span class="_ _3"/>le re<span class="_ _3"/>ne<span class="_ _3"/>got<span class="_ _3"/>ia<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons o<span class="_ _3"/>f ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g OR<span class="_ _3"/>ECs (w<span class="_ _3"/>hi<span class="_ _3"/>ch d<span class="_ _3"/>o not h<span class="_ _3"/>ave i<span class="_ _3"/>nf<span class="_ _3"/>lat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>xat<span class="_ _3"/>io<span class="_ _3"/>n), e<span class="_ _3"/>li<span class="_ _3"/>gi<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty fo<span class="_ _3"/>r bon<span class="_ _3"/>us I<span class="_ _3"/>TCs<span class="_ _3"/>, and ta<span class="_ _3"/>x eq<span class="_ _3"/>u<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements<span class="_ _0"/> or al<span class="_ _0"/>ternat<span class="_ _0"/>ive w<span class="_ _0"/>ays<span class="_ _0"/> of<span class="_ _0"/> monetising<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ITCs<span class="_ _3"/>. Al<span class="_ _3"/>l the<span class="_ _3"/>se key e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed s<span class="_ _3"/>pe<span class="_ _3"/>cif<span class="_ _3"/>ic<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y for e<span class="_ _3"/>ac<span class="_ _3"/>h CGU.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unt r<span class="_ _3"/>ate ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d wh<span class="_ _3"/>en ca<span class="_ _3"/>lcu<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g va<span class="_ _3"/>lue<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>-u<span class="_ _3"/>se ta<span class="_ _3"/>kes g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>l ri<span class="_ _3"/>sk<span class="_ _3"/>s into a<span class="_ _3"/>cco<span class="_ _3"/>unt a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he we<span class="_ _3"/>ig<span class="_ _3"/>hted a<span class="_ _3"/>ve<span class="_ _3"/>rag<span class="_ _3"/>e cos<span class="_ _3"/>t of ca<span class="_ _3"/>pi<span class="_ _3"/>tal (<span class="_ _3"/>WAC<span class="_ _0"/>C) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter ta<span class="_ _3"/>x<span class="_ _3"/>, wh<span class="_ _3"/>ere<span class="_ _3"/>as t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows a<span class="_ _3"/>re ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d for ri<span class="_ _3"/>sk<span class="_ _3"/>s sp<span class="_ _3"/>eci<span class="_ _3"/>fi<span class="_ _3"/>c to th<span class="_ _3"/>e ass<span class="_ _3"/>et<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>E<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure ca<span class="_ _3"/>sh f<span class="_ _3"/>lows a<span class="_ _3"/>re d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l po<span class="_ _3"/>st-tax d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>t rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>sse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sta<span class="_ _3"/>tem<span class="_ _3"/>ent a<span class="_ _3"/>nd<span class="_ _3"/>, ex<span class="_ _3"/>cep<span class="_ _3"/>t in th<span class="_ _3"/>e ca<span class="_ _3"/>se of g<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>f the<span class="_ _3"/>re h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n a cha<span class="_ _3"/>ng<span class="_ _3"/>e in t<span class="_ _3"/>he <span class="_ _1"/>es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed to d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne t<span class="_ _3"/>he CGU<span class="_ _3"/>'s re<span class="_ _3"/>cove<span class="_ _3"/>ra<span class="_ _3"/>ble a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>rs<span class="_ _3"/>al of a<span class="_ _3"/>n im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>rme<span class="_ _3"/>nt lo<span class="_ _3"/>ss is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt ne<span class="_ _3"/>t of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on if n<span class="_ _3"/>o im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>ss ha<span class="_ _3"/>d be<span class="_ _3"/>en r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e CGU.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n of en<span class="_ _3"/>ter<span class="_ _3"/>pri<span class="_ _3"/>se<span class="_ _3"/>s is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d usi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d. U<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>hi<span class="_ _3"/>s met<span class="_ _3"/>ho<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>s wel<span class="_ _3"/>l as co<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>en<span class="_ _3"/>t li<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e on t<span class="_ _3"/>he da<span class="_ _3"/>te of ac<span class="_ _3"/>qu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>ets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>re n<span class="_ _3"/>orm<span class="_ _3"/>al<span class="_ _3"/>ly dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g an i<span class="_ _3"/>nco<span class="_ _3"/>me a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ey are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>v<span class="_ _3"/>alu<span class="_ _3"/>ed a<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sh fl<span class="_ _3"/>ows th<span class="_ _3"/>ey ca<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>rate<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>n-<span class="_ _3"/>se<span class="_ _3"/>par<span class="_ _3"/>ab<span class="_ _3"/>le pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d on i<span class="_ _3"/>nco<span class="_ _3"/>me<span class="_ _3"/>, su<span class="_ _3"/>ch as p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue of d<span class="_ _3"/>er<span class="_ _3"/>iv<span class="_ _3"/>ati<span class="_ _3"/>ves i<span class="_ _3"/>s de<span class="_ _3"/>term<span class="_ _3"/>i<span class="_ _3"/>ned u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r no<span class="_ _3"/>rm<span class="_ _3"/>al a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch fo<span class="_ _3"/>r suc<span class="_ _3"/>h ite<span class="_ _3"/>ms<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ma<span class="_ _3"/>rk<span class="_ _3"/>et pr<span class="_ _3"/>ice<span class="_ _3"/>s or e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>ti<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of oth<span class="_ _3"/>er a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>d us<span class="_ _3"/>in<span class="_ _3"/>g the a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>e fi<span class="_ _3"/>nd m<span class="_ _3"/>ost r<span class="_ _3"/>ele<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>nt for t<span class="_ _3"/>he i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al i<span class="_ _3"/>tem<span class="_ _3"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e ei<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a ma<span class="_ _3"/>rke<span class="_ _3"/>t ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h, a<span class="_ _3"/>n in<span class="_ _3"/>com<span class="_ _3"/>e ap<span class="_ _3"/>pr<span class="_ _3"/>oac<span class="_ _3"/>h, o<span class="_ _3"/>r a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost<span class="_ _0"/> approac<span class="_ _0"/>h.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>red e<span class="_ _3"/>nte<span class="_ _3"/>rp<span class="_ _3"/>ris<span class="_ _3"/>e is i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>li<span class="_ _3"/>date<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l sta<span class="_ _3"/>tem<span class="_ _3"/>ent<span class="_ _3"/>s fro<span class="_ _3"/>m th<span class="_ _3"/>e date o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, whi<span class="_ _3"/>ch i<span class="_ _3"/>s th<span class="_ _3"/>e date w<span class="_ _3"/>he<span class="_ _3"/>n we ob<span class="_ _3"/>tai<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">contro<span class="_ _3"/>l.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en a<span class="_ _3"/>n ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se h<span class="_ _3"/>as e<span class="_ _3"/>nter<span class="_ _3"/>ed i<span class="_ _3"/>nto </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent c<span class="_ _3"/>las<span class="_ _3"/>si<span class="_ _3"/>fi<span class="_ _3"/>ed as a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>, th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue of t<span class="_ _3"/>he ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll b<span class="_ _3"/>e in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in th<span class="_ _3"/>e op<span class="_ _3"/>en<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>lan<span class="_ _3"/>ce<span class="_ _3"/>. Pos<span class="_ _3"/>t<span class="_ _0"/>- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, thi<span class="_ _3"/>s fai<span class="_ _3"/>r va<span class="_ _3"/>lue i<span class="_ _3"/>s re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt to reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>, ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>ss<span class="_ _3"/>ets a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>y un<span class="_ _3"/>ti<span class="_ _3"/>l di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt a<span class="_ _3"/>nd m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>. Th<span class="_ _3"/>e cos<span class="_ _3"/>ts co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se co<span class="_ _3"/>sts o<span class="_ _3"/>f mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, site l<span class="_ _3"/>ab<span class="_ _3"/>ou<span class="_ _3"/>r cost<span class="_ _3"/>s, c<span class="_ _3"/>ost<span class="_ _3"/>s of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>nti<span class="_ _3"/>ng e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt as w<span class="_ _3"/>ell a<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>re<span class="_ _3"/>ct p<span class="_ _3"/>rod<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s em<span class="_ _3"/>ploy<span class="_ _3"/>ee co<span class="_ _3"/>st<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s sto<span class="_ _3"/>rag<span class="_ _3"/>e in n<span class="_ _3"/>on<span class="_ _3"/>-D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re ma<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ed o<span class="_ _3"/>n a fai<span class="_ _3"/>r va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>is, a<span class="_ _3"/>nd t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s in t<span class="_ _3"/>hes<span class="_ _3"/>e sto<span class="_ _3"/>rag<span class="_ _3"/>e fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s to se<span class="_ _3"/>ll<span class="_ _3"/>. Ch<span class="_ _3"/>ang<span class="_ _3"/>es i<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue le<span class="_ _3"/>ss co<span class="_ _3"/>st<span class="_ _3"/>s to se<span class="_ _3"/>ll ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>le<span class="_ _3"/>s in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od of t<span class="_ _3"/>he ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s in D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h stor<span class="_ _3"/>ag<span class="_ _3"/>e faci<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>, dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed a<span class="_ _3"/>s a we<span class="_ _3"/>igh<span class="_ _3"/>ted a<span class="_ _3"/>ver<span class="_ _3"/>ag<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>vio<span class="_ _3"/>us m<span class="_ _3"/>ont<span class="_ _3"/>h's pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce, i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>po<span class="_ _3"/>rt c<span class="_ _3"/>ost<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>ed ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measured<span class="_ _0"/> at<span class="_ _0"/> market<span class="_ _0"/> value.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>ee<span class="_ _3"/>n cer<span class="_ _3"/>ti<span class="_ _3"/>fi<span class="_ _3"/>cate<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch we e<span class="_ _3"/>ar<span class="_ _3"/>n by ge<span class="_ _3"/>ne<span class="_ _3"/>rat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pow<span class="_ _3"/>er u<span class="_ _3"/>sin<span class="_ _3"/>g re<span class="_ _3"/>new<span class="_ _3"/>ab<span class="_ _3"/>le en<span class="_ _3"/>erg<span class="_ _3"/>y so<span class="_ _3"/>urce<span class="_ _3"/>s, a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n in<span class="_ _3"/>ven<span class="_ _3"/>tori<span class="_ _3"/>es i<span class="_ _3"/>n ste<span class="_ _3"/>p wit<span class="_ _3"/>h ou<span class="_ _3"/>r ge<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. We me<span class="_ _3"/>as<span class="_ _3"/>ure g<span class="_ _3"/>ree<span class="_ _3"/>n ce<span class="_ _3"/>rt<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>tes (e<span class="_ _3"/>ar<span class="_ _3"/>ne<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bo<span class="_ _3"/>ug<span class="_ _3"/>ht) a<span class="_ _3"/>t cos<span class="_ _3"/>t usi<span class="_ _3"/>ng t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st-in<span class="_ _3"/>, f<span class="_ _3"/>irs<span class="_ _3"/>t-ou<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(FIFO<span class="_ _0"/>) princ<span class="_ _0"/>iple.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ot<span class="_ _3"/>he<span class="_ _3"/>r inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st, d<span class="_ _3"/>ete<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d on a f<span class="_ _3"/>ir<span class="_ _3"/>st-i<span class="_ _3"/>n, f<span class="_ _3"/>ir<span class="_ _3"/>st-o<span class="_ _3"/>ut ba<span class="_ _3"/>si<span class="_ _3"/>s (e.g<span class="_ _3"/>. for c<span class="_ _3"/>oa<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bi<span class="_ _3"/>om<span class="_ _3"/>ass<span class="_ _3"/>) or by ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble v<span class="_ _3"/>alu<span class="_ _3"/>e, i<span class="_ _3"/>f net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>al<span class="_ _3"/>isa<span class="_ _3"/>bl<span class="_ _3"/>e valu<span class="_ _3"/>e is l<span class="_ _3"/>ower. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re wr<span class="_ _3"/>itte<span class="_ _3"/>n do<span class="_ _3"/>wn to th<span class="_ _3"/>e lowe<span class="_ _3"/>r of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble va<span class="_ _3"/>lu<span class="_ _3"/>e an<span class="_ _3"/>d cos<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>. For o<span class="_ _3"/>ff<span class="_ _3"/>sho<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, it i<span class="_ _3"/>s the e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>in<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>no<span class="_ _3"/>un<span class="_ _3"/>ced by O<span class="_ _3"/>fge<span class="_ _3"/>m<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sab<span class="_ _3"/>le va<span class="_ _3"/>lu<span class="_ _3"/>e is th<span class="_ _3"/>e su<span class="_ _3"/>m (di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h the i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>ie<span class="_ _3"/>s are e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted to g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>te </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh a n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>l sa<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se a co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>t wh<span class="_ _3"/>en we p<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>m a se<span class="_ _3"/>rv<span class="_ _3"/>ice o<span class="_ _3"/>r tra<span class="_ _3"/>ns<span class="_ _3"/>fer g<span class="_ _3"/>oo<span class="_ _3"/>ds i<span class="_ _3"/>n ad<span class="_ _3"/>van<span class="_ _3"/>ce of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>vi<span class="_ _3"/>ng co<span class="_ _3"/>ns<span class="_ _3"/>ide<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n, a<span class="_ _3"/>nd t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is c<span class="_ _3"/>ond<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l. W<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s un<span class="_ _3"/>con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ti<span class="_ _3"/>ona<span class="_ _3"/>l<span class="_ _3"/>, an<span class="_ _3"/>d the g<span class="_ _3"/>oo<span class="_ _3"/>ds o<span class="_ _3"/>r ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s are d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ed<span class="_ _3"/>, we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se a re<span class="_ _3"/>cei<span class="_ _3"/>va<span class="_ _3"/>ble<span class="_ _3"/>. A ri<span class="_ _3"/>ght to c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is un<span class="_ _3"/>co<span class="_ _3"/>nd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>al i<span class="_ _3"/>f on<span class="_ _3"/>ly the pa<span class="_ _3"/>ss<span class="_ _3"/>ag<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ti<span class="_ _3"/>me i<span class="_ _3"/>s req<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d befo<span class="_ _3"/>re th<span class="_ _3"/>e pa<span class="_ _3"/>yme<span class="_ _3"/>nt i<span class="_ _3"/>s du<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d at t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e of th<span class="_ _3"/>e goo<span class="_ _3"/>ds d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>ere<span class="_ _3"/>d or s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>r<span class="_ _3"/>form<span class="_ _3"/>ed l<span class="_ _3"/>ess i<span class="_ _3"/>nvo<span class="_ _3"/>ici<span class="_ _3"/>ng o<span class="_ _3"/>n ac<span class="_ _3"/>cou<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se a co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty wh<span class="_ _3"/>en t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>oi<span class="_ _3"/>cin<span class="_ _3"/>g on a<span class="_ _3"/>cco<span class="_ _3"/>unt a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted lo<span class="_ _3"/>sse<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>cee<span class="_ _3"/>d th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pri<span class="_ _3"/>ce of t<span class="_ _3"/>he g<span class="_ _3"/>ood<span class="_ _3"/>s or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red to o<span class="_ _3"/>ur c<span class="_ _3"/>us<span class="_ _3"/>tome<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We kee<span class="_ _3"/>p ou<span class="_ _3"/>r re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>s unt<span class="_ _3"/>il m<span class="_ _3"/>atu<span class="_ _3"/>rit<span class="_ _3"/>y, and t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ey are m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red a<span class="_ _3"/>t am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed c<span class="_ _3"/>ost<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own<span class="_ _3"/>s are ca<span class="_ _3"/>rr<span class="_ _3"/>ie<span class="_ _3"/>d ou<span class="_ _3"/>t fro<span class="_ _3"/>m in<span class="_ _3"/>iti<span class="_ _3"/>al re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>. T<span class="_ _3"/>he wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own i<span class="_ _3"/>s ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ff<span class="_ _3"/>ere<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e car<span class="_ _3"/>r<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e re<span class="_ _3"/>cei<span class="_ _3"/>v-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le a<span class="_ _3"/>nd th<span class="_ _3"/>e ne<span class="_ _3"/>t pre<span class="_ _3"/>sen<span class="_ _3"/>t val<span class="_ _3"/>ue of e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>utu<span class="_ _3"/>re cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows fr<span class="_ _3"/>om th<span class="_ _3"/>e rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>. The d<span class="_ _3"/>is<span class="_ _3"/>cou<span class="_ _3"/>nt ra<span class="_ _3"/>te use<span class="_ _3"/>d is t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve in<span class="_ _3"/>tere<span class="_ _3"/>st ra<span class="_ _3"/>te for t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ce<span class="_ _3"/>iva<span class="_ _3"/>bl<span class="_ _3"/>e or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e <span class="_ _5"> </span> in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al <span class="_ _21"> </span>por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply th<span class="_ _3"/>e si<span class="_ _3"/>mp<span class="_ _3"/>li<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch to th<span class="_ _3"/>e wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of tr<span class="_ _3"/>ad<span class="_ _3"/>e rece<span class="_ _3"/>iv<span class="_ _3"/>ab<span class="_ _3"/>les<span class="_ _3"/>, wh<span class="_ _3"/>ich p<span class="_ _3"/>er<span class="_ _3"/>mi<span class="_ _3"/>ts ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own a<span class="_ _3"/>s the f<span class="_ _3"/>ul<span class="_ _3"/>l los<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e en<span class="_ _3"/>tir<span class="_ _3"/>e ter<span class="_ _3"/>m of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the rece<span class="_ _3"/>ivable<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to th<span class="_ _3"/>e op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l an<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l na<span class="_ _3"/>ture o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip<span class="_ _3"/>s, we n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>lly ha<span class="_ _3"/>ve th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pow<span class="_ _3"/>er to a<span class="_ _3"/>ffe<span class="_ _3"/>ct re<span class="_ _3"/>lev<span class="_ _3"/>ant a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>tes a<span class="_ _3"/>nd m<span class="_ _3"/>ake d<span class="_ _3"/>ec<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>s for th<span class="_ _3"/>e pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s as th<span class="_ _3"/>e ma<span class="_ _3"/>na<span class="_ _3"/>gi<span class="_ _3"/>ng p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, we n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>lly fu<span class="_ _3"/>lly co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>li<span class="_ _3"/>date c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es th<span class="_ _3"/>at h<span class="_ _3"/>ave ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity c<span class="_ _3"/>ont<span class="_ _3"/>ri<span class="_ _3"/>but<span class="_ _3"/>io<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ral<span class="_ _3"/>ly has t<span class="_ _3"/>he c<span class="_ _3"/>ha<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>ter<span class="_ _3"/>is<span class="_ _3"/>tic<span class="_ _3"/>s of a l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty as t<span class="_ _3"/>he i<span class="_ _3"/>nit<span class="_ _3"/>ia<span class="_ _3"/>l con<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>id<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>d retu<span class="_ _3"/>rn<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>es n<span class="_ _3"/>ot sh<span class="_ _3"/>are i<span class="_ _3"/>n th<span class="_ _3"/>e ri<span class="_ _3"/>sks o<span class="_ _3"/>f the p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t in t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>me wa<span class="_ _3"/>y as a s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As s<span class="_ _3"/>uc<span class="_ _3"/>h, t<span class="_ _3"/>he co<span class="_ _3"/>ntr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on i<span class="_ _3"/>s acc<span class="_ _3"/>oun<span class="_ _3"/>ted fo<span class="_ _3"/>r as a l<span class="_ _3"/>ia<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d at a<span class="_ _3"/>mo<span class="_ _3"/>rt<span class="_ _3"/>is<span class="_ _3"/>ed co<span class="_ _3"/>st<span class="_ _3"/>. The l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted m<span class="_ _3"/>eth<span class="_ _3"/>od of re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d is d<span class="_ _3"/>iv<span class="_ _3"/>id<span class="_ _3"/>ed i<span class="_ _3"/>nto: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>a ne<span class="_ _3"/>t wor<span class="_ _3"/>ki<span class="_ _3"/>ng ca<span class="_ _3"/>pi<span class="_ _3"/>tal e<span class="_ _3"/>le<span class="_ _3"/>me<span class="_ _3"/>nt to be r<span class="_ _3"/>epa<span class="_ _3"/>id </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh P<span class="_ _3"/>TCs/<span class="_ _3"/>ITCs a<span class="_ _3"/>nd o<span class="_ _3"/>the<span class="_ _3"/>r tax a<span class="_ _3"/>tt<span class="_ _3"/>rib<span class="_ _3"/>ute<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>an i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng d<span class="_ _3"/>eb<span class="_ _3"/>t ele<span class="_ _3"/>me<span class="_ _3"/>nt ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d to </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be repaid<span class="_ _0"/> through c<span class="_ _0"/>ash distributions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r'<span class="_ _3"/>s ag<span class="_ _3"/>ree<span class="_ _3"/>d retu<span class="_ _3"/>rn i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>d as a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se an<span class="_ _3"/>d is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as a<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. PTCs<span class="_ _3"/>, ITC<span class="_ _3"/>s an<span class="_ _3"/>d oth<span class="_ _3"/>er ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes tr<span class="_ _3"/>an<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to the ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>com<span class="_ _3"/>e. P<span class="_ _3"/>TCs a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>ods e<span class="_ _3"/>ar<span class="_ _3"/>ne<span class="_ _3"/>d, w<span class="_ _3"/>hi<span class="_ _3"/>le ITC<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er ta<span class="_ _3"/>x at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ne b<span class="_ _3"/>as<span class="_ _3"/>is ove<span class="_ _3"/>r th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d con<span class="_ _3"/>tra<span class="_ _3"/>ctu<span class="_ _3"/>al le<span class="_ _3"/>ng<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>dd<span class="_ _3"/>it<span class="_ _3"/>ion to t<span class="_ _3"/>he a<span class="_ _3"/>bove<span class="_ _3"/>, we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se a l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>e pr<span class="_ _3"/>ice fo<span class="_ _3"/>r the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">post<span class="_ _0"/>-<span class="_ _0"/>flip rights<span class="_ _0"/> to<span class="_ _0"/> cash distributions.<span class="_ _0"/> This liabil<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">it<span class="_ _3"/>y is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d at fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e exp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>d as a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l ite<span class="_ _3"/>m<span class="_ _3"/>. Th<span class="_ _3"/>is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ref<span class="_ _3"/>le<span class="_ _3"/>ct<span class="_ _3"/>s the i<span class="_ _3"/>nte<span class="_ _3"/>nti<span class="_ _3"/>on a<span class="_ _3"/>nd hi<span class="_ _3"/>gh l<span class="_ _3"/>ik<span class="_ _3"/>el<span class="_ _3"/>ih<span class="_ _3"/>ood t<span class="_ _3"/>ha<span class="_ _3"/>t we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r's p<span class="_ _3"/>os<span class="_ _3"/>t<span class="_ _0"/>-fl<span class="_ _3"/>ip r<span class="_ _3"/>ig<span class="_ _3"/>hts<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>ey </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e pa<span class="_ _3"/>rt of t<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al co<span class="_ _3"/>sts o<span class="_ _3"/>f the a<span class="_ _3"/>rr<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns ar<span class="_ _3"/>e rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed w<span class="_ _3"/>he<span class="_ _3"/>n the fo<span class="_ _3"/>llow<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>ri<span class="_ _3"/>ter<span class="_ _3"/>ia a<span class="_ _3"/>re fu<span class="_ _3"/>lfi<span class="_ _3"/>lle<span class="_ _3"/>d: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>We hav<span class="_ _3"/>e a leg<span class="_ _3"/>al o<span class="_ _3"/>r con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>ve ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n as </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a res<span class="_ _3"/>ult of a<span class="_ _3"/>n ea<span class="_ _3"/>rl<span class="_ _3"/>ie<span class="_ _3"/>r eve<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The s<span class="_ _3"/>ett<span class="_ _3"/>lem<span class="_ _3"/>en<span class="_ _3"/>t of the o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to res<span class="_ _3"/>ult i<span class="_ _3"/>n an o<span class="_ _3"/>utf<span class="_ _3"/>low of r<span class="_ _3"/>eso<span class="_ _3"/>ur<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion c<span class="_ _3"/>an b<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d rel<span class="_ _3"/>ia<span class="_ _3"/>bly. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>com<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>io<span class="_ _3"/>ni<span class="_ _3"/>ng o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he f<span class="_ _3"/>utu<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n re<span class="_ _3"/>spe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of d<span class="_ _3"/>eco<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng a<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/>. Th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>t of pr<span class="_ _3"/>op<span class="_ _3"/>er<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciated t<span class="_ _0"/>ogether with t<span class="_ _0"/>he associated<span class="_ _0"/> asset. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ad<span class="_ _3"/>di<span class="_ _3"/>ti<span class="_ _3"/>on of i<span class="_ _3"/>nter<span class="_ _3"/>est o<span class="_ _3"/>n pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>s reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt un<span class="_ _3"/>de<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r one<span class="_ _3"/>ro<span class="_ _3"/>us co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>ts<span class="_ _3"/>, a prov<span class="_ _3"/>isi<span class="_ _3"/>on i<span class="_ _3"/>s ma<span class="_ _3"/>de w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted i<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e to be d<span class="_ _3"/>er<span class="_ _3"/>ive<span class="_ _3"/>d fro<span class="_ _3"/>m a con<span class="_ _3"/>tra<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is lo<span class="_ _3"/>wer t<span class="_ _3"/>ha<span class="_ _3"/>n the u<span class="_ _3"/>na<span class="_ _3"/>voi<span class="_ _3"/>da<span class="_ _3"/>bl<span class="_ _3"/>e cos<span class="_ _3"/>t of me<span class="_ _3"/>eti<span class="_ _3"/>ng o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns u<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>he co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ns a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d whe<span class="_ _3"/>n ou<span class="_ _3"/>r ac<span class="_ _3"/>tua<span class="_ _3"/>l e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>s exc<span class="_ _3"/>eed o<span class="_ _3"/>ur h<span class="_ _3"/>ol<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g of ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ran<span class="_ _3"/>sa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s wi<span class="_ _3"/>th no<span class="_ _3"/>n-<span class="_ _3"/>co<span class="_ _3"/>ntro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g inte<span class="_ _3"/>re<span class="_ _3"/>sts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e acc<span class="_ _3"/>oun<span class="_ _3"/>ted fo<span class="_ _3"/>r as tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>ons w<span class="_ _3"/>ith t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> sh<span class="_ _3"/>are<span class="_ _3"/>ho<span class="_ _3"/>ld<span class="_ _3"/>er <span class="_ _5"> </span>b<span class="_ _3"/>as<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>in<span class="_ _3"/>s an<span class="_ _3"/>d los<span class="_ _3"/>ses o<span class="_ _3"/>n th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of e<span class="_ _3"/>qu<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt<span class="_ _3"/>s to non<span class="_ _3"/>-<span class="_ _3"/>cont<span class="_ _3"/>rol<span class="_ _3"/>li<span class="_ _3"/>ng i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty wh<span class="_ _3"/>en t<span class="_ _3"/>he d<span class="_ _3"/>ive<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nt do<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _3"/>esu<span class="_ _3"/>lt in a l<span class="_ _3"/>oss of c<span class="_ _3"/>ont<span class="_ _3"/>rol<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s acq<span class="_ _3"/>ui<span class="_ _3"/>red a<span class="_ _3"/>re n<span class="_ _3"/>ot reva<span class="_ _3"/>lu<span class="_ _3"/>ed o<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on of n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>ontr<span class="_ _3"/>ol<span class="_ _3"/>li<span class="_ _3"/>ng in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s. A<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ff<span class="_ _3"/>ere<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e car<span class="_ _3"/>r<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n or s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g pr<span class="_ _3"/>ic<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in equi<span class="_ _0"/>ty<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r con<span class="_ _3"/>si<span class="_ _3"/>sts o<span class="_ _3"/>f cur<span class="_ _3"/>ren<span class="_ _3"/>t tax<span class="_ _3"/>, ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax<span class="_ _3"/>, a<span class="_ _3"/>nd a<span class="_ _3"/>dju<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n res<span class="_ _3"/>pe<span class="_ _3"/>ct o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>evi<span class="_ _3"/>ous y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. T<span class="_ _0"/>ax on p<span class="_ _3"/>rof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e yea<span class="_ _3"/>r is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>ent<span class="_ _3"/>. T<span class="_ _0"/>ax re<span class="_ _3"/>la<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g to oth<span class="_ _3"/>er i<span class="_ _3"/>tem<span class="_ _3"/>s is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in ot<span class="_ _3"/>he<span class="_ _3"/>r com<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prehensive<span class="_ _0"/> income.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g ei<span class="_ _3"/>the<span class="_ _3"/>r of th<span class="_ _3"/>e fol<span class="_ _3"/>lowi<span class="_ _3"/>ng t<span class="_ _3"/>wo me<span class="_ _3"/>th<span class="_ _3"/>ods<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g on w<span class="_ _3"/>hi<span class="_ _3"/>ch me<span class="_ _3"/>th<span class="_ _3"/>od we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to bet-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter p<span class="_ _3"/>re<span class="_ _3"/>di<span class="_ _3"/>ct th<span class="_ _3"/>e res<span class="_ _3"/>olu<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he u<span class="_ _3"/>nce<span class="_ _3"/>rta<span class="_ _3"/>in<span class="_ _3"/>ty:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>Th<span class="_ _3"/>e mo<span class="_ _3"/>st-l<span class="_ _3"/>ike<span class="_ _3"/>ly-o<span class="_ _3"/>utco<span class="_ _3"/>me m<span class="_ _3"/>eth<span class="_ _3"/>od i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _3"/>ase<span class="_ _3"/>s wh<span class="_ _3"/>ere t<span class="_ _3"/>he<span class="_ _3"/>re ar<span class="_ _3"/>e on<span class="_ _3"/>ly two po<span class="_ _3"/>ssi<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>Th<span class="_ _3"/>e we<span class="_ _3"/>ig<span class="_ _3"/>hted<span class="_ _3"/>-a<span class="_ _3"/>ve<span class="_ _3"/>rag<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d is u<span class="_ _3"/>sed i<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>ses w<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ere a<span class="_ _3"/>re m<span class="_ _3"/>ore t<span class="_ _3"/>ha<span class="_ _3"/>n two p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r ‘I<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e tax<span class="_ _3"/>’ or ‘<span class="_ _3"/>Defe<span class="_ _3"/>rr<span class="_ _3"/>ed ta<span class="_ _3"/>x’, de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on h<span class="_ _3"/>ow th<span class="_ _3"/>e rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e tax p<span class="_ _3"/>osi<span class="_ _3"/>tio<span class="_ _3"/>n wi<span class="_ _3"/>ll </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>fec<span class="_ _3"/>t th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We<span class="_ _0"/> have<span class="_ _0"/> adopt<span class="_ _0"/>ed the<span class="_ _0"/> narro<span class="_ _0"/>w-sc<span class="_ _0"/>ope amend<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s to IA<span class="_ _3"/>S 12, ‘<span class="_ _3"/>In<span class="_ _3"/>com<span class="_ _3"/>e tax<span class="_ _3"/>es’, wh<span class="_ _3"/>ich p<span class="_ _3"/>rovi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tem<span class="_ _3"/>po<span class="_ _3"/>ra<span class="_ _3"/>ry re<span class="_ _3"/>li<span class="_ _3"/>ef f<span class="_ _3"/>rom a<span class="_ _3"/>cco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g for de<span class="_ _3"/>fer<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax<span class="_ _3"/>es a<span class="_ _3"/>ris<span class="_ _3"/>in<span class="_ _3"/>g fro<span class="_ _3"/>m th<span class="_ _3"/>e im<span class="_ _3"/>ple<span class="_ _3"/>me<span class="_ _3"/>nta<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2 mo<span class="_ _3"/>de<span class="_ _3"/>l ru<span class="_ _3"/>les<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in re<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>t of al<span class="_ _3"/>l tem<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ra<span class="_ _3"/>ry d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>sin<span class="_ _3"/>g be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he ta<span class="_ _3"/>x ba<span class="_ _3"/>ses of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd th<span class="_ _3"/>ei<span class="_ _3"/>r ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mou<span class="_ _3"/>nt<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is n<span class="_ _3"/>ot rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n res<span class="_ _3"/>pe<span class="_ _3"/>ct o<span class="_ _3"/>f tem<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ra<span class="_ _3"/>ry d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n of j<span class="_ _3"/>oin<span class="_ _3"/>t op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lice<span class="_ _3"/>nce interest<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>oth<span class="_ _3"/>er i<span class="_ _3"/>tem<span class="_ _3"/>s wh<span class="_ _3"/>ere d<span class="_ _3"/>if<span class="_ _3"/>fe<span class="_ _3"/>ren<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>se at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, af<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ng n<span class="_ _3"/>eit<span class="_ _3"/>he<span class="_ _3"/>r th<span class="_ _3"/>e prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e yea<span class="_ _3"/>r no<span class="_ _3"/>r th<span class="_ _3"/>e taxa<span class="_ _3"/>bl<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e. H<span class="_ _3"/>oweve<span class="_ _3"/>r, thi<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>es n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>si<span class="_ _3"/>ng i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>ct<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th co<span class="_ _3"/>mp<span class="_ _3"/>any a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s. E<span class="_ _3"/>xce<span class="_ _3"/>pt fo<span class="_ _3"/>r rig<span class="_ _3"/>ht-of-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>e ass<span class="_ _3"/>ets<span class="_ _3"/>, le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es, d<span class="_ _3"/>ec<span class="_ _3"/>om<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>in<span class="_ _3"/>g, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>tor<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d si<span class="_ _3"/>mi<span class="_ _3"/>lar l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>or<span class="_ _3"/>res<span class="_ _3"/>pon<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>un<span class="_ _3"/>ts a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>s pa<span class="_ _3"/>rt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>ts o<span class="_ _3"/>f the r<span class="_ _3"/>ela<span class="_ _3"/>ted a<span class="_ _3"/>sset<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce<span class="_ _3"/>s ar<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>tio<span class="_ _3"/>n wi<span class="_ _3"/>th co<span class="_ _3"/>mp<span class="_ _3"/>any </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acqu<span class="_ _3"/>isiti<span class="_ _3"/>ons are recog<span class="_ _3"/>nise<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>di<span class="_ _3"/>ng o<span class="_ _3"/>n how we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>an to us<span class="_ _3"/>e th<span class="_ _3"/>e ass<span class="_ _3"/>ets a<span class="_ _3"/>nd s<span class="_ _3"/>ett<span class="_ _3"/>le th<span class="_ _3"/>e lia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We of<span class="_ _3"/>fse<span class="_ _3"/>t tax a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s can b<span class="_ _3"/>e of<span class="_ _3"/>fse<span class="_ _3"/>t ag<span class="_ _3"/>ai<span class="_ _3"/>nst ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies i<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar i<span class="_ _3"/>n whi<span class="_ _3"/>ch t<span class="_ _3"/>he d<span class="_ _3"/>efer<span class="_ _3"/>re<span class="_ _3"/>d tax as<span class="_ _3"/>set<span class="_ _3"/>s ar<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be u<span class="_ _3"/>se<span class="_ _3"/>d. I<span class="_ _3"/>ntra<span class="_ _3"/>-<span class="_ _3"/>gro<span class="_ _3"/>up g<span class="_ _3"/>ai<span class="_ _3"/>ns a<span class="_ _3"/>nd lo<span class="_ _3"/>sse<span class="_ _3"/>s are e<span class="_ _3"/>li<span class="_ _3"/>m<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>ted w<span class="_ _3"/>he<span class="_ _3"/>n calc<span class="_ _3"/>ula<span class="_ _3"/>ti<span class="_ _3"/>ng d<span class="_ _3"/>efer<span class="_ _3"/>re<span class="_ _3"/>d tax<span class="_ _3"/>. In c<span class="_ _3"/>ou<span class="_ _3"/>ntr<span class="_ _3"/>ies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere ta<span class="_ _3"/>xe<span class="_ _3"/>s can b<span class="_ _3"/>e of<span class="_ _3"/>fse<span class="_ _3"/>t bet<span class="_ _3"/>we<span class="_ _3"/>en co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">du<span class="_ _3"/>e to jo<span class="_ _3"/>int ta<span class="_ _3"/>xa<span class="_ _3"/>tio<span class="_ _3"/>n sc<span class="_ _3"/>he<span class="_ _3"/>mes<span class="_ _3"/>, we h<span class="_ _3"/>ave n<span class="_ _3"/>ette<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>thi<span class="_ _3"/>n a tax j<span class="_ _3"/>ur<span class="_ _3"/>is<span class="_ _3"/>di<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>. Wh<span class="_ _3"/>er<span class="_ _3"/>e no su<span class="_ _3"/>ch p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>il<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is fe<span class="_ _3"/>as<span class="_ _3"/>ib<span class="_ _3"/>le, t<span class="_ _3"/>he d<span class="_ _3"/>efer<span class="_ _3"/>red ta<span class="_ _3"/>x is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n th<span class="_ _3"/>e gro<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>ou<span class="_ _3"/>nt on a c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ny-by<span class="_ _3"/>-c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ny leve<span class="_ _3"/>l.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax lo<span class="_ _3"/>sse<span class="_ _3"/>s car<span class="_ _3"/>ri<span class="_ _3"/>ed fo<span class="_ _3"/>rw<span class="_ _3"/>ard i<span class="_ _3"/>n ju<span class="_ _3"/>ri<span class="_ _3"/>sd<span class="_ _3"/>ic<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>he<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we h<span class="_ _3"/>ave a h<span class="_ _3"/>is<span class="_ _3"/>tor<span class="_ _3"/>y of los<span class="_ _3"/>ses a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d ba<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on ot<span class="_ _3"/>he<span class="_ _3"/>r con<span class="_ _3"/>vin<span class="_ _3"/>ci<span class="_ _3"/>ng ev<span class="_ _3"/>id<span class="_ _3"/>en<span class="_ _3"/>ce of f<span class="_ _3"/>utu<span class="_ _3"/>re pro<span class="_ _3"/>fi<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e oth<span class="_ _3"/>er c<span class="_ _3"/>onv<span class="_ _3"/>inc<span class="_ _3"/>in<span class="_ _3"/>g evi<span class="_ _3"/>de<span class="_ _3"/>nc<span class="_ _3"/>e is ba<span class="_ _3"/>se<span class="_ _3"/>d on ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-<span class="_ _3"/>term fo<span class="_ _3"/>re<span class="_ _3"/>cas<span class="_ _3"/>t mo<span class="_ _3"/>de<span class="_ _3"/>l ap<span class="_ _3"/>prov<span class="_ _3"/>ed by th<span class="_ _3"/>e Bo<span class="_ _3"/>ar<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> Direct<span class="_ _0"/>ors.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s to un<span class="_ _3"/>re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed ta<span class="_ _3"/>x as<span class="_ _3"/>set<span class="_ _3"/>s ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) or ot<span class="_ _3"/>he<span class="_ _3"/>r com<span class="_ _3"/>pre<span class="_ _3"/>he<span class="_ _3"/>ns<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>co<span class="_ _3"/>me de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>i<span class="_ _3"/>ng on t<span class="_ _3"/>he u<span class="_ _3"/>nd<span class="_ _3"/>er<span class="_ _3"/>lyin<span class="_ _3"/>g sou<span class="_ _3"/>rce of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the<span class="_ _0"/> adjustment.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he ta<span class="_ _3"/>x ru<span class="_ _3"/>les </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d rate<span class="_ _3"/>s ap<span class="_ _3"/>plyi<span class="_ _3"/>ng w<span class="_ _3"/>he<span class="_ _3"/>n the d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax b<span class="_ _3"/>ec<span class="_ _3"/>om<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nt ta<span class="_ _3"/>x. C<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>es in d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax b<span class="_ _3"/>ec<span class="_ _3"/>au<span class="_ _3"/>se of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in ta<span class="_ _3"/>x rate<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rof<span class="_ _3"/>it (<span class="_ _3"/>loss) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x (ne<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es) re<span class="_ _3"/>late<span class="_ _3"/>d to tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>ru<span class="_ _3"/>ctu<span class="_ _3"/>res a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d as a ta<span class="_ _3"/>x exp<span class="_ _3"/>en<span class="_ _3"/>se i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t whe<span class="_ _3"/>n th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent i<span class="_ _3"/>s ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve, a<span class="_ _3"/>nd we s<span class="_ _3"/>tar<span class="_ _3"/>t to or h<span class="_ _3"/>av<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">capit<span class="_ _0"/>alised the<span class="_ _0"/> corr<span class="_ _0"/>esponding ass<span class="_ _0"/>ets. The<span class="_ _0"/> liability </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>s th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt th<span class="_ _3"/>at we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to take </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r on<span class="_ _3"/>ce th<span class="_ _3"/>e cont<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n fro<span class="_ _3"/>m th<span class="_ _3"/>e eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is r<span class="_ _3"/>epa<span class="_ _3"/>id<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity s<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tur<span class="_ _3"/>e fl<span class="_ _3"/>ips<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">US<span class="_ _0"/> tax<span class="_ _0"/> equit<span class="_ _0"/>y p<span class="_ _0"/>artnerships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to seve<span class="_ _3"/>ra<span class="_ _3"/>l tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ip a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n the U<span class="_ _3"/>S<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d val<span class="_ _3"/>ue of t<span class="_ _3"/>he de<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>late<span class="_ _3"/>d to pro<span class="_ _3"/>pe<span class="_ _3"/>rt<span class="_ _3"/>y, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt at t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ip d<span class="_ _3"/>ate i<span class="_ _3"/>n th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n ou<span class="_ _3"/>r acc<span class="_ _3"/>ou<span class="_ _3"/>nts w<span class="_ _3"/>he<span class="_ _3"/>n the ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt i<span class="_ _3"/>s ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e, a<span class="_ _3"/>nd we s<span class="_ _3"/>tar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/> or hav<span class="_ _0"/>e c<span class="_ _0"/>apitalised<span class="_ _0"/> the<span class="_ _0"/> corresponding<span class="_ _0"/> assets.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e de<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity f<span class="_ _3"/>rom e<span class="_ _3"/>xi<span class="_ _3"/>sti<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>ps wi<span class="_ _3"/>ll g<span class="_ _3"/>rad<span class="_ _3"/>ua<span class="_ _3"/>lly b<span class="_ _3"/>e red<span class="_ _3"/>uce<span class="_ _3"/>d ba<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on a<span class="_ _3"/>cco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on a<span class="_ _3"/>fte<span class="_ _3"/>r th<span class="_ _3"/>e fl<span class="_ _3"/>ip d<span class="_ _3"/>ate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e mo<span class="_ _3"/>re re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>shi<span class="_ _3"/>ps i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note <span class="_ _3"/>3.9 ‘T<span class="_ _0"/>ax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>nd d<span class="_ _3"/>ebt<span class="_ _3"/>, ba<span class="_ _3"/>nk d<span class="_ _3"/>eb<span class="_ _3"/>t, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r paya<span class="_ _3"/>bl<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed a<span class="_ _3"/>t in<span class="_ _3"/>cept<span class="_ _3"/>io<span class="_ _3"/>n at m<span class="_ _3"/>ark<span class="_ _3"/>et va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(ty<span class="_ _3"/>pi<span class="_ _3"/>cal<span class="_ _3"/>ly proc<span class="_ _3"/>ee<span class="_ _3"/>ds re<span class="_ _3"/>ce<span class="_ _3"/>ive<span class="_ _3"/>d) n<span class="_ _3"/>et of tra<span class="_ _3"/>ns<span class="_ _3"/>ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s inc<span class="_ _3"/>ur<span class="_ _3"/>red<span class="_ _3"/>. I<span class="_ _3"/>n sub<span class="_ _3"/>seq<span class="_ _3"/>ue<span class="_ _3"/>nt p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>s, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed at a<span class="_ _3"/>mo<span class="_ _3"/>r<span class="_ _3"/>tis<span class="_ _3"/>ed co<span class="_ _3"/>st<span class="_ _3"/>, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e cos<span class="_ _3"/>t (p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>e no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l val<span class="_ _3"/>ue is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>nter<span class="_ _3"/>est e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses o<span class="_ _3"/>ver t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m of th<span class="_ _3"/>e loa<span class="_ _3"/>n, u<span class="_ _3"/>si<span class="_ _3"/>ng t<span class="_ _3"/>he ef<span class="_ _3"/>fe<span class="_ _3"/>cti<span class="_ _3"/>ve i<span class="_ _3"/>nter<span class="_ _3"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate m<span class="_ _3"/>et<span class="_ _3"/>ho<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ied a<span class="_ _3"/>s cu<span class="_ _3"/>rre<span class="_ _3"/>nt<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>les<span class="_ _3"/>s th<span class="_ _3"/>e Gro<span class="_ _3"/>up h<span class="_ _3"/>as a<span class="_ _3"/>n un<span class="_ _3"/>con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l ri<span class="_ _3"/>ght to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>fer s<span class="_ _3"/>ettl<span class="_ _3"/>em<span class="_ _3"/>ent of t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty to at le<span class="_ _3"/>as<span class="_ _3"/>t on<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar af<span class="_ _3"/>te<span class="_ _3"/>r the b<span class="_ _3"/>al<span class="_ _3"/>an<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hyb<span class="_ _3"/>ri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>es i<span class="_ _3"/>ssu<span class="_ _3"/>ed b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at q<span class="_ _3"/>ua<span class="_ _3"/>li<span class="_ _3"/>fy fo<span class="_ _3"/>r tre<span class="_ _3"/>at-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>n acc<span class="_ _3"/>ord<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>th th<span class="_ _3"/>e ru<span class="_ _3"/>les o<span class="_ _3"/>n com<span class="_ _3"/>po<span class="_ _3"/>un<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>st<span class="_ _3"/>rum<span class="_ _3"/>en<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e sp<span class="_ _3"/>ec<span class="_ _3"/>ia<span class="_ _3"/>l cha<span class="_ _3"/>ra<span class="_ _3"/>cte<span class="_ _3"/>ri<span class="_ _3"/>sti<span class="_ _3"/>cs o<span class="_ _3"/>f the b<span class="_ _3"/>on<span class="_ _3"/>ds<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e not<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hi<span class="_ _3"/>ch co<span class="_ _3"/>nst<span class="_ _3"/>itu<span class="_ _3"/>tes a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, is rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at p<span class="_ _3"/>res<span class="_ _3"/>ent v<span class="_ _3"/>alu<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ity h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>ed by th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ce b<span class="_ _3"/>etw<span class="_ _3"/>ee<span class="_ _3"/>n the n<span class="_ _3"/>et p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s rec<span class="_ _3"/>ei<span class="_ _3"/>ved a<span class="_ _3"/>nd t<span class="_ _3"/>he p<span class="_ _3"/>res<span class="_ _3"/>ent va<span class="_ _3"/>lu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. The ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt o<span class="_ _3"/>f the l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to ni<span class="_ _3"/>l on i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n as t<span class="_ _3"/>he o<span class="_ _3"/>nly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s the r<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al v<span class="_ _3"/>alu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1,<span class="_ _3"/>00<span class="_ _3"/>0 y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d for a<span class="_ _3"/>s di<span class="_ _3"/>vi<span class="_ _3"/>de<span class="_ _3"/>nd<span class="_ _3"/>s, wh<span class="_ _3"/>ic<span class="_ _3"/>h are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>t the t<span class="_ _3"/>im<span class="_ _3"/>e th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>is<span class="_ _3"/>es<span class="_ _3"/>. Thi<span class="_ _3"/>s is b<span class="_ _3"/>ec<span class="_ _3"/>aus<span class="_ _3"/>e th<span class="_ _3"/>e cou<span class="_ _3"/>po<span class="_ _3"/>n is d<span class="_ _3"/>isc<span class="_ _3"/>ret<span class="_ _3"/>ion<span class="_ _3"/>ar<span class="_ _3"/>y, an<span class="_ _3"/>d the<span class="_ _3"/>re<span class="_ _3"/>fore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">any d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d cou<span class="_ _3"/>po<span class="_ _3"/>n la<span class="_ _3"/>pse<span class="_ _3"/>s up<span class="_ _3"/>on ma<span class="_ _3"/>tur<span class="_ _3"/>it<span class="_ _3"/>y of the hy<span class="_ _3"/>br<span class="_ _3"/>id <span class="_ _1"/>cap<span class="_ _3"/>ita<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt of ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within<span class="_ _0"/> financing activitie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ed<span class="_ _3"/>em<span class="_ _3"/>pti<span class="_ _3"/>on of hy<span class="_ _3"/>bri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l<span class="_ _3"/>, the p<span class="_ _3"/>aym<span class="_ _3"/>e<span class="_ _3"/>nt wi<span class="_ _3"/>ll be <span class="_ _1"/>d<span class="_ _3"/>ist<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>ty, ap<span class="_ _3"/>plyi<span class="_ _3"/>ng t<span class="_ _3"/>he sa<span class="_ _3"/>me r<span class="_ _3"/>ati<span class="_ _3"/>o as w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hybr<span class="_ _3"/>id c<span class="_ _3"/>api<span class="_ _3"/>tal w<span class="_ _3"/>as i<span class="_ _3"/>ssu<span class="_ _3"/>ed<span class="_ _3"/>. Th<span class="_ _3"/>is m<span class="_ _3"/>ea<span class="_ _3"/>ns th<span class="_ _3"/>at t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he p<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>n re<span class="_ _3"/>de<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>n and t<span class="_ _3"/>he n<span class="_ _3"/>et pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>ved o<span class="_ _3"/>n is<span class="_ _3"/>su<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d di<span class="_ _3"/>rec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity, as t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g hybr<span class="_ _3"/>id i<span class="_ _3"/>ssu<span class="_ _3"/>es w<span class="_ _3"/>il<span class="_ _3"/>l be n<span class="_ _3"/>il d<span class="_ _3"/>ur<span class="_ _3"/>ing t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t of the l<span class="_ _3"/>ife o<span class="_ _3"/>f the hy<span class="_ _3"/>br<span class="_ _3"/>id ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply he<span class="_ _3"/>dg<span class="_ _3"/>e ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng to o<span class="_ _3"/>ur e<span class="_ _3"/>ne<span class="_ _3"/>rgy, co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty, cur<span class="_ _3"/>re<span class="_ _3"/>ncy, i<span class="_ _3"/>nter<span class="_ _3"/>est<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Al<span class="_ _3"/>mos<span class="_ _3"/>t al<span class="_ _3"/>l of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s we u<span class="_ _3"/>se fu<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t ri<span class="_ _3"/>sk of th<span class="_ _3"/>e ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e we he<span class="_ _3"/>dg<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e UK p<span class="_ _3"/>owe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>, for e<span class="_ _3"/>xam<span class="_ _3"/>pl<span class="_ _3"/>e, i<span class="_ _3"/>s hed<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g UK p<span class="_ _3"/>ower s<span class="_ _3"/>wa<span class="_ _3"/>ps or f<span class="_ _3"/>utu<span class="_ _3"/>res<span class="_ _3"/>. T<span class="_ _3"/>hus<span class="_ _3"/>, th<span class="_ _3"/>e ma<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urc<span class="_ _3"/>e of in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>en<span class="_ _3"/>ess i<span class="_ _3"/>s re<span class="_ _3"/>late<span class="_ _3"/>d to the v<span class="_ _3"/>olu<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ti<span class="_ _3"/>mi<span class="_ _3"/>ng of t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ve<span class="_ _3"/>rs<span class="_ _3"/>us th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e. T<span class="_ _3"/>hi<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce i<span class="_ _3"/>n ti<span class="_ _3"/>mi<span class="_ _3"/>ng i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rr<span class="_ _3"/>ed to as v<span class="_ _3"/>olu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k an<span class="_ _3"/>d is de<span class="_ _3"/>sc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n mo<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>tai<span class="_ _3"/>l on th<span class="_ _3"/>e ne<span class="_ _3"/>xt p<span class="_ _3"/>ag<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o the e<span class="_ _3"/>xte<span class="_ _3"/>nt t<span class="_ _3"/>hat a r<span class="_ _3"/>is<span class="_ _3"/>k ne<span class="_ _3"/>eds to b<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if t<span class="_ _3"/>he<span class="_ _3"/>re is n<span class="_ _3"/>o fu<span class="_ _3"/>lly ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t <span class="_ _6"/>a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>na<span class="_ _3"/>lyse<span class="_ _3"/>s are p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rme<span class="_ _3"/>d of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ven<span class="_ _3"/>ess o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>fore t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>i<span class="_ _3"/>ng tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n is c<span class="_ _3"/>on<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d. I<span class="_ _3"/>n th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>se, t<span class="_ _3"/>he ra<span class="_ _3"/>tio b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed ri<span class="_ _3"/>sk a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t may d<span class="_ _3"/>evi<span class="_ _3"/>ate f<span class="_ _3"/>rom t<span class="_ _3"/>he on<span class="_ _3"/>e<span class="_ _3"/>-to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>e pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e rat<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h mos<span class="_ _3"/>t ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>vely he<span class="_ _3"/>dg<span class="_ _3"/>es t<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>re<span class="_ _3"/>d ris<span class="_ _3"/>k<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e con<span class="_ _3"/>clu<span class="_ _3"/>de a h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me we p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>t fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts t<span class="_ _3"/>he<span class="_ _3"/>rea<span class="_ _3"/>f<span class="_ _3"/>ter, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>e cor<span class="_ _3"/>re<span class="_ _3"/>lat<span class="_ _3"/>ion b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposure<span class="_ _0"/> and t<span class="_ _0"/>he hedging<span class="_ _0"/> instrument. The<span class="_ _0"/> effect<span class="_ _0"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s a he<span class="_ _3"/>dg<span class="_ _3"/>e of fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h flow<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>reh<span class="_ _3"/>en<span class="_ _3"/>si<span class="_ _3"/>ve in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng re<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he he<span class="_ _3"/>dg<span class="_ _3"/>ed c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s are n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be r<span class="_ _3"/>ea<span class="_ _3"/>lis<span class="_ _3"/>ed<span class="_ _3"/>, th<span class="_ _3"/>e in<span class="_ _3"/>-fu<span class="_ _3"/>ll o<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ia<span class="_ _3"/>lly acc<span class="_ _3"/>um<span class="_ _3"/>ula<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e is tr<span class="_ _3"/>ans<span class="_ _3"/>fer<span class="_ _3"/>re<span class="_ _3"/>d to prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar. In<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve he<span class="_ _3"/>dg<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to en<span class="_ _3"/>er<span class="_ _3"/>gy an<span class="_ _3"/>d com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses. Ine<span class="_ _0"/>ffectiveness<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> other<span class="_ _0"/> hedges </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l inc<span class="_ _3"/>om<span class="_ _3"/>e or e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ea<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ow, the re<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g ga<span class="_ _3"/>in<span class="_ _3"/>s or lo<span class="_ _3"/>sse<span class="_ _3"/>s ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed fr<span class="_ _3"/>om e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e sa<span class="_ _3"/>me ite<span class="_ _3"/>m as t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d item<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>Howe<span class="_ _3"/>ver, on h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng of p<span class="_ _3"/>roc<span class="_ _3"/>ee<span class="_ _3"/>ds fr<span class="_ _3"/>om f<span class="_ _3"/>utu<span class="_ _3"/>re loa<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e res<span class="_ _3"/>ulti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>n or lo<span class="_ _3"/>ss i<span class="_ _3"/>s tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red f<span class="_ _3"/>rom e<span class="_ _3"/>qu<span class="_ _3"/>ity<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the l<span class="_ _3"/>oan<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r cur<span class="_ _3"/>re<span class="_ _3"/>ncy s<span class="_ _3"/>wap<span class="_ _3"/>s, t<span class="_ _3"/>he b<span class="_ _3"/>asi<span class="_ _3"/>s sp<span class="_ _3"/>rea<span class="_ _3"/>d is a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to t<span class="_ _3"/>he co<span class="_ _3"/>st of t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng mo<span class="_ _3"/>de<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>po<span class="_ _3"/>su<span class="_ _3"/>re is ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(or n<span class="_ _3"/>et p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se/sa<span class="_ _3"/>le) t<span class="_ _3"/>im<span class="_ _3"/>es th<span class="_ _3"/>e for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">respectiv<span class="_ _0"/>e years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> of<span class="_ _0"/> net<span class="_ _0"/> in<span class="_ _0"/>vest<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> for<span class="_ _0"/>eign<span class="_ _0"/> subsidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of cu<span class="_ _3"/>rr<span class="_ _3"/>en<span class="_ _3"/>cy de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f loa<span class="_ _3"/>ns th<span class="_ _3"/>at a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d as n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt h<span class="_ _3"/>edg<span class="_ _3"/>es i<span class="_ _3"/>n for<span class="_ _3"/>ei<span class="_ _3"/>gn su<span class="_ _3"/>bs<span class="_ _3"/>id<span class="_ _3"/>ia<span class="_ _3"/>rie<span class="_ _3"/>s or a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y wit<span class="_ _3"/>hi<span class="_ _3"/>n a se<span class="_ _3"/>pa<span class="_ _3"/>rate fo<span class="_ _3"/>rei<span class="_ _3"/>gn c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translation<span class="_ _0"/> reserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Non-I<span class="_ _3"/>FRS financial measure<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 7.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We pre<span class="_ _3"/>sent f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al m<span class="_ _3"/>ea<span class="_ _3"/>sure<span class="_ _3"/>s in t<span class="_ _3"/>he co<span class="_ _3"/>nso<span class="_ _3"/>li<span class="_ _3"/>date<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial st<span class="_ _0"/>at<span class="_ _0"/>ements t<span class="_ _0"/>o<span class="_ _0"/> describe<span class="_ _0"/> the Gr<span class="_ _0"/>oup<span class="_ _0"/>'<span class="_ _0"/>s financial<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>r<span class="_ _3"/>form<span class="_ _3"/>an<span class="_ _3"/>ce an<span class="_ _3"/>d cas<span class="_ _3"/>h flow<span class="_ _3"/>s. We us<span class="_ _3"/>e the<span class="_ _3"/>se fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>asu<span class="_ _3"/>res a<span class="_ _3"/>s we be<span class="_ _3"/>l<span class="_ _3"/>ieve th<span class="_ _3"/>ey prov<span class="_ _3"/>ide v<span class="_ _3"/>alu<span class="_ _3"/>ab<span class="_ _3"/>le info<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tio<span class="_ _3"/>n to ou<span class="_ _3"/>r stake<span class="_ _3"/>ho<span class="_ _3"/>lde<span class="_ _3"/>rs a<span class="_ _3"/>nd m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The financial<span class="_ _0"/> measures<span class="_ _0"/> should<span class="_ _0"/> not<span class="_ _0"/> be c<span class="_ _0"/>onsidered<span class="_ _0"/> a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pla<span class="_ _3"/>cem<span class="_ _3"/>ent fo<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>es as d<span class="_ _3"/>ef<span class="_ _3"/>in<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r IF<span class="_ _3"/>RS b<span class="_ _3"/>ut ra<span class="_ _3"/>the<span class="_ _3"/>r as s<span class="_ _3"/>up<span class="_ _3"/>ple<span class="_ _3"/>me<span class="_ _3"/>ntar<span class="_ _3"/>y info<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial r<span class="_ _3"/>ati<span class="_ _3"/>os ar<span class="_ _3"/>e an ove<span class="_ _3"/>r<span class="_ _3"/>view of o<span class="_ _3"/>ur f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">performance<span class="_ _0"/> and oper<span class="_ _0"/>ational e<span class="_ _0"/>fficiency based<span class="_ _0"/> on<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>mo<span class="_ _3"/>n rat<span class="_ _3"/>io ty<span class="_ _3"/>pes re<span class="_ _3"/>leva<span class="_ _3"/>nt to Ør<span class="_ _3"/>sted<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r de<span class="_ _3"/>fi<span class="_ _3"/>nit<span class="_ _3"/>io<span class="_ _3"/>ns of th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>res a<span class="_ _3"/>nd re<span class="_ _3"/>aso<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g for us<span class="_ _3"/>in<span class="_ _3"/>g the<span class="_ _3"/>m a<span class="_ _3"/>re show<span class="_ _3"/>n in t<span class="_ _3"/>he tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Descrip<span class="_ _0"/>tion<span class="_ _78"> </span><span class="ws0">Reason for the us<span class="_ _0"/>e of the measurements</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">EBITD<span class="_ _0"/>A<span class="_ _245"> </span><span class="ff3 ws0">Re<span class="_ _0"/>flecting ‘E<span class="_ _0"/>arnings bef<span class="_ _0"/>or<span class="_ _0"/>e int<span class="_ _0"/>erest,<span class="_ _0"/> tax<span class="_ _0"/>es, depr<span class="_ _0"/>eciation, amortis<span class="_ _0"/>ation, and </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement f<span class="_ _4"/>or our core oper<span class="_ _0"/>ational perf<span class="_ _0"/>ormanc<span class="_ _0"/>e. Giv<span class="_ _0"/>en our capit<span class="_ _0"/>al<span class="_ _0"/>-int<span class="_ _0"/>ensitive port<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impairments’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>olio of ass<span class="_ _0"/>ets<span class="_ _0"/>, our primary oper<span class="_ _0"/>ations are best measur<span class="_ _0"/>ed b<span class="_ _0"/>y excl<span class="_ _0"/>uding depreciation and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>financing costs<span class="_ _0"/>. Ørst<span class="_ _0"/>ed guides ext<span class="_ _0"/>ernall<span class="_ _0"/>y on this non-IFRS measur<span class="_ _0"/>e<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net int<span class="_ _0"/>eres<span class="_ _0"/>t-bearing debt (NIBD)<span class="_ _c2"> </span><span class="ff3 ls24">Equals int<span class="_ _0"/>er<span class="_ _0"/>est-bearing debt t<span class="_ _0"/>o be r<span class="_ _0"/>epaid in cash, incl<span class="_ _0"/>uding Issued bonds, bank deb<span class="_ _0"/>t </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement o<span class="_ _0"/>f the sum of our int<span class="_ _0"/>er<span class="_ _0"/>est-bearing asset<span class="_ _0"/>s and liabilit<span class="_ _0"/>es.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and leas<span class="_ _0"/>e liabilities, l<span class="_ _0"/>ess securities<span class="_ _0"/>, cash,<span class="_ _0"/> and other int<span class="_ _0"/>er<span class="_ _0"/>est-bearing asset<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Thus, import<span class="_ _0"/>ant f<span class="_ _0"/>or mangement t<span class="_ _0"/>o monit<span class="_ _0"/>or in or<span class="_ _0"/>der to ensur<span class="_ _0"/>e adequat<span class="_ _0"/>e debt l<span class="_ _0"/>ev<span class="_ _0"/>els.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gross in<span class="_ _0"/>v<span class="_ _0"/>estments <span class="_ _15b"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gross inv<span class="_ _0"/>estments r<span class="_ _0"/>e<span class="_ _0"/>flect our t<span class="_ _0"/>ot<span class="_ _0"/>al in<span class="_ _0"/>vestment<span class="_ _0"/>s in asset<span class="_ _0"/>s and enterpris<span class="_ _0"/>es. It c<span class="_ _0"/>om<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement us<span class="_ _0"/>ed t<span class="_ _0"/>o monitor the ne<span class="_ _0"/>t inter<span class="_ _0"/>est-bearing deb<span class="_ _0"/>t impact of our in<span class="_ _0"/>vestment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prises c<span class="_ _0"/>ash flo<span class="_ _0"/>ws fr<span class="_ _0"/>om inv<span class="_ _0"/>esting activities<span class="_ _0"/>, excl<span class="_ _0"/>uding dividends rec<span class="_ _0"/>eived fr<span class="_ _0"/>om asso<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activities in asset<span class="_ _0"/>s and ent<span class="_ _0"/>erprises.<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ciate<span class="_ _0"/>s, joint v<span class="_ _0"/>entur<span class="_ _0"/>es, and equit<span class="_ _0"/>y in<span class="_ _0"/>vestment<span class="_ _0"/>s, pur<span class="_ _0"/>chase and s<span class="_ _0"/>ale o<span class="_ _0"/>f securities,<span class="_ _0"/> loans </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ørst<span class="_ _0"/>ed guides ext<span class="_ _0"/>ernall<span class="_ _0"/>y on this non-IFRS measur<span class="_ _0"/>e.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to joint v<span class="_ _0"/>entur<span class="_ _0"/>es and joint oper<span class="_ _0"/>ations, and div<span class="_ _0"/>estments o<span class="_ _0"/>f asset<span class="_ _0"/>s and enterpris<span class="_ _0"/>es.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _15c"/>o this is added acquired deb<span class="_ _0"/>t and re<span class="_ _0"/>stricted c<span class="_ _0"/>ash in connection with ac<span class="_ _0"/>quisitions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net in<span class="_ _0"/>ves<span class="_ _0"/>tments<span class="_ _25b"> </span><span class="ff3">Net in<span class="_ _0"/>vestments ar<span class="_ _0"/>e gr<span class="_ _0"/>oss in<span class="_ _0"/>vestment<span class="_ _0"/>s less div<span class="_ _0"/>estments o<span class="_ _0"/>f asset<span class="_ _0"/>s and enterpris<span class="_ _0"/>es,<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement t<span class="_ _0"/>o monit<span class="_ _0"/>or the net int<span class="_ _0"/>er<span class="_ _0"/>est-bearing debt impact o<span class="_ _0"/>f our inv<span class="_ _0"/>estment activities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the selling pric<span class="_ _0"/>e f<span class="_ _0"/>or non-contr<span class="_ _0"/>olling int<span class="_ _0"/>er<span class="_ _0"/>ests<span class="_ _0"/>, and subsequent c<span class="_ _0"/>apit<span class="_ _0"/>al injections </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in asset<span class="_ _0"/>s and enterpris<span class="_ _0"/>es,<span class="_ _0"/> net of div<span class="_ _0"/>estments<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from non-c<span class="_ _0"/>ontr<span class="_ _0"/>olling int<span class="_ _0"/>eres<span class="_ _0"/>ts. F<span class="_ _0"/>urthermore<span class="_ _0"/>, int<span class="_ _0"/>er<span class="_ _0"/>est-bearing debt tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">connection with a div<span class="_ _0"/>estment is deduct<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Funds from oper<span class="_ _0"/>ations (FF<span class="_ _0"/>O)<span class="_ _19a"> </span><span class="ff3">EBITDA<span class="_ _0"/> adjust<span class="_ _0"/>ed f<span class="_ _0"/>or gain (loss) on div<span class="_ _0"/>estment of ass<span class="_ _0"/>ets; v<span class="_ _0"/>ariation mar<span class="_ _0"/>gin, change </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement us<span class="_ _0"/>ed t<span class="_ _0"/>o monitor our funds<span class="_ _0"/>, dir<span class="_ _0"/>ectl<span class="_ _0"/>y and indir<span class="_ _0"/>ectl<span class="_ _0"/>y<span class="_ _0"/>, gener<span class="_ _0"/>at<span class="_ _0"/>ed fr<span class="_ _0"/>om our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in pro<span class="_ _0"/>visions and other adjus<span class="_ _0"/>tments; income t<span class="_ _0"/>ax paid; int<span class="_ _0"/>er<span class="_ _0"/>est and similar it<span class="_ _0"/>ems,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operations<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eived or paid,<span class="_ _0"/> including capit<span class="_ _0"/>alised int<span class="_ _0"/>er<span class="_ _0"/>est expense<span class="_ _0"/>s; 50 <span class="_ _4"/>% of coupon payments<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Funds fr<span class="_ _0"/>om operations is the numer<span class="_ _0"/>at<span class="_ _0"/>or in our rating me<span class="_ _0"/>tric.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on hybrid c<span class="_ _0"/>apit<span class="_ _0"/>al; dividends rec<span class="_ _0"/>eived, and c<span class="_ _0"/>apit<span class="_ _0"/>al reductions<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>djusted int<span class="_ _0"/>er<span class="_ _0"/>est-bearing net deb<span class="_ _0"/>t<span class="_ _46"> </span><span class="ff3">A<span class="_ _0"/>djust<span class="_ _0"/>ed inter<span class="_ _0"/>est-bearing ne<span class="_ _0"/>t debt is int<span class="_ _0"/>er<span class="_ _0"/>est-bearing net debt pl<span class="_ _0"/>us: </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement us<span class="_ _0"/>ed as an indicat<span class="_ _0"/>or of our int<span class="_ _0"/>er<span class="_ _0"/>est-bearing net deb<span class="_ _0"/>t in a f<span class="_ _0"/>ormat compar<span class="_ _0"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>cash and s<span class="_ _0"/>ecurities not av<span class="_ _0"/>ailabl<span class="_ _0"/>e f<span class="_ _0"/>or distribution (<span class="_ _0"/>excluding r<span class="_ _0"/>epo l<span class="_ _0"/>oans)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ble t<span class="_ _0"/>o the ones used b<span class="_ _0"/>y r<span class="_ _0"/>ating agencies.<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>50 <span class="_ _15c"/>% of hybrid capit<span class="_ _0"/>al </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net int<span class="_ _0"/>er<span class="_ _0"/>est-bearing debt is the denominat<span class="_ _0"/>or in our r<span class="_ _0"/>ating metric.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>Other int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing debt (<span class="_ _0"/>add back)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>Other int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing rec<span class="_ _0"/>eivabl<span class="_ _0"/>es (<span class="_ _0"/>add back)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">FFO t<span class="_ _0"/>o adjust<span class="_ _0"/>ed inter<span class="_ _0"/>est-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">FFO</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement us<span class="_ _0"/>ed t<span class="_ _0"/>o monitor our abilit<span class="_ _0"/>y t<span class="_ _0"/>o generat<span class="_ _0"/>e funds fr<span class="_ _0"/>om our oper<span class="_ _0"/>ations which can </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">serv<span class="_ _0"/>e our inter<span class="_ _0"/>est-bearing deb<span class="_ _0"/>t. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Adjus<span class="_ _0"/>ted int<span class="_ _0"/>er<span class="_ _0"/>est-bearing net deb<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It is the metric used b<span class="_ _0"/>y r<span class="_ _0"/>ating agencies when assessing their r<span class="_ _0"/>ating of Ørst<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fr<span class="_ _0"/>ee cash fl<span class="_ _0"/>o<span class="_ _0"/>w <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fr<span class="_ _0"/>ee cash fl<span class="_ _0"/>ow<span class="_ _0"/>s are c<span class="_ _0"/>ash flo<span class="_ _0"/>ws fr<span class="_ _0"/>om oper<span class="_ _0"/>ating activities and dives<span class="_ _0"/>tments less<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement us<span class="_ _0"/>ed as an indicat<span class="_ _0"/>or t<span class="_ _0"/>o see if w<span class="_ _0"/>e can sel<span class="_ _0"/>f-<span class="_ _0"/>fund our gr<span class="_ _0"/>owth.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(FCF)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _0"/>ss inv<span class="_ _0"/>estments<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Capital empl<span class="_ _0"/>o<span class="_ _0"/>yed<span class="_ _22b"> </span><span class="ff3">Capital empl<span class="_ _0"/>o<span class="_ _0"/>yed ar<span class="_ _0"/>e all asse<span class="_ _0"/>ts and liabilities,<span class="_ _0"/> exc<span class="_ _0"/>ept f<span class="_ _0"/>or equit<span class="_ _0"/>y and int<span class="_ _0"/>eres<span class="_ _0"/>t- </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement us<span class="_ _0"/>ed t<span class="_ _0"/>o monitor the c<span class="_ _0"/>apital tied within the busine<span class="_ _0"/>ss which is utilised f<span class="_ _0"/>or the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bearing net debt.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">primary activities of gener<span class="_ _0"/>ating pr<span class="_ _0"/>ofits<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Descrip<span class="_ _0"/>tion<span class="_ _78"> </span><span class="ws0">Reason for the us<span class="_ _0"/>e of the measurements</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ret<span class="_ _0"/>urn on capit<span class="_ _0"/>al emplo<span class="_ _0"/>y<span class="_ _0"/>ed (ROCE)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">EBIT</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Common measur<span class="_ _0"/>ement to monit<span class="_ _0"/>or the r<span class="_ _0"/>et<span class="_ _0"/>urn generat<span class="_ _0"/>ed on the c<span class="_ _0"/>apital in<span class="_ _0"/>ves<span class="_ _0"/>ted within<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the compan<span class="_ _0"/>y ov<span class="_ _0"/>er the dur<span class="_ _0"/>ation of the year pass<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _4"/>verage c<span class="_ _0"/>apital empl<span class="_ _0"/>o<span class="_ _0"/>yed</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Propos<span class="_ _0"/>ed dividend per share <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _15c"/>otal pr<span class="_ _0"/>oposed dividend</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Common f<span class="_ _0"/>ormul<span class="_ _0"/>a to monit<span class="_ _0"/>or the pr<span class="_ _0"/>oposed dividend per shar<span class="_ _0"/>e issued.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(DPS)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Number of shar<span class="_ _0"/>es at year end</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dividend yield</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dividend per share (pr<span class="_ _0"/>opos<span class="_ _0"/>ed)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement t<span class="_ _0"/>o indic<span class="_ _0"/>ate the r<span class="_ _0"/>et<span class="_ _0"/>urn obt<span class="_ _0"/>ained sol<span class="_ _0"/>el<span class="_ _0"/>y fr<span class="_ _0"/>om dividends.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Share pric<span class="_ _0"/>e on the las<span class="_ _0"/>t trading day o<span class="_ _0"/>f the year</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _4"/>verage number of shar<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">×<span class="_ _13e"> </span><span class="ls32">Number of days</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">= X1<span class="_ _55"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Common f<span class="_ _0"/>ormul<span class="_ _0"/>a to c<span class="_ _0"/>alcul<span class="_ _0"/>at<span class="_ _0"/>e the aver<span class="_ _0"/>age number of shar<span class="_ _0"/>es issued during the year</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Number of days</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">∑</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i=1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Net working c<span class="_ _0"/>apit<span class="_ _0"/>al<span class="_ _248"> </span><span class="ff3">Net working c<span class="_ _0"/>apital is in<span class="_ _0"/>vent<span class="_ _0"/>ories<span class="_ _0"/>, contr<span class="_ _0"/>act asse<span class="_ _0"/>ts (net),<span class="_ _0"/> trade r<span class="_ _0"/>eceiv<span class="_ _0"/>ables<span class="_ _0"/>, and </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Common measur<span class="_ _0"/>ement to monit<span class="_ _0"/>or the c<span class="_ _0"/>apital in<span class="_ _0"/>v<span class="_ _0"/>ested in short-t<span class="_ _0"/>erm oper<span class="_ _0"/>ating f<span class="_ _0"/>acilities<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other curr<span class="_ _0"/>ent operating ass<span class="_ _0"/>ets l<span class="_ _0"/>ess tr<span class="_ _0"/>ade payabl<span class="_ _0"/>es,<span class="_ _0"/> other curr<span class="_ _0"/>ent operating<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities, and w<span class="_ _0"/>orking capit<span class="_ _0"/>al el<span class="_ _0"/>ements of t<span class="_ _0"/>ax equit<span class="_ _0"/>y balanc<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other definitions (IFRS financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measure<span class="_ _0"/>)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Profit (l<span class="_ _0"/>oss) per shar<span class="_ _0"/>e</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sharehol<span class="_ _0"/>der'<span class="_ _4"/>s share of the pr<span class="_ _0"/>o<span class="_ _0"/>fit (loss) f<span class="_ _0"/>or the period</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Common measur<span class="_ _0"/>ement to indic<span class="_ _0"/>at<span class="_ _0"/>e the pro<span class="_ _0"/>fit to which each shar<span class="_ _0"/>e is entitl<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _4"/>verage number of shar<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Diluted pr<span class="_ _0"/>ofit (l<span class="_ _0"/>oss) per share</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sharehol<span class="_ _0"/>der'<span class="_ _4"/>s share of the pr<span class="_ _0"/>o<span class="_ _0"/>fit (loss) f<span class="_ _0"/>or the period</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Common measur<span class="_ _0"/>ement to indic<span class="_ _0"/>at<span class="_ _0"/>e the pro<span class="_ _0"/>fit to which each shar<span class="_ _0"/>e is entitl<span class="_ _0"/>ed, including <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">any dilutiv<span class="_ _0"/>e eff<span class="_ _4"/>ects arising from fr<span class="_ _0"/>ee share<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _4"/>verage number of shar<span class="_ _0"/>es<span class="_ _0"/>, including dilutiv<span class="_ _0"/>e eff<span class="_ _0"/>ect of fr<span class="_ _0"/>ee shar<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of<span class="_ _0"/> preparati<span class="_ _0"/>on</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 1.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is se<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n provi<span class="_ _3"/>de<span class="_ _3"/>s an ove<span class="_ _3"/>ral<span class="_ _3"/>l de<span class="_ _3"/>scr<span class="_ _3"/>ipti<span class="_ _3"/>on of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accoun<span class="_ _0"/>ting policies<span class="_ _0"/> applied in our c<span class="_ _0"/>onsolidated<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>s wel<span class="_ _3"/>l as th<span class="_ _3"/>e Euro<span class="_ _3"/>pe<span class="_ _3"/>an <span class="_ _49"/>S<span class="_ _3"/>in<span class="_ _3"/>gle </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Electr<span class="_ _0"/>onic F<span class="_ _0"/>ormat (<span class="_ _0"/>ESEF) reporting r<span class="_ _0"/>equirements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We <span class="_ _49"/>p<span class="_ _3"/>rovid<span class="_ _3"/>e a mo<span class="_ _3"/>re deta<span class="_ _3"/>ile<span class="_ _3"/>d de<span class="_ _3"/>scr<span class="_ _3"/>ipt<span class="_ _3"/>ion of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g po<span class="_ _3"/>li<span class="_ _3"/>cie<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d in th<span class="_ _3"/>e sp<span class="_ _3"/>eci<span class="_ _3"/>fi<span class="_ _3"/>c notes<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key acco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g est<span class="_ _3"/>im<span class="_ _3"/>ates a<span class="_ _3"/>nd ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts as w<span class="_ _3"/>ell <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as n<span class="_ _3"/>ew an<span class="_ _3"/>d am<span class="_ _3"/>en<span class="_ _3"/>de<span class="_ _3"/>d IF<span class="_ _3"/>RS s<span class="_ _3"/>tand<span class="_ _3"/>ar<span class="_ _3"/>ds an<span class="_ _3"/>d in<span class="_ _3"/>terp<span class="_ _3"/>reta<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons a<span class="_ _3"/>re d<span class="_ _3"/>iscu<span class="_ _3"/>sse<span class="_ _3"/>d in d<span class="_ _3"/>etai<span class="_ _3"/>l late<span class="_ _3"/>r in th<span class="_ _3"/>is n<span class="_ _3"/>ote.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accoun<span class="_ _3"/>tin<span class="_ _3"/>g poli<span class="_ _3"/>cies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pre<span class="_ _3"/>pa<span class="_ _3"/>re<span class="_ _3"/>d in ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce wit<span class="_ _3"/>h the I<span class="_ _3"/>FR<span class="_ _3"/>S <span class="_ _49"/>Acc<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stan<span class="_ _3"/>da<span class="_ _3"/>rds a<span class="_ _3"/>s ado<span class="_ _3"/>pted by th<span class="_ _3"/>e EU a<span class="_ _3"/>nd fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r req<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n th<span class="_ _3"/>e Da<span class="_ _3"/>nis<span class="_ _3"/>h Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial Sta<span class="_ _3"/>teme<span class="_ _3"/>nt<span class="_ _3"/>s Act </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(Årsregnskabslo<span class="_ _0"/>ven).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ac<span class="_ _0"/>count<span class="_ _0"/>ing policies<span class="_ _0"/> have<span class="_ _0"/> been applied<span class="_ _0"/> con<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>sten<span class="_ _3"/>tl<span class="_ _0"/>y in t<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d for co<span class="_ _3"/>mp<span class="_ _3"/>ara<span class="_ _3"/>tive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>f<span class="_ _3"/>ig<span class="_ _3"/>ure<span class="_ _3"/>s, e<span class="_ _3"/>xcep<span class="_ _3"/>t for on<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>e in a<span class="_ _3"/>cco<span class="_ _3"/>unti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">– se<span class="_ _3"/>e be<span class="_ _3"/>low<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Chang<span class="_ _0"/>e in<span class="_ _0"/> ac<span class="_ _0"/>co<span class="_ _0"/>unting<span class="_ _0"/> po<span class="_ _0"/>lic<span class="_ _0"/>y</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">From g<span class="_ _3"/>ros<span class="_ _3"/>s to net p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on of re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>les f<span class="_ _3"/>rom p<span class="_ _3"/>ower tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>tiv<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve cha<span class="_ _3"/>ng<span class="_ _3"/>ed o<span class="_ _3"/>ur a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy re<span class="_ _3"/>ga<span class="_ _3"/>rd<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pre<span class="_ _3"/>se<span class="_ _3"/>ntati<span class="_ _3"/>on of reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e settle<span class="_ _3"/>m<span class="_ _3"/>ent of fa<span class="_ _3"/>ile<span class="_ _3"/>d own<span class="_ _3"/>-us<span class="_ _3"/>e powe<span class="_ _3"/>r cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese a<span class="_ _3"/>re co<span class="_ _3"/>ntra<span class="_ _3"/>cts s<span class="_ _3"/>ettle<span class="_ _3"/>d wi<span class="_ _3"/>th de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>y of p<span class="_ _3"/>hysic<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r wh<span class="_ _3"/>ere t<span class="_ _3"/>he pu<span class="_ _3"/>rp<span class="_ _3"/>ose of e<span class="_ _3"/>nter<span class="_ _3"/>in<span class="_ _3"/>g into th<span class="_ _3"/>em a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng or o<span class="_ _3"/>pti<span class="_ _3"/>mi<span class="_ _3"/>sati<span class="_ _3"/>on of o<span class="_ _3"/>ur re<span class="_ _3"/>ven<span class="_ _3"/>ue<span class="_ _3"/>. Previ<span class="_ _3"/>ou<span class="_ _3"/>sly<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd th<span class="_ _3"/>e cos<span class="_ _3"/>t of sale<span class="_ _3"/>s on a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss ba<span class="_ _3"/>si<span class="_ _3"/>s whe<span class="_ _3"/>n th<span class="_ _3"/>ese co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s wer<span class="_ _3"/>e settle<span class="_ _3"/>d<span class="_ _3"/>. As t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on d<span class="_ _3"/>oes n<span class="_ _3"/>ot ref<span class="_ _3"/>lec<span class="_ _3"/>t th<span class="_ _3"/>e ma<span class="_ _3"/>gn<span class="_ _3"/>itud<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's power t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>viti<span class="_ _3"/>es<span class="_ _3"/>, we ha<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d the p<span class="_ _3"/>res<span class="_ _3"/>entat<span class="_ _3"/>io<span class="_ _3"/>n to a net pr<span class="_ _3"/>ese<span class="_ _3"/>ntati<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts<span class="_ _3"/>. It i<span class="_ _3"/>s ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's v<span class="_ _3"/>iew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at su<span class="_ _3"/>ch <span class="_ _49"/>p<span class="_ _3"/>rese<span class="_ _3"/>ntat<span class="_ _3"/>ion b<span class="_ _3"/>ette<span class="_ _3"/>r ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> tradin<span class="_ _3"/>g <span class="_ _21"> </span>activiti<span class="_ _3"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The change<span class="_ _0"/> onl<span class="_ _0"/>y<span class="_ _0"/> impacts re<span class="_ _0"/>venue and<span class="_ _0"/> the<span class="_ _0"/> cost<span class="_ _0"/> of<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>les i<span class="_ _3"/>n the O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore se<span class="_ _3"/>gm<span class="_ _3"/>en<span class="_ _3"/>t, an<span class="_ _3"/>d th<span class="_ _3"/>us ou<span class="_ _3"/>r EB<span class="_ _3"/>ITDA </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is n<span class="_ _3"/>ot im<span class="_ _3"/>pa<span class="_ _3"/>cte<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The 20<span class="_ _0"/>22<span class="_ _0"/> comparison<span class="_ _0"/>s hav<span class="_ _0"/>e been adjust<span class="_ _0"/>ed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acco<span class="_ _3"/>rdin<span class="_ _3"/>gly<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>ct o<span class="_ _3"/>n ou<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd 2<span class="_ _3"/>022 nu<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s is i<span class="_ _3"/>llus<span class="_ _3"/>tra<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he tab<span class="_ _3"/>le to th<span class="_ _3"/>e rig<span class="_ _3"/>ht<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement b<span class="_ _0"/>asis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been pr<span class="_ _0"/>e<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>red o<span class="_ _3"/>n hi<span class="_ _3"/>stor<span class="_ _3"/>ica<span class="_ _3"/>l cos<span class="_ _3"/>t bas<span class="_ _3"/>is<span class="_ _3"/>, exc<span class="_ _3"/>ept for d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s in n<span class="_ _3"/>on<span class="_ _3"/>-D<span class="_ _3"/>an<span class="_ _3"/>ish s<span class="_ _3"/>tora<span class="_ _3"/>ge fa<span class="_ _3"/>cil<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n th<span class="_ _3"/>e trad<span class="_ _3"/>i<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io, a<span class="_ _3"/>nd ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>lowan<span class="_ _3"/>ces i<span class="_ _3"/>n th<span class="_ _3"/>e trad<span class="_ _3"/>in<span class="_ _3"/>g po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io, w<span class="_ _3"/>hic<span class="_ _3"/>h are m<span class="_ _3"/>ea<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ure<span class="_ _3"/>d at m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Consolidation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> compris<span class="_ _0"/>e the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nts of Ø<span class="_ _3"/>rs<span class="_ _3"/>ted A<span class="_ _3"/>/S (th<span class="_ _3"/>e pa<span class="_ _3"/>ren<span class="_ _3"/>t com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny) and s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>ia<span class="_ _3"/>ri<span class="_ _3"/>es con<span class="_ _3"/>trol<span class="_ _3"/>led by Ø<span class="_ _3"/>rste<span class="_ _3"/>d A<span class="_ _3"/>/S<span class="_ _3"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e mo<span class="_ _3"/>re in n<span class="_ _3"/>ote 7<span class="_ _15c"/>.<span class="_ _3"/>4 ‘Co<span class="_ _3"/>mp<span class="_ _3"/>any ove<span class="_ _3"/>r<span class="_ _3"/>view<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been pr<span class="_ _0"/>e<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>red a<span class="_ _3"/>s a con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he pa<span class="_ _3"/>re<span class="_ _3"/>nt com<span class="_ _3"/>pa<span class="_ _3"/>ny's a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the individual subsidiaries<span class="_ _0"/>' financial st<span class="_ _0"/>at<span class="_ _0"/>ements, which<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve be<span class="_ _3"/>en p<span class="_ _3"/>rep<span class="_ _3"/>are<span class="_ _3"/>d in a<span class="_ _3"/>cco<span class="_ _3"/>rda<span class="_ _3"/>nce w<span class="_ _3"/>ith th<span class="_ _3"/>e Gr<span class="_ _3"/>oup's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accoun<span class="_ _0"/>ting policies. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intr<span class="_ _0"/>a-group income<span class="_ _0"/>, expenses,<span class="_ _0"/> sharehol<span class="_ _0"/>dings, balance<span class="_ _0"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d di<span class="_ _3"/>vid<span class="_ _3"/>e<span class="_ _3"/>nds a<span class="_ _3"/>s wel<span class="_ _3"/>l as re<span class="_ _3"/>al<span class="_ _3"/>ise<span class="_ _3"/>d an<span class="_ _3"/>d un<span class="_ _3"/>rea<span class="_ _3"/>l<span class="_ _3"/>ise<span class="_ _3"/>d ga<span class="_ _3"/>in<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d loss<span class="_ _3"/>es a<span class="_ _3"/>ris<span class="_ _3"/>in<span class="_ _3"/>g fro<span class="_ _3"/>m intr<span class="_ _3"/>a-<span class="_ _3"/>gro<span class="_ _3"/>up t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eliminat<span class="_ _0"/>ed in<span class="_ _0"/> our<span class="_ _0"/> cons<span class="_ _0"/>olidat<span class="_ _0"/>ed<span class="_ _0"/> financial<span class="_ _0"/> st<span class="_ _0"/>at<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Un<span class="_ _3"/>rea<span class="_ _3"/>li<span class="_ _3"/>se<span class="_ _3"/>d ga<span class="_ _3"/>ins a<span class="_ _3"/>nd lo<span class="_ _3"/>sse<span class="_ _3"/>s resu<span class="_ _3"/>lti<span class="_ _3"/>ng fro<span class="_ _3"/>m <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th as<span class="_ _3"/>soc<span class="_ _3"/>iates a<span class="_ _3"/>nd j<span class="_ _3"/>oi<span class="_ _3"/>nt ven<span class="_ _3"/>ture<span class="_ _3"/>s are e<span class="_ _3"/>li<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>ted to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>tent of o<span class="_ _3"/>ur own<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ente<span class="_ _3"/>rpr<span class="_ _3"/>is<span class="_ _3"/>es ar<span class="_ _3"/>e acco<span class="_ _3"/>unte<span class="_ _3"/>d for as a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>tes if we h<span class="_ _3"/>old </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or h<span class="_ _3"/>ave t<span class="_ _3"/>he ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y to exe<span class="_ _3"/>rcis<span class="_ _3"/>e, d<span class="_ _3"/>ire<span class="_ _3"/>ctly or i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ctly,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">20<span class="_ _3"/>-5<span class="_ _3"/>0 <span class="_ _15c"/>% of th<span class="_ _3"/>e voti<span class="_ _3"/>ng r<span class="_ _3"/>igh<span class="_ _3"/>ts an<span class="_ _3"/>d do n<span class="_ _3"/>ot ex<span class="_ _3"/>erc<span class="_ _3"/>ise co<span class="_ _3"/>ntro<span class="_ _3"/>l. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we car<span class="_ _3"/>ry o<span class="_ _3"/>ut a sp<span class="_ _3"/>ec<span class="_ _3"/>if<span class="_ _3"/>ic as<span class="_ _3"/>ses<span class="_ _3"/>sm<span class="_ _3"/>ent of o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>il<span class="_ _3"/>ity to e<span class="_ _3"/>xer<span class="_ _3"/>cis<span class="_ _3"/>e inf<span class="_ _3"/>lue<span class="_ _3"/>nce<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng o<span class="_ _3"/>ur a<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">influence<span class="_ _0"/> financial and<span class="_ _0"/> operational<span class="_ _0"/> decisions<span class="_ _0"/> and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>us ou<span class="_ _3"/>r retu<span class="_ _3"/>rn<span class="_ _3"/>. Ente<span class="_ _3"/>rpr<span class="_ _3"/>ise<span class="_ _3"/>s th<span class="_ _3"/>at sat<span class="_ _3"/>is<span class="_ _3"/>fy th<span class="_ _3"/>e cr<span class="_ _3"/>iter<span class="_ _3"/>ia for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int co<span class="_ _3"/>ntro<span class="_ _3"/>l are a<span class="_ _3"/>cco<span class="_ _3"/>unted fo<span class="_ _3"/>r as i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts i<span class="_ _3"/>n jo<span class="_ _3"/>int </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ve<span class="_ _3"/>nture<span class="_ _3"/>s, u<span class="_ _3"/>nle<span class="_ _3"/>ss th<span class="_ _3"/>e natu<span class="_ _3"/>re of th<span class="_ _3"/>e jo<span class="_ _3"/>int a<span class="_ _3"/>rra<span class="_ _3"/>ng<span class="_ _3"/>em<span class="_ _3"/>ent i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">considered<span class="_ _0"/> a joint<span class="_ _0"/> operation.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r sh<span class="_ _3"/>are<span class="_ _3"/>s in j<span class="_ _3"/>oi<span class="_ _3"/>nt op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d bal<span class="_ _3"/>anc<span class="_ _3"/>e she<span class="_ _3"/>et th<span class="_ _3"/>rou<span class="_ _3"/>gh re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gro<span class="_ _3"/>up's own as<span class="_ _3"/>set<span class="_ _3"/>s, l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>, in<span class="_ _3"/>com<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ens<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The pr<span class="_ _0"/>oportionate<span class="_ _0"/> share<span class="_ _0"/> of<span class="_ _0"/> realised<span class="_ _0"/> and unr<span class="_ _0"/>ealised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gains<span class="_ _0"/> and l<span class="_ _0"/>oss<span class="_ _0"/>es ari<span class="_ _0"/>sing f<span class="_ _0"/>rom<span class="_ _0"/> int<span class="_ _0"/>ra-group<span class="_ _0"/> tr<span class="_ _0"/>ansact<span class="_ _0"/>ions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en fu<span class="_ _3"/>lly con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ated e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise<span class="_ _3"/>s an<span class="_ _3"/>d joi<span class="_ _3"/>nt o<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on<span class="_ _3"/>s is e<span class="_ _3"/>li<span class="_ _3"/>mi<span class="_ _3"/>nate<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.392578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 631.447px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 158.431px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vious ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting policy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.828px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>New ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting polic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 19.3008px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 18.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">88,482<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,255</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 33.3164px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 32.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">55,851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>46,624</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.2734px; width: 631.582px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.488px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Report<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 126.234px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Adjust<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0098px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 82.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 263.016px; top: 82.0098px; width: 368.033px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">132,277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 129.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.0254px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 96.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 96.0098px; width: 362.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">97,163<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,303</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e illus<span class="_ _0"/>trat<span class="_ _0"/>es the change in ac<span class="_ _0"/>counting policy r<span class="_ _0"/>egar<span class="_ _0"/>ding pres<span class="_ _0"/>entation o<span class="_ _0"/>f r<span class="_ _0"/>ev<span class="_ _0"/>enue and rel<span class="_ _0"/>at<span class="_ _0"/>ed cost<span class="_ _0"/>s from s<span class="_ _0"/>et<span class="_ _0"/>tlement o<span class="_ _0"/>f f<span class="_ _0"/>ailed o<span class="_ _0"/>wn-use c<span class="_ _0"/>ontr<span class="_ _0"/>acts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span>The line it<span class="_ _0"/>em ‘<span class="_ _0"/>Sal<span class="_ _0"/>e of pow<span class="_ _0"/>er’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.2 ‘Re<span class="_ _0"/>venue<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The line item ‘P<span class="_ _0"/>o<span class="_ _0"/>wer including c<span class="_ _0"/>ertificat<span class="_ _0"/>es’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.3 ‘<span class="_ _0"/>Cost o<span class="_ _0"/>f sales’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency tr<span class="_ _0"/>anslation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial s<span class="_ _3"/>tatem<span class="_ _3"/>en<span class="_ _3"/>ts a<span class="_ _3"/>re pre<span class="_ _3"/>sen<span class="_ _3"/>ted in m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>Da<span class="_ _3"/>ni<span class="_ _3"/>sh k<span class="_ _3"/>ron<span class="_ _3"/>er (D<span class="_ _3"/>KK<span class="_ _3"/>m), u<span class="_ _3"/>nle<span class="_ _3"/>ss oth<span class="_ _3"/>er<span class="_ _3"/>w<span class="_ _3"/>ise s<span class="_ _3"/>tated<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exchange diff<span class="_ _0"/>erences<span class="_ _0"/> arising be<span class="_ _0"/>tween t<span class="_ _0"/>he ex<span class="_ _0"/>change </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate o<span class="_ _3"/>n the t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>tio<span class="_ _3"/>n da<span class="_ _3"/>te and o<span class="_ _3"/>n th<span class="_ _3"/>e date of p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rof<span class="_ _3"/>it (lo<span class="_ _3"/>ss) for th<span class="_ _3"/>e yea<span class="_ _3"/>r as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> or expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _3"/>ei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>ncy t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional c<span class="_ _0"/>urrency<span class="_ _0"/> defined f<span class="_ _0"/>or<span class="_ _0"/> each ent<span class="_ _0"/>ity<span class="_ _0"/>,<span class="_ _0"/> using t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rates p<span class="_ _3"/>reva<span class="_ _3"/>il<span class="_ _3"/>in<span class="_ _3"/>g at th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>cti<span class="_ _3"/>on d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>, paya<span class="_ _3"/>ble<span class="_ _3"/>s, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r mo<span class="_ _3"/>neta<span class="_ _3"/>ry i<span class="_ _3"/>tems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in fo<span class="_ _3"/>rei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>ies a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated a<span class="_ _3"/>t th<span class="_ _3"/>e exch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates o<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate. T<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">between<span class="_ _0"/> the<span class="_ _0"/> exchange r<span class="_ _0"/>at<span class="_ _0"/>e on<span class="_ _0"/> the<span class="_ _0"/> balance<span class="_ _0"/> sheet<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te an<span class="_ _3"/>d on th<span class="_ _3"/>e da<span class="_ _3"/>te at wh<span class="_ _3"/>ich t<span class="_ _3"/>he re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le or p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le ar<span class="_ _3"/>ose is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) for th<span class="_ _3"/>e yea<span class="_ _3"/>r as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> or expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial stat<span class="_ _0"/>ements<span class="_ _0"/> of f<span class="_ _0"/>oreign<span class="_ _0"/> subsidiaries, joint<span class="_ _0"/> oper<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on<span class="_ _3"/>s, a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>tes, a<span class="_ _3"/>nd j<span class="_ _3"/>oi<span class="_ _3"/>nt ve<span class="_ _3"/>nture<span class="_ _3"/>s are t<span class="_ _3"/>rans<span class="_ _3"/>late<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">into D<span class="_ _3"/>KK at m<span class="_ _3"/>ont<span class="_ _3"/>hly ave<span class="_ _3"/>rag<span class="_ _3"/>e ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rates i<span class="_ _3"/>nso<span class="_ _3"/>far </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>hes<span class="_ _3"/>e do no<span class="_ _3"/>t devi<span class="_ _3"/>ate ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>lly from th<span class="_ _3"/>e ac<span class="_ _3"/>tua<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rates a<span class="_ _3"/>t the t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on da<span class="_ _3"/>tes<span class="_ _3"/>. Ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet i<span class="_ _3"/>tems a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated a<span class="_ _3"/>t th<span class="_ _3"/>e exch<span class="_ _3"/>an<span class="_ _3"/>ge ra<span class="_ _3"/>tes on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce she<span class="_ _3"/>et d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nce<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/> the<span class="_ _0"/> year<span class="_ _4"/>, excep<span class="_ _0"/>t f<span class="_ _0"/>or e<span class="_ _0"/>xchange diff<span class="_ _0"/>erences<span class="_ _0"/> arising on:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>lat<span class="_ _3"/>ion of t<span class="_ _3"/>he o<span class="_ _3"/>pe<span class="_ _3"/>ni<span class="_ _3"/>ng eq<span class="_ _3"/>ui<span class="_ _3"/>ty of th<span class="_ _3"/>ese e<span class="_ _3"/>nti<span class="_ _3"/>tie<span class="_ _3"/>s at </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e exc<span class="_ _3"/>han<span class="_ _3"/>ge ra<span class="_ _3"/>tes on t<span class="_ _3"/>he b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et da<span class="_ _3"/>te</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>translati<span class="_ _0"/>on o<span class="_ _0"/>f the<span class="_ _0"/> st<span class="_ _0"/>atemen<span class="_ _0"/>ts o<span class="_ _0"/>f c<span class="_ _0"/>omprehensive<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> of<span class="_ _0"/> these<span class="_ _0"/> ent<span class="_ _0"/>erprises<span class="_ _0"/> from<span class="_ _0"/> ‘the av<span class="_ _0"/>erage-f<span class="_ _0"/>or<span class="_ _4"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the-month<span class="_ _0"/> exchange<span class="_ _0"/> rat<span class="_ _0"/>es’<span class="_ _0"/> t<span class="_ _0"/>o ‘the<span class="_ _0"/> exchange<span class="_ _0"/> rat<span class="_ _0"/>es<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce sh<span class="_ _3"/>ee<span class="_ _3"/>t date’</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>t<span class="_ _3"/>ran<span class="_ _3"/>sla<span class="_ _3"/>tio<span class="_ _3"/>n of ba<span class="_ _3"/>lan<span class="_ _3"/>ces a<span class="_ _3"/>ccou<span class="_ _3"/>nted fo<span class="_ _3"/>r as pa<span class="_ _3"/>r<span class="_ _3"/>t of the </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">total n<span class="_ _3"/>et inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>lat<span class="_ _3"/>ion of t<span class="_ _3"/>he p<span class="_ _3"/>or<span class="_ _3"/>tio<span class="_ _3"/>n of loa<span class="_ _3"/>ns a<span class="_ _3"/>nd d<span class="_ _3"/>er<span class="_ _3"/>ivat<span class="_ _3"/>ive<span class="_ _3"/>s </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at ha<span class="_ _3"/>s be<span class="_ _3"/>en e<span class="_ _3"/>ntere<span class="_ _3"/>d into to h<span class="_ _3"/>ed<span class="_ _3"/>ge th<span class="_ _3"/>e net i<span class="_ _3"/>nves<span class="_ _3"/>t<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt in a<span class="_ _3"/>n e<span class="_ _3"/>nterp<span class="_ _3"/>ri<span class="_ _3"/>se, a<span class="_ _3"/>nd t<span class="_ _3"/>hat p<span class="_ _3"/>rovi<span class="_ _3"/>des a<span class="_ _3"/>n ef<span class="_ _3"/>fec<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tive<span class="_ _0"/> hedge against<span class="_ _0"/> corr<span class="_ _0"/>esponding f<span class="_ _0"/>oreign<span class="_ _0"/> exchange<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>in<span class="_ _3"/>s (los<span class="_ _3"/>ses) o<span class="_ _3"/>n the n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="_ _3"/>me<span class="_ _3"/>nt.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ab<span class="_ _3"/>ove typ<span class="_ _3"/>es of ex<span class="_ _3"/>ch<span class="_ _3"/>ang<span class="_ _3"/>e di<span class="_ _3"/>f<span class="_ _3"/>fere<span class="_ _3"/>nce<span class="_ _3"/>s are re<span class="_ _3"/>cog<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in<span class="_ _0"/> ‘Other<span class="_ _0"/> comprehensiv<span class="_ _0"/>e inc<span class="_ _0"/>ome’<span class="_ _4"/>. Such ex<span class="_ _0"/>change </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re di<span class="_ _3"/>vid<span class="_ _3"/>ed b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n the e<span class="_ _3"/>qu<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e pa<span class="_ _3"/>rent co<span class="_ _3"/>mp<span class="_ _3"/>any a<span class="_ _3"/>nd th<span class="_ _3"/>e eq<span class="_ _3"/>ui<span class="_ _3"/>ty of th<span class="_ _3"/>e no<span class="_ _3"/>n- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">contro<span class="_ _3"/>lli<span class="_ _3"/>ng intere<span class="_ _3"/>sts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On f<span class="_ _3"/>ul<span class="_ _3"/>l or pa<span class="_ _3"/>r<span class="_ _3"/>tia<span class="_ _3"/>l d<span class="_ _3"/>ives<span class="_ _3"/>tm<span class="_ _3"/>ent of t<span class="_ _3"/>he ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e accu<span class="_ _3"/>mu<span class="_ _3"/>late<span class="_ _3"/>d exc<span class="_ _3"/>ha<span class="_ _3"/>nge r<span class="_ _3"/>ate ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>recognis<span class="_ _0"/>ed as<span class="_ _0"/> fo<span class="_ _0"/>llo<span class="_ _0"/>ws:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>D<span class="_ _3"/>isp<span class="_ _3"/>osa<span class="_ _3"/>l res<span class="_ _3"/>ulti<span class="_ _3"/>ng i<span class="_ _3"/>n loss of c<span class="_ _3"/>ontro<span class="_ _3"/>l<span class="_ _3"/>:<span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ac<span class="_ _0"/>cumulat<span class="_ _0"/>ed<span class="_ _0"/> exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjust<span class="_ _0"/>ments, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny ass<span class="_ _3"/>oci<span class="_ _3"/>ated h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s, a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e prof<span class="_ _3"/>it (l<span class="_ _3"/>oss) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar i<span class="_ _3"/>f a forei<span class="_ _3"/>gn e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>in (<span class="_ _3"/>loss) i<span class="_ _3"/>s rea<span class="_ _3"/>li<span class="_ _3"/>sed by t<span class="_ _3"/>he se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g ente<span class="_ _3"/>rpr<span class="_ _3"/>ise<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Any fo<span class="_ _3"/>rei<span class="_ _3"/>gn e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge ga<span class="_ _3"/>in (<span class="_ _3"/>los<span class="_ _3"/>s) is tra<span class="_ _3"/>ns<span class="_ _3"/>ferre<span class="_ _3"/>d to the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ite<span class="_ _3"/>m in wh<span class="_ _3"/>ic<span class="_ _3"/>h the g<span class="_ _3"/>ai<span class="_ _3"/>n (lo<span class="_ _3"/>ss) fro<span class="_ _3"/>m the d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al i<span class="_ _3"/>s rec<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>sed<span class="_ _3"/>. Th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>t of the fo<span class="_ _3"/>rei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y tra<span class="_ _3"/>nsla<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>er<span class="_ _3"/>ve th<span class="_ _3"/>at re<span class="_ _3"/>lates to n<span class="_ _3"/>on<span class="_ _3"/>-co<span class="_ _3"/>ntro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g inte<span class="_ _3"/>rest<span class="_ _3"/>s is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not t<span class="_ _3"/>ran<span class="_ _3"/>sfer<span class="_ _3"/>red to p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) for th<span class="_ _3"/>e yea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>D<span class="_ _3"/>isp<span class="_ _3"/>osa<span class="_ _3"/>l not r<span class="_ _3"/>esu<span class="_ _3"/>ltin<span class="_ _3"/>g in lo<span class="_ _3"/>ss of co<span class="_ _3"/>ntrol<span class="_ _3"/>:<span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A pr<span class="_ _0"/>oportionate<span class="_ _0"/> share<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> for<span class="_ _0"/>eign c<span class="_ _0"/>urrency<span class="_ _0"/> trans<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lat<span class="_ _3"/>ion r<span class="_ _3"/>ese<span class="_ _3"/>r<span class="_ _3"/>ve is tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red fr<span class="_ _3"/>om th<span class="_ _3"/>e pa<span class="_ _3"/>rent c<span class="_ _3"/>om<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny sha<span class="_ _3"/>re<span class="_ _3"/>hol<span class="_ _3"/>de<span class="_ _3"/>rs' sh<span class="_ _3"/>are of e<span class="_ _3"/>qu<span class="_ _3"/>ity to t<span class="_ _3"/>he m<span class="_ _3"/>ino<span class="_ _3"/>ri<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">shareh<span class="_ _0"/>olders<span class="_ _0"/>'<span class="_ _0"/> shar<span class="_ _0"/>e o<span class="_ _0"/>f equi<span class="_ _0"/>ty<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>paym<span class="_ _3"/>en<span class="_ _3"/>t of ba<span class="_ _3"/>lan<span class="_ _3"/>ces th<span class="_ _3"/>at a<span class="_ _3"/>re con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ed pa<span class="_ _3"/>r<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e net i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt d<span class="_ _3"/>oes n<span class="_ _3"/>ot con<span class="_ _3"/>sti<span class="_ _3"/>tute a pa<span class="_ _3"/>r<span class="_ _3"/>tia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disposal of<span class="_ _0"/> the s<span class="_ _0"/>ubsidiary.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>’ are d<span class="_ _3"/>ete<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d us<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>nd<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d as o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) be<span class="_ _3"/>fore d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>ion<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>sse<span class="_ _3"/>s ad<span class="_ _3"/>jus<span class="_ _3"/>ted fo<span class="_ _3"/>r ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng i<span class="_ _3"/>tem<span class="_ _3"/>s wit<span class="_ _3"/>hou<span class="_ _3"/>t ca<span class="_ _3"/>sh fl<span class="_ _3"/>ow ef<span class="_ _3"/>fec<span class="_ _3"/>t. Trad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">payabl<span class="_ _0"/>es<span class="_ _0"/> relat<span class="_ _0"/>ing t<span class="_ _0"/>o<span class="_ _0"/> purchas<span class="_ _0"/>es o<span class="_ _0"/>f in<span class="_ _0"/>tan<span class="_ _0"/>gible<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s, a<span class="_ _3"/>nd p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, p<span class="_ _3"/>lant<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n ‘Ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n tra<span class="_ _3"/>de p<span class="_ _3"/>aya<span class="_ _3"/>ble<span class="_ _3"/>s’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’ re<span class="_ _3"/>la<span class="_ _3"/>tes to ca<span class="_ _3"/>sh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>ons f<span class="_ _3"/>rom ta<span class="_ _3"/>x eq<span class="_ _3"/>u<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pay<span class="_ _3"/>me<span class="_ _3"/>nt he<span class="_ _3"/>re<span class="_ _3"/>of th<span class="_ _3"/>rou<span class="_ _3"/>gh p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts (<span class="_ _3"/>PTCs)<span class="_ _3"/>, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts (<span class="_ _3"/>ITCs)<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d oth<span class="_ _3"/>er ta<span class="_ _3"/>x at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes to ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e al<span class="_ _3"/>so n<span class="_ _3"/>ote 3.9 ‘Tax eq<span class="_ _3"/>ui<span class="_ _3"/>ty li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom i<span class="_ _3"/>nve<span class="_ _3"/>sti<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>ti<span class="_ _3"/>es’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on wi<span class="_ _3"/>th th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of n<span class="_ _3"/>on<span class="_ _3"/>-cu<span class="_ _3"/>rr<span class="_ _3"/>ent a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise<span class="_ _3"/>s as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>ll as t<span class="_ _3"/>he p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se an<span class="_ _3"/>d sa<span class="_ _3"/>le of <span class="_ _1"/>sec<span class="_ _3"/>ur<span class="_ _3"/>iti<span class="_ _3"/>es th<span class="_ _3"/>at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e not re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as ca<span class="_ _3"/>sh a<span class="_ _3"/>nd ca<span class="_ _3"/>sh e<span class="_ _3"/>qu<span class="_ _3"/>iv<span class="_ _3"/>ale<span class="_ _3"/>nts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh f<span class="_ _3"/>lows f<span class="_ _3"/>rom f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>ti<span class="_ _3"/>es’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e si<span class="_ _3"/>ze or co<span class="_ _3"/>mp<span class="_ _3"/>os<span class="_ _3"/>iti<span class="_ _3"/>on of e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loa<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tal<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s on le<span class="_ _3"/>ase<span class="_ _3"/>s an<span class="_ _3"/>d net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s rel<span class="_ _3"/>ated to i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>. Pro<span class="_ _3"/>ce<span class="_ _3"/>ed<span class="_ _3"/>s fro<span class="_ _3"/>m the r<span class="_ _3"/>ais<span class="_ _3"/>in<span class="_ _3"/>g of sh<span class="_ _3"/>or<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m re<span class="_ _3"/>po lo<span class="_ _3"/>ans a<span class="_ _3"/>re p<span class="_ _3"/>res<span class="_ _3"/>ente<span class="_ _3"/>d ne<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _3"/>sh fl<span class="_ _3"/>ows i<span class="_ _3"/>n cur<span class="_ _3"/>re<span class="_ _3"/>nci<span class="_ _3"/>es ot<span class="_ _3"/>he<span class="_ _3"/>r tha<span class="_ _3"/>n th<span class="_ _3"/>e fu<span class="_ _3"/>nc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>al cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ar<span class="_ _3"/>e tra<span class="_ _3"/>nsl<span class="_ _3"/>ated a<span class="_ _3"/>t th<span class="_ _3"/>e ave<span class="_ _3"/>rag<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rate<span class="_ _3"/>s for t<span class="_ _3"/>he m<span class="_ _3"/>ont<span class="_ _3"/>h in q<span class="_ _3"/>ues<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>les<span class="_ _3"/>s th<span class="_ _3"/>ese d<span class="_ _3"/>if<span class="_ _3"/>fe<span class="_ _3"/>r sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>can<span class="_ _3"/>tly fro<span class="_ _3"/>m the r<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>on da<span class="_ _3"/>te.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pre<span class="_ _3"/>pa<span class="_ _3"/>re<span class="_ _3"/>d in ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce wit<span class="_ _3"/>h the I<span class="_ _3"/>FR<span class="_ _3"/>S <span class="_ _49"/>Acc<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stan<span class="_ _3"/>da<span class="_ _3"/>rds a<span class="_ _3"/>s ado<span class="_ _3"/>pted by th<span class="_ _3"/>e EU a<span class="_ _3"/>nd fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r req<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n th<span class="_ _3"/>e Da<span class="_ _3"/>nis<span class="_ _3"/>h Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial Sta<span class="_ _3"/>teme<span class="_ _3"/>nt<span class="_ _3"/>s Act </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(Årsregnskabslo<span class="_ _0"/>ven).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Chang<span class="_ _0"/>e in<span class="_ _0"/> ac<span class="_ _0"/>co<span class="_ _0"/>unting<span class="_ _0"/> po<span class="_ _0"/>lic<span class="_ _0"/>y</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">From g<span class="_ _3"/>ros<span class="_ _3"/>s to net p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on of re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>les f<span class="_ _3"/>rom p<span class="_ _3"/>ower tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>tiv<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve cha<span class="_ _3"/>ng<span class="_ _3"/>ed o<span class="_ _3"/>ur a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy re<span class="_ _3"/>ga<span class="_ _3"/>rd<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pre<span class="_ _3"/>se<span class="_ _3"/>ntati<span class="_ _3"/>on of reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e settle<span class="_ _3"/>m<span class="_ _3"/>ent of fa<span class="_ _3"/>ile<span class="_ _3"/>d own<span class="_ _3"/>-us<span class="_ _3"/>e powe<span class="_ _3"/>r cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese a<span class="_ _3"/>re co<span class="_ _3"/>ntra<span class="_ _3"/>cts s<span class="_ _3"/>ettle<span class="_ _3"/>d wi<span class="_ _3"/>th de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>y of p<span class="_ _3"/>hysic<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r wh<span class="_ _3"/>ere t<span class="_ _3"/>he pu<span class="_ _3"/>rp<span class="_ _3"/>ose of e<span class="_ _3"/>nter<span class="_ _3"/>in<span class="_ _3"/>g into th<span class="_ _3"/>em a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng or o<span class="_ _3"/>pti<span class="_ _3"/>mi<span class="_ _3"/>sati<span class="_ _3"/>on of o<span class="_ _3"/>ur re<span class="_ _3"/>ven<span class="_ _3"/>ue<span class="_ _3"/>. Previ<span class="_ _3"/>ou<span class="_ _3"/>sly<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd th<span class="_ _3"/>e cos<span class="_ _3"/>t of sale<span class="_ _3"/>s on a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss ba<span class="_ _3"/>si<span class="_ _3"/>s whe<span class="_ _3"/>n th<span class="_ _3"/>ese co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s wer<span class="_ _3"/>e settle<span class="_ _3"/>d<span class="_ _3"/>. As t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on d<span class="_ _3"/>oes n<span class="_ _3"/>ot ref<span class="_ _3"/>lec<span class="_ _3"/>t th<span class="_ _3"/>e ma<span class="_ _3"/>gn<span class="_ _3"/>itud<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's power t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>viti<span class="_ _3"/>es<span class="_ _3"/>, we ha<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d the p<span class="_ _3"/>res<span class="_ _3"/>entat<span class="_ _3"/>io<span class="_ _3"/>n to a net pr<span class="_ _3"/>ese<span class="_ _3"/>ntati<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts<span class="_ _3"/>. It i<span class="_ _3"/>s ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's v<span class="_ _3"/>iew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at su<span class="_ _3"/>ch <span class="_ _49"/>p<span class="_ _3"/>rese<span class="_ _3"/>ntat<span class="_ _3"/>ion b<span class="_ _3"/>ette<span class="_ _3"/>r ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> tradin<span class="_ _3"/>g <span class="_ _21"> </span>activiti<span class="_ _3"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The change<span class="_ _0"/> onl<span class="_ _0"/>y<span class="_ _0"/> impacts re<span class="_ _0"/>venue and<span class="_ _0"/> the<span class="_ _0"/> cost<span class="_ _0"/> of<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>les i<span class="_ _3"/>n the O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore se<span class="_ _3"/>gm<span class="_ _3"/>en<span class="_ _3"/>t, an<span class="_ _3"/>d th<span class="_ _3"/>us ou<span class="_ _3"/>r EB<span class="_ _3"/>ITDA </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is n<span class="_ _3"/>ot im<span class="_ _3"/>pa<span class="_ _3"/>cte<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The 20<span class="_ _0"/>22<span class="_ _0"/> comparison<span class="_ _0"/>s hav<span class="_ _0"/>e been adjust<span class="_ _0"/>ed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acco<span class="_ _3"/>rdin<span class="_ _3"/>gly<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>ct o<span class="_ _3"/>n ou<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd 2<span class="_ _3"/>022 nu<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s is i<span class="_ _3"/>llus<span class="_ _3"/>tra<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he tab<span class="_ _3"/>le to th<span class="_ _3"/>e rig<span class="_ _3"/>ht<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.392578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 631.447px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 158.431px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vious ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting policy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.828px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>New ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting polic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 19.3008px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 18.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">88,482<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,255</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 33.3164px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 32.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">55,851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>46,624</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.2734px; width: 631.582px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.488px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Report<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 126.234px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Adjust<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0098px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 82.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 263.016px; top: 82.0098px; width: 368.033px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">132,277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 129.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.0254px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 96.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 96.0098px; width: 362.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">97,163<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,303</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e illus<span class="_ _0"/>trat<span class="_ _0"/>es the change in ac<span class="_ _0"/>counting policy r<span class="_ _0"/>egar<span class="_ _0"/>ding pres<span class="_ _0"/>entation o<span class="_ _0"/>f r<span class="_ _0"/>ev<span class="_ _0"/>enue and rel<span class="_ _0"/>at<span class="_ _0"/>ed cost<span class="_ _0"/>s from s<span class="_ _0"/>et<span class="_ _0"/>tlement o<span class="_ _0"/>f f<span class="_ _0"/>ailed o<span class="_ _0"/>wn-use c<span class="_ _0"/>ontr<span class="_ _0"/>acts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span>The line it<span class="_ _0"/>em ‘<span class="_ _0"/>Sal<span class="_ _0"/>e of pow<span class="_ _0"/>er’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.2 ‘Re<span class="_ _0"/>venue<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The line item ‘P<span class="_ _0"/>o<span class="_ _0"/>wer including c<span class="_ _0"/>ertificat<span class="_ _0"/>es’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.3 ‘<span class="_ _0"/>Cost o<span class="_ _0"/>f sales’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Im<span class="_ _3"/>p<span class="_ _3"/>lem<span class="_ _3"/>e<span class="_ _3"/>ntat<span class="_ _3"/>io<span class="_ _3"/>n of n<span class="_ _3"/>ew an<span class="_ _3"/>d cha<span class="_ _3"/>n<span class="_ _3"/>ge<span class="_ _3"/>d acco<span class="_ _3"/>un<span class="_ _3"/>ti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">standards<span class="_ _0"/> and inter<span class="_ _0"/>pretations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The In<span class="_ _0"/>ternat<span class="_ _0"/>ional A<span class="_ _0"/>ccoun<span class="_ _0"/>ting S<span class="_ _0"/>t<span class="_ _0"/>andards<span class="_ _0"/> Board<span class="_ _0"/> (IASB)<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>s iss<span class="_ _3"/>ue<span class="_ _3"/>d am<span class="_ _3"/>en<span class="_ _3"/>de<span class="_ _3"/>d stan<span class="_ _3"/>da<span class="_ _3"/>rds t<span class="_ _3"/>hat a<span class="_ _3"/>re ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e fi<span class="_ _3"/>rst t<span class="_ _3"/>im<span class="_ _3"/>e in 20<span class="_ _3"/>23. N<span class="_ _3"/>on<span class="_ _3"/>e of the<span class="_ _3"/>m re<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d a ch<span class="_ _3"/>ang<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in our ac<span class="_ _0"/>counting<span class="_ _0"/> policies.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Chang<span class="_ _0"/>e in<span class="_ _0"/> ac<span class="_ _0"/>co<span class="_ _0"/>unting<span class="_ _0"/> po<span class="_ _0"/>lic<span class="_ _0"/>y</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">From g<span class="_ _3"/>ros<span class="_ _3"/>s to net p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on of re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>les f<span class="_ _3"/>rom p<span class="_ _3"/>ower tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>tiv<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve cha<span class="_ _3"/>ng<span class="_ _3"/>ed o<span class="_ _3"/>ur a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy re<span class="_ _3"/>ga<span class="_ _3"/>rd<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pre<span class="_ _3"/>se<span class="_ _3"/>ntati<span class="_ _3"/>on of reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e settle<span class="_ _3"/>m<span class="_ _3"/>ent of fa<span class="_ _3"/>ile<span class="_ _3"/>d own<span class="_ _3"/>-us<span class="_ _3"/>e powe<span class="_ _3"/>r cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese a<span class="_ _3"/>re co<span class="_ _3"/>ntra<span class="_ _3"/>cts s<span class="_ _3"/>ettle<span class="_ _3"/>d wi<span class="_ _3"/>th de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>y of p<span class="_ _3"/>hysic<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r wh<span class="_ _3"/>ere t<span class="_ _3"/>he pu<span class="_ _3"/>rp<span class="_ _3"/>ose of e<span class="_ _3"/>nter<span class="_ _3"/>in<span class="_ _3"/>g into th<span class="_ _3"/>em a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng or o<span class="_ _3"/>pti<span class="_ _3"/>mi<span class="_ _3"/>sati<span class="_ _3"/>on of o<span class="_ _3"/>ur re<span class="_ _3"/>ven<span class="_ _3"/>ue<span class="_ _3"/>. Previ<span class="_ _3"/>ou<span class="_ _3"/>sly<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd th<span class="_ _3"/>e cos<span class="_ _3"/>t of sale<span class="_ _3"/>s on a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss ba<span class="_ _3"/>si<span class="_ _3"/>s whe<span class="_ _3"/>n th<span class="_ _3"/>ese co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s wer<span class="_ _3"/>e settle<span class="_ _3"/>d<span class="_ _3"/>. As t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on d<span class="_ _3"/>oes n<span class="_ _3"/>ot ref<span class="_ _3"/>lec<span class="_ _3"/>t th<span class="_ _3"/>e ma<span class="_ _3"/>gn<span class="_ _3"/>itud<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's power t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>viti<span class="_ _3"/>es<span class="_ _3"/>, we ha<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d the p<span class="_ _3"/>res<span class="_ _3"/>entat<span class="_ _3"/>io<span class="_ _3"/>n to a net pr<span class="_ _3"/>ese<span class="_ _3"/>ntati<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts<span class="_ _3"/>. It i<span class="_ _3"/>s ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's v<span class="_ _3"/>iew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at su<span class="_ _3"/>ch <span class="_ _49"/>p<span class="_ _3"/>rese<span class="_ _3"/>ntat<span class="_ _3"/>ion b<span class="_ _3"/>ette<span class="_ _3"/>r ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> tradin<span class="_ _3"/>g <span class="_ _21"> </span>activiti<span class="_ _3"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The change<span class="_ _0"/> onl<span class="_ _0"/>y<span class="_ _0"/> impacts re<span class="_ _0"/>venue and<span class="_ _0"/> the<span class="_ _0"/> cost<span class="_ _0"/> of<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>les i<span class="_ _3"/>n the O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore se<span class="_ _3"/>gm<span class="_ _3"/>en<span class="_ _3"/>t, an<span class="_ _3"/>d th<span class="_ _3"/>us ou<span class="_ _3"/>r EB<span class="_ _3"/>ITDA </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is n<span class="_ _3"/>ot im<span class="_ _3"/>pa<span class="_ _3"/>cte<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The 20<span class="_ _0"/>22<span class="_ _0"/> comparison<span class="_ _0"/>s hav<span class="_ _0"/>e been adjust<span class="_ _0"/>ed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acco<span class="_ _3"/>rdin<span class="_ _3"/>gly<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>ct o<span class="_ _3"/>n ou<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd 2<span class="_ _3"/>022 nu<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s is i<span class="_ _3"/>llus<span class="_ _3"/>tra<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he tab<span class="_ _3"/>le to th<span class="_ _3"/>e rig<span class="_ _3"/>ht<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.392578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 631.447px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 158.431px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vious ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting policy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.828px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>New ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting polic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 19.3008px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 18.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">88,482<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,255</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 33.3164px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 32.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">55,851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>46,624</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.2734px; width: 631.582px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.488px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Report<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 126.234px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Adjust<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0098px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 82.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 263.016px; top: 82.0098px; width: 368.033px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">132,277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 129.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.0254px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 96.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 96.0098px; width: 362.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">97,163<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,303</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e illus<span class="_ _0"/>trat<span class="_ _0"/>es the change in ac<span class="_ _0"/>counting policy r<span class="_ _0"/>egar<span class="_ _0"/>ding pres<span class="_ _0"/>entation o<span class="_ _0"/>f r<span class="_ _0"/>ev<span class="_ _0"/>enue and rel<span class="_ _0"/>at<span class="_ _0"/>ed cost<span class="_ _0"/>s from s<span class="_ _0"/>et<span class="_ _0"/>tlement o<span class="_ _0"/>f f<span class="_ _0"/>ailed o<span class="_ _0"/>wn-use c<span class="_ _0"/>ontr<span class="_ _0"/>acts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span>The line it<span class="_ _0"/>em ‘<span class="_ _0"/>Sal<span class="_ _0"/>e of pow<span class="_ _0"/>er’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.2 ‘Re<span class="_ _0"/>venue<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The line item ‘P<span class="_ _0"/>o<span class="_ _0"/>wer including c<span class="_ _0"/>ertificat<span class="_ _0"/>es’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.3 ‘<span class="_ _0"/>Cost o<span class="_ _0"/>f sales’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Im<span class="_ _3"/>p<span class="_ _3"/>lem<span class="_ _3"/>e<span class="_ _3"/>ntat<span class="_ _3"/>io<span class="_ _3"/>n of n<span class="_ _3"/>ew an<span class="_ _3"/>d cha<span class="_ _3"/>n<span class="_ _3"/>ge<span class="_ _3"/>d acco<span class="_ _3"/>un<span class="_ _3"/>ti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">standards<span class="_ _0"/> and inter<span class="_ _0"/>pretations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The In<span class="_ _0"/>ternat<span class="_ _0"/>ional A<span class="_ _0"/>ccoun<span class="_ _0"/>ting S<span class="_ _0"/>t<span class="_ _0"/>andards<span class="_ _0"/> Board<span class="_ _0"/> (IASB)<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>s iss<span class="_ _3"/>ue<span class="_ _3"/>d am<span class="_ _3"/>en<span class="_ _3"/>de<span class="_ _3"/>d stan<span class="_ _3"/>da<span class="_ _3"/>rds t<span class="_ _3"/>hat a<span class="_ _3"/>re ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e fi<span class="_ _3"/>rst t<span class="_ _3"/>im<span class="_ _3"/>e in 20<span class="_ _3"/>23. N<span class="_ _3"/>on<span class="_ _3"/>e of the<span class="_ _3"/>m re<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d a ch<span class="_ _3"/>ang<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in our ac<span class="_ _0"/>counting<span class="_ _0"/> policies.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> compris<span class="_ _0"/>e the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nts of Ø<span class="_ _3"/>rs<span class="_ _3"/>ted A<span class="_ _3"/>/S (th<span class="_ _3"/>e pa<span class="_ _3"/>ren<span class="_ _3"/>t com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny) and s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>ia<span class="_ _3"/>ri<span class="_ _3"/>es con<span class="_ _3"/>trol<span class="_ _3"/>led by Ø<span class="_ _3"/>rste<span class="_ _3"/>d A<span class="_ _3"/>/S<span class="_ _3"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e mo<span class="_ _3"/>re in n<span class="_ _3"/>ote 7<span class="_ _15c"/>.<span class="_ _3"/>4 ‘Co<span class="_ _3"/>mp<span class="_ _3"/>any ove<span class="_ _3"/>r<span class="_ _3"/>view<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been pr<span class="_ _0"/>e<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>red a<span class="_ _3"/>s a con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he pa<span class="_ _3"/>re<span class="_ _3"/>nt com<span class="_ _3"/>pa<span class="_ _3"/>ny's a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the individual subsidiaries<span class="_ _0"/>' financial st<span class="_ _0"/>at<span class="_ _0"/>ements, which<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve be<span class="_ _3"/>en p<span class="_ _3"/>rep<span class="_ _3"/>are<span class="_ _3"/>d in a<span class="_ _3"/>cco<span class="_ _3"/>rda<span class="_ _3"/>nce w<span class="_ _3"/>ith th<span class="_ _3"/>e Gr<span class="_ _3"/>oup's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accoun<span class="_ _0"/>ting policies. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intr<span class="_ _0"/>a-group income<span class="_ _0"/>, expenses,<span class="_ _0"/> sharehol<span class="_ _0"/>dings, balance<span class="_ _0"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d di<span class="_ _3"/>vid<span class="_ _3"/>e<span class="_ _3"/>nds a<span class="_ _3"/>s wel<span class="_ _3"/>l as re<span class="_ _3"/>al<span class="_ _3"/>ise<span class="_ _3"/>d an<span class="_ _3"/>d un<span class="_ _3"/>rea<span class="_ _3"/>l<span class="_ _3"/>ise<span class="_ _3"/>d ga<span class="_ _3"/>in<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d loss<span class="_ _3"/>es a<span class="_ _3"/>ris<span class="_ _3"/>in<span class="_ _3"/>g fro<span class="_ _3"/>m intr<span class="_ _3"/>a-<span class="_ _3"/>gro<span class="_ _3"/>up t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eliminat<span class="_ _0"/>ed in<span class="_ _0"/> our<span class="_ _0"/> cons<span class="_ _0"/>olidat<span class="_ _0"/>ed<span class="_ _0"/> financial<span class="_ _0"/> st<span class="_ _0"/>at<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Un<span class="_ _3"/>rea<span class="_ _3"/>li<span class="_ _3"/>se<span class="_ _3"/>d ga<span class="_ _3"/>ins a<span class="_ _3"/>nd lo<span class="_ _3"/>sse<span class="_ _3"/>s resu<span class="_ _3"/>lti<span class="_ _3"/>ng fro<span class="_ _3"/>m <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th as<span class="_ _3"/>soc<span class="_ _3"/>iates a<span class="_ _3"/>nd j<span class="_ _3"/>oi<span class="_ _3"/>nt ven<span class="_ _3"/>ture<span class="_ _3"/>s are e<span class="_ _3"/>li<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>ted to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>tent of o<span class="_ _3"/>ur own<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ente<span class="_ _3"/>rpr<span class="_ _3"/>is<span class="_ _3"/>es ar<span class="_ _3"/>e acco<span class="_ _3"/>unte<span class="_ _3"/>d for as a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>tes if we h<span class="_ _3"/>old </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or h<span class="_ _3"/>ave t<span class="_ _3"/>he ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y to exe<span class="_ _3"/>rcis<span class="_ _3"/>e, d<span class="_ _3"/>ire<span class="_ _3"/>ctly or i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ctly,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">20<span class="_ _3"/>-5<span class="_ _3"/>0 <span class="_ _15c"/>% of th<span class="_ _3"/>e voti<span class="_ _3"/>ng r<span class="_ _3"/>igh<span class="_ _3"/>ts an<span class="_ _3"/>d do n<span class="_ _3"/>ot ex<span class="_ _3"/>erc<span class="_ _3"/>ise co<span class="_ _3"/>ntro<span class="_ _3"/>l. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we car<span class="_ _3"/>ry o<span class="_ _3"/>ut a sp<span class="_ _3"/>ec<span class="_ _3"/>if<span class="_ _3"/>ic as<span class="_ _3"/>ses<span class="_ _3"/>sm<span class="_ _3"/>ent of o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>il<span class="_ _3"/>ity to e<span class="_ _3"/>xer<span class="_ _3"/>cis<span class="_ _3"/>e inf<span class="_ _3"/>lue<span class="_ _3"/>nce<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng o<span class="_ _3"/>ur a<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">influence<span class="_ _0"/> financial and<span class="_ _0"/> operational<span class="_ _0"/> decisions<span class="_ _0"/> and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>us ou<span class="_ _3"/>r retu<span class="_ _3"/>rn<span class="_ _3"/>. Ente<span class="_ _3"/>rpr<span class="_ _3"/>ise<span class="_ _3"/>s th<span class="_ _3"/>at sat<span class="_ _3"/>is<span class="_ _3"/>fy th<span class="_ _3"/>e cr<span class="_ _3"/>iter<span class="_ _3"/>ia for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int co<span class="_ _3"/>ntro<span class="_ _3"/>l are a<span class="_ _3"/>cco<span class="_ _3"/>unted fo<span class="_ _3"/>r as i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts i<span class="_ _3"/>n jo<span class="_ _3"/>int </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ve<span class="_ _3"/>nture<span class="_ _3"/>s, u<span class="_ _3"/>nle<span class="_ _3"/>ss th<span class="_ _3"/>e natu<span class="_ _3"/>re of th<span class="_ _3"/>e jo<span class="_ _3"/>int a<span class="_ _3"/>rra<span class="_ _3"/>ng<span class="_ _3"/>em<span class="_ _3"/>ent i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">considered<span class="_ _0"/> a joint<span class="_ _0"/> operation.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r sh<span class="_ _3"/>are<span class="_ _3"/>s in j<span class="_ _3"/>oi<span class="_ _3"/>nt op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d bal<span class="_ _3"/>anc<span class="_ _3"/>e she<span class="_ _3"/>et th<span class="_ _3"/>rou<span class="_ _3"/>gh re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gro<span class="_ _3"/>up's own as<span class="_ _3"/>set<span class="_ _3"/>s, l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>, in<span class="_ _3"/>com<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ens<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The pr<span class="_ _0"/>oportionate<span class="_ _0"/> share<span class="_ _0"/> of<span class="_ _0"/> realised<span class="_ _0"/> and unr<span class="_ _0"/>ealised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gains<span class="_ _0"/> and l<span class="_ _0"/>oss<span class="_ _0"/>es ari<span class="_ _0"/>sing f<span class="_ _0"/>rom<span class="_ _0"/> int<span class="_ _0"/>ra-group<span class="_ _0"/> tr<span class="_ _0"/>ansact<span class="_ _0"/>ions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en fu<span class="_ _3"/>lly con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ated e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise<span class="_ _3"/>s an<span class="_ _3"/>d joi<span class="_ _3"/>nt o<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on<span class="_ _3"/>s is e<span class="_ _3"/>li<span class="_ _3"/>mi<span class="_ _3"/>nate<span class="_ _3"/>d.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Basis of<span class="_ _0"/> preparati<span class="_ _0"/>on</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 1.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is se<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n provi<span class="_ _3"/>de<span class="_ _3"/>s an ove<span class="_ _3"/>ral<span class="_ _3"/>l de<span class="_ _3"/>scr<span class="_ _3"/>ipti<span class="_ _3"/>on of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accoun<span class="_ _0"/>ting policies<span class="_ _0"/> applied in our c<span class="_ _0"/>onsolidated<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>s wel<span class="_ _3"/>l as th<span class="_ _3"/>e Euro<span class="_ _3"/>pe<span class="_ _3"/>an <span class="_ _49"/>S<span class="_ _3"/>in<span class="_ _3"/>gle </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Electr<span class="_ _0"/>onic F<span class="_ _0"/>ormat (<span class="_ _0"/>ESEF) reporting r<span class="_ _0"/>equirements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We <span class="_ _49"/>p<span class="_ _3"/>rovid<span class="_ _3"/>e a mo<span class="_ _3"/>re deta<span class="_ _3"/>ile<span class="_ _3"/>d de<span class="_ _3"/>scr<span class="_ _3"/>ipt<span class="_ _3"/>ion of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g po<span class="_ _3"/>li<span class="_ _3"/>cie<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d in th<span class="_ _3"/>e sp<span class="_ _3"/>eci<span class="_ _3"/>fi<span class="_ _3"/>c notes<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key acco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g est<span class="_ _3"/>im<span class="_ _3"/>ates a<span class="_ _3"/>nd ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts as w<span class="_ _3"/>ell <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as n<span class="_ _3"/>ew an<span class="_ _3"/>d am<span class="_ _3"/>en<span class="_ _3"/>de<span class="_ _3"/>d IF<span class="_ _3"/>RS s<span class="_ _3"/>tand<span class="_ _3"/>ar<span class="_ _3"/>ds an<span class="_ _3"/>d in<span class="_ _3"/>terp<span class="_ _3"/>reta<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons a<span class="_ _3"/>re d<span class="_ _3"/>iscu<span class="_ _3"/>sse<span class="_ _3"/>d in d<span class="_ _3"/>etai<span class="_ _3"/>l late<span class="_ _3"/>r in th<span class="_ _3"/>is n<span class="_ _3"/>ote.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Accoun<span class="_ _3"/>tin<span class="_ _3"/>g poli<span class="_ _3"/>cies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pre<span class="_ _3"/>pa<span class="_ _3"/>re<span class="_ _3"/>d in ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce wit<span class="_ _3"/>h the I<span class="_ _3"/>FR<span class="_ _3"/>S <span class="_ _49"/>Acc<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stan<span class="_ _3"/>da<span class="_ _3"/>rds a<span class="_ _3"/>s ado<span class="_ _3"/>pted by th<span class="_ _3"/>e EU a<span class="_ _3"/>nd fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r req<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n th<span class="_ _3"/>e Da<span class="_ _3"/>nis<span class="_ _3"/>h Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial Sta<span class="_ _3"/>teme<span class="_ _3"/>nt<span class="_ _3"/>s Act </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(Årsregnskabslo<span class="_ _0"/>ven).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ac<span class="_ _0"/>count<span class="_ _0"/>ing policies<span class="_ _0"/> have<span class="_ _0"/> been applied<span class="_ _0"/> con<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>sten<span class="_ _3"/>tl<span class="_ _0"/>y in t<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d for co<span class="_ _3"/>mp<span class="_ _3"/>ara<span class="_ _3"/>tive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>f<span class="_ _3"/>ig<span class="_ _3"/>ure<span class="_ _3"/>s, e<span class="_ _3"/>xcep<span class="_ _3"/>t for on<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>e in a<span class="_ _3"/>cco<span class="_ _3"/>unti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">– se<span class="_ _3"/>e be<span class="_ _3"/>low<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Chang<span class="_ _0"/>e in<span class="_ _0"/> ac<span class="_ _0"/>co<span class="_ _0"/>unting<span class="_ _0"/> po<span class="_ _0"/>lic<span class="_ _0"/>y</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">From g<span class="_ _3"/>ros<span class="_ _3"/>s to net p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on of re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>les f<span class="_ _3"/>rom p<span class="_ _3"/>ower tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>tiv<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve cha<span class="_ _3"/>ng<span class="_ _3"/>ed o<span class="_ _3"/>ur a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy re<span class="_ _3"/>ga<span class="_ _3"/>rd<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pre<span class="_ _3"/>se<span class="_ _3"/>ntati<span class="_ _3"/>on of reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e settle<span class="_ _3"/>m<span class="_ _3"/>ent of fa<span class="_ _3"/>ile<span class="_ _3"/>d own<span class="_ _3"/>-us<span class="_ _3"/>e powe<span class="_ _3"/>r cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese a<span class="_ _3"/>re co<span class="_ _3"/>ntra<span class="_ _3"/>cts s<span class="_ _3"/>ettle<span class="_ _3"/>d wi<span class="_ _3"/>th de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>y of p<span class="_ _3"/>hysic<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r wh<span class="_ _3"/>ere t<span class="_ _3"/>he pu<span class="_ _3"/>rp<span class="_ _3"/>ose of e<span class="_ _3"/>nter<span class="_ _3"/>in<span class="_ _3"/>g into th<span class="_ _3"/>em a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng or o<span class="_ _3"/>pti<span class="_ _3"/>mi<span class="_ _3"/>sati<span class="_ _3"/>on of o<span class="_ _3"/>ur re<span class="_ _3"/>ven<span class="_ _3"/>ue<span class="_ _3"/>. Previ<span class="_ _3"/>ou<span class="_ _3"/>sly<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed re<span class="_ _3"/>ven<span class="_ _3"/>ue a<span class="_ _3"/>nd th<span class="_ _3"/>e cos<span class="_ _3"/>t of sale<span class="_ _3"/>s on a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss ba<span class="_ _3"/>si<span class="_ _3"/>s whe<span class="_ _3"/>n th<span class="_ _3"/>ese co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s wer<span class="_ _3"/>e settle<span class="_ _3"/>d<span class="_ _3"/>. As t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gro<span class="_ _3"/>ss p<span class="_ _3"/>rese<span class="_ _3"/>ntati<span class="_ _3"/>on d<span class="_ _3"/>oes n<span class="_ _3"/>ot ref<span class="_ _3"/>lec<span class="_ _3"/>t th<span class="_ _3"/>e ma<span class="_ _3"/>gn<span class="_ _3"/>itud<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's power t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>viti<span class="_ _3"/>es<span class="_ _3"/>, we ha<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d the p<span class="_ _3"/>res<span class="_ _3"/>entat<span class="_ _3"/>io<span class="_ _3"/>n to a net pr<span class="_ _3"/>ese<span class="_ _3"/>ntati<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>sts<span class="_ _3"/>. It i<span class="_ _3"/>s ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's v<span class="_ _3"/>iew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at su<span class="_ _3"/>ch <span class="_ _49"/>p<span class="_ _3"/>rese<span class="_ _3"/>ntat<span class="_ _3"/>ion b<span class="_ _3"/>ette<span class="_ _3"/>r ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> tradin<span class="_ _3"/>g <span class="_ _21"> </span>activiti<span class="_ _3"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The change<span class="_ _0"/> onl<span class="_ _0"/>y<span class="_ _0"/> impacts re<span class="_ _0"/>venue and<span class="_ _0"/> the<span class="_ _0"/> cost<span class="_ _0"/> of<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>les i<span class="_ _3"/>n the O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore se<span class="_ _3"/>gm<span class="_ _3"/>en<span class="_ _3"/>t, an<span class="_ _3"/>d th<span class="_ _3"/>us ou<span class="_ _3"/>r EB<span class="_ _3"/>ITDA </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is n<span class="_ _3"/>ot im<span class="_ _3"/>pa<span class="_ _3"/>cte<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The 20<span class="_ _0"/>22<span class="_ _0"/> comparison<span class="_ _0"/>s hav<span class="_ _0"/>e been adjust<span class="_ _0"/>ed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acco<span class="_ _3"/>rdin<span class="_ _3"/>gly<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>ct o<span class="_ _3"/>n ou<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd 2<span class="_ _3"/>022 nu<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s is i<span class="_ _3"/>llus<span class="_ _3"/>tra<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he tab<span class="_ _3"/>le to th<span class="_ _3"/>e rig<span class="_ _3"/>ht<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Measurement b<span class="_ _0"/>asis</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been pr<span class="_ _0"/>e<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>red o<span class="_ _3"/>n hi<span class="_ _3"/>stor<span class="_ _3"/>ica<span class="_ _3"/>l cos<span class="_ _3"/>t bas<span class="_ _3"/>is<span class="_ _3"/>, exc<span class="_ _3"/>ept for d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s in n<span class="_ _3"/>on<span class="_ _3"/>-D<span class="_ _3"/>an<span class="_ _3"/>ish s<span class="_ _3"/>tora<span class="_ _3"/>ge fa<span class="_ _3"/>cil<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n th<span class="_ _3"/>e trad<span class="_ _3"/>i<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io, a<span class="_ _3"/>nd ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>lowan<span class="_ _3"/>ces i<span class="_ _3"/>n th<span class="_ _3"/>e trad<span class="_ _3"/>in<span class="_ _3"/>g po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io, w<span class="_ _3"/>hic<span class="_ _3"/>h are m<span class="_ _3"/>ea<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ure<span class="_ _3"/>d at m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Consolidation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> compris<span class="_ _0"/>e the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nts of Ø<span class="_ _3"/>rs<span class="_ _3"/>ted A<span class="_ _3"/>/S (th<span class="_ _3"/>e pa<span class="_ _3"/>ren<span class="_ _3"/>t com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny) and s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>ia<span class="_ _3"/>ri<span class="_ _3"/>es con<span class="_ _3"/>trol<span class="_ _3"/>led by Ø<span class="_ _3"/>rste<span class="_ _3"/>d A<span class="_ _3"/>/S<span class="_ _3"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e mo<span class="_ _3"/>re in n<span class="_ _3"/>ote 7<span class="_ _15c"/>.<span class="_ _3"/>4 ‘Co<span class="_ _3"/>mp<span class="_ _3"/>any ove<span class="_ _3"/>r<span class="_ _3"/>view<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial<span class="_ _0"/> sta<span class="_ _0"/>tements<span class="_ _0"/> have<span class="_ _0"/> been pr<span class="_ _0"/>e<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>red a<span class="_ _3"/>s a con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he pa<span class="_ _3"/>re<span class="_ _3"/>nt com<span class="_ _3"/>pa<span class="_ _3"/>ny's a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the individual subsidiaries<span class="_ _0"/>' financial st<span class="_ _0"/>at<span class="_ _0"/>ements, which<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve be<span class="_ _3"/>en p<span class="_ _3"/>rep<span class="_ _3"/>are<span class="_ _3"/>d in a<span class="_ _3"/>cco<span class="_ _3"/>rda<span class="_ _3"/>nce w<span class="_ _3"/>ith th<span class="_ _3"/>e Gr<span class="_ _3"/>oup's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accoun<span class="_ _0"/>ting policies. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intr<span class="_ _0"/>a-group income<span class="_ _0"/>, expenses,<span class="_ _0"/> sharehol<span class="_ _0"/>dings, balance<span class="_ _0"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d di<span class="_ _3"/>vid<span class="_ _3"/>e<span class="_ _3"/>nds a<span class="_ _3"/>s wel<span class="_ _3"/>l as re<span class="_ _3"/>al<span class="_ _3"/>ise<span class="_ _3"/>d an<span class="_ _3"/>d un<span class="_ _3"/>rea<span class="_ _3"/>l<span class="_ _3"/>ise<span class="_ _3"/>d ga<span class="_ _3"/>in<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d loss<span class="_ _3"/>es a<span class="_ _3"/>ris<span class="_ _3"/>in<span class="_ _3"/>g fro<span class="_ _3"/>m intr<span class="_ _3"/>a-<span class="_ _3"/>gro<span class="_ _3"/>up t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eliminat<span class="_ _0"/>ed in<span class="_ _0"/> our<span class="_ _0"/> cons<span class="_ _0"/>olidat<span class="_ _0"/>ed<span class="_ _0"/> financial<span class="_ _0"/> st<span class="_ _0"/>at<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Un<span class="_ _3"/>rea<span class="_ _3"/>li<span class="_ _3"/>se<span class="_ _3"/>d ga<span class="_ _3"/>ins a<span class="_ _3"/>nd lo<span class="_ _3"/>sse<span class="_ _3"/>s resu<span class="_ _3"/>lti<span class="_ _3"/>ng fro<span class="_ _3"/>m <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th as<span class="_ _3"/>soc<span class="_ _3"/>iates a<span class="_ _3"/>nd j<span class="_ _3"/>oi<span class="_ _3"/>nt ven<span class="_ _3"/>ture<span class="_ _3"/>s are e<span class="_ _3"/>li<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>ted to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>tent of o<span class="_ _3"/>ur own<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ente<span class="_ _3"/>rpr<span class="_ _3"/>is<span class="_ _3"/>es ar<span class="_ _3"/>e acco<span class="_ _3"/>unte<span class="_ _3"/>d for as a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>tes if we h<span class="_ _3"/>old </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or h<span class="_ _3"/>ave t<span class="_ _3"/>he ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y to exe<span class="_ _3"/>rcis<span class="_ _3"/>e, d<span class="_ _3"/>ire<span class="_ _3"/>ctly or i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ctly,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">20<span class="_ _3"/>-5<span class="_ _3"/>0 <span class="_ _15c"/>% of th<span class="_ _3"/>e voti<span class="_ _3"/>ng r<span class="_ _3"/>igh<span class="_ _3"/>ts an<span class="_ _3"/>d do n<span class="_ _3"/>ot ex<span class="_ _3"/>erc<span class="_ _3"/>ise co<span class="_ _3"/>ntro<span class="_ _3"/>l. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we car<span class="_ _3"/>ry o<span class="_ _3"/>ut a sp<span class="_ _3"/>ec<span class="_ _3"/>if<span class="_ _3"/>ic as<span class="_ _3"/>ses<span class="_ _3"/>sm<span class="_ _3"/>ent of o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>il<span class="_ _3"/>ity to e<span class="_ _3"/>xer<span class="_ _3"/>cis<span class="_ _3"/>e inf<span class="_ _3"/>lue<span class="_ _3"/>nce<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng o<span class="_ _3"/>ur a<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">influence<span class="_ _0"/> financial and<span class="_ _0"/> operational<span class="_ _0"/> decisions<span class="_ _0"/> and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>us ou<span class="_ _3"/>r retu<span class="_ _3"/>rn<span class="_ _3"/>. Ente<span class="_ _3"/>rpr<span class="_ _3"/>ise<span class="_ _3"/>s th<span class="_ _3"/>at sat<span class="_ _3"/>is<span class="_ _3"/>fy th<span class="_ _3"/>e cr<span class="_ _3"/>iter<span class="_ _3"/>ia for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int co<span class="_ _3"/>ntro<span class="_ _3"/>l are a<span class="_ _3"/>cco<span class="_ _3"/>unted fo<span class="_ _3"/>r as i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts i<span class="_ _3"/>n jo<span class="_ _3"/>int </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ve<span class="_ _3"/>nture<span class="_ _3"/>s, u<span class="_ _3"/>nle<span class="_ _3"/>ss th<span class="_ _3"/>e natu<span class="_ _3"/>re of th<span class="_ _3"/>e jo<span class="_ _3"/>int a<span class="_ _3"/>rra<span class="_ _3"/>ng<span class="_ _3"/>em<span class="_ _3"/>ent i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">considered<span class="_ _0"/> a joint<span class="_ _0"/> operation.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r sh<span class="_ _3"/>are<span class="_ _3"/>s in j<span class="_ _3"/>oi<span class="_ _3"/>nt op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d bal<span class="_ _3"/>anc<span class="_ _3"/>e she<span class="_ _3"/>et th<span class="_ _3"/>rou<span class="_ _3"/>gh re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gro<span class="_ _3"/>up's own as<span class="_ _3"/>set<span class="_ _3"/>s, l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>, in<span class="_ _3"/>com<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ens<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The pr<span class="_ _0"/>oportionate<span class="_ _0"/> share<span class="_ _0"/> of<span class="_ _0"/> realised<span class="_ _0"/> and unr<span class="_ _0"/>ealised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gains<span class="_ _0"/> and l<span class="_ _0"/>oss<span class="_ _0"/>es ari<span class="_ _0"/>sing f<span class="_ _0"/>rom<span class="_ _0"/> int<span class="_ _0"/>ra-group<span class="_ _0"/> tr<span class="_ _0"/>ansact<span class="_ _0"/>ions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en fu<span class="_ _3"/>lly con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ated e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise<span class="_ _3"/>s an<span class="_ _3"/>d joi<span class="_ _3"/>nt o<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on<span class="_ _3"/>s is e<span class="_ _3"/>li<span class="_ _3"/>mi<span class="_ _3"/>nate<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.392578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 631.447px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 158.431px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vious ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting policy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.828px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>New ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting polic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 19.3008px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 18.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">88,482<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,255</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 33.3164px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 32.7441px; width: 362.408px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">55,851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,227)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>46,624</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.2734px; width: 631.582px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.488px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Report<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Change<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 126.234px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Adjust<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 0px; top: 82.0098px; width: 37.7051px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 37.1094px; top: 82.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 263.016px; top: 82.0098px; width: 368.033px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">132,277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 129.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.0254px; width: 55.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 55.2812px; top: 96.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 268.938px; top: 96.0098px; width: 362.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">97,163<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,860)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,303</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e illus<span class="_ _0"/>trat<span class="_ _0"/>es the change in ac<span class="_ _0"/>counting policy r<span class="_ _0"/>egar<span class="_ _0"/>ding pres<span class="_ _0"/>entation o<span class="_ _0"/>f r<span class="_ _0"/>ev<span class="_ _0"/>enue and rel<span class="_ _0"/>at<span class="_ _0"/>ed cost<span class="_ _0"/>s from s<span class="_ _0"/>et<span class="_ _0"/>tlement o<span class="_ _0"/>f f<span class="_ _0"/>ailed o<span class="_ _0"/>wn-use c<span class="_ _0"/>ontr<span class="_ _0"/>acts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span>The line it<span class="_ _0"/>em ‘<span class="_ _0"/>Sal<span class="_ _0"/>e of pow<span class="_ _0"/>er’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.2 ‘Re<span class="_ _0"/>venue<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The line item ‘P<span class="_ _0"/>o<span class="_ _0"/>wer including c<span class="_ _0"/>ertificat<span class="_ _0"/>es’ is impact<span class="_ _0"/>ed in not<span class="_ _0"/>e 2.3 ‘<span class="_ _0"/>Cost o<span class="_ _0"/>f sales’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/>eign curr<span class="_ _0"/>ency tr<span class="_ _0"/>anslation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial s<span class="_ _3"/>tatem<span class="_ _3"/>en<span class="_ _3"/>ts a<span class="_ _3"/>re pre<span class="_ _3"/>sen<span class="_ _3"/>ted in m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>Da<span class="_ _3"/>ni<span class="_ _3"/>sh k<span class="_ _3"/>ron<span class="_ _3"/>er (D<span class="_ _3"/>KK<span class="_ _3"/>m), u<span class="_ _3"/>nle<span class="_ _3"/>ss oth<span class="_ _3"/>er<span class="_ _3"/>w<span class="_ _3"/>ise s<span class="_ _3"/>tated<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exchange diff<span class="_ _0"/>erences<span class="_ _0"/> arising be<span class="_ _0"/>tween t<span class="_ _0"/>he ex<span class="_ _0"/>change </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate o<span class="_ _3"/>n the t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>tio<span class="_ _3"/>n da<span class="_ _3"/>te and o<span class="_ _3"/>n th<span class="_ _3"/>e date of p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rof<span class="_ _3"/>it (lo<span class="_ _3"/>ss) for th<span class="_ _3"/>e yea<span class="_ _3"/>r as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> or expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _3"/>ei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>ncy t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional c<span class="_ _0"/>urrency<span class="_ _0"/> defined f<span class="_ _0"/>or<span class="_ _0"/> each ent<span class="_ _0"/>ity<span class="_ _0"/>,<span class="_ _0"/> using t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rates p<span class="_ _3"/>reva<span class="_ _3"/>il<span class="_ _3"/>in<span class="_ _3"/>g at th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>cti<span class="_ _3"/>on d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>, paya<span class="_ _3"/>ble<span class="_ _3"/>s, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r mo<span class="_ _3"/>neta<span class="_ _3"/>ry i<span class="_ _3"/>tems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in fo<span class="_ _3"/>rei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>ies a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated a<span class="_ _3"/>t th<span class="_ _3"/>e exch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates o<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate. T<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">between<span class="_ _0"/> the<span class="_ _0"/> exchange r<span class="_ _0"/>at<span class="_ _0"/>e on<span class="_ _0"/> the<span class="_ _0"/> balance<span class="_ _0"/> sheet<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te an<span class="_ _3"/>d on th<span class="_ _3"/>e da<span class="_ _3"/>te at wh<span class="_ _3"/>ich t<span class="_ _3"/>he re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le or p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le ar<span class="_ _3"/>ose is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) for th<span class="_ _3"/>e yea<span class="_ _3"/>r as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> or expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial stat<span class="_ _0"/>ements<span class="_ _0"/> of f<span class="_ _0"/>oreign<span class="_ _0"/> subsidiaries, joint<span class="_ _0"/> oper<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on<span class="_ _3"/>s, a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>tes, a<span class="_ _3"/>nd j<span class="_ _3"/>oi<span class="_ _3"/>nt ve<span class="_ _3"/>nture<span class="_ _3"/>s are t<span class="_ _3"/>rans<span class="_ _3"/>late<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">into D<span class="_ _3"/>KK at m<span class="_ _3"/>ont<span class="_ _3"/>hly ave<span class="_ _3"/>rag<span class="_ _3"/>e ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rates i<span class="_ _3"/>nso<span class="_ _3"/>far </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>hes<span class="_ _3"/>e do no<span class="_ _3"/>t devi<span class="_ _3"/>ate ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>lly from th<span class="_ _3"/>e ac<span class="_ _3"/>tua<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rates a<span class="_ _3"/>t the t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on da<span class="_ _3"/>tes<span class="_ _3"/>. Ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet i<span class="_ _3"/>tems a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated a<span class="_ _3"/>t th<span class="_ _3"/>e exch<span class="_ _3"/>an<span class="_ _3"/>ge ra<span class="_ _3"/>tes on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce she<span class="_ _3"/>et d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nce<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/> the<span class="_ _0"/> year<span class="_ _4"/>, excep<span class="_ _0"/>t f<span class="_ _0"/>or e<span class="_ _0"/>xchange diff<span class="_ _0"/>erences<span class="_ _0"/> arising on:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>lat<span class="_ _3"/>ion of t<span class="_ _3"/>he o<span class="_ _3"/>pe<span class="_ _3"/>ni<span class="_ _3"/>ng eq<span class="_ _3"/>ui<span class="_ _3"/>ty of th<span class="_ _3"/>ese e<span class="_ _3"/>nti<span class="_ _3"/>tie<span class="_ _3"/>s at </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e exc<span class="_ _3"/>han<span class="_ _3"/>ge ra<span class="_ _3"/>tes on t<span class="_ _3"/>he b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et da<span class="_ _3"/>te</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>translati<span class="_ _0"/>on o<span class="_ _0"/>f the<span class="_ _0"/> st<span class="_ _0"/>atemen<span class="_ _0"/>ts o<span class="_ _0"/>f c<span class="_ _0"/>omprehensive<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> of<span class="_ _0"/> these<span class="_ _0"/> ent<span class="_ _0"/>erprises<span class="_ _0"/> from<span class="_ _0"/> ‘the av<span class="_ _0"/>erage-f<span class="_ _0"/>or<span class="_ _4"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the-month<span class="_ _0"/> exchange<span class="_ _0"/> rat<span class="_ _0"/>es’<span class="_ _0"/> t<span class="_ _0"/>o ‘the<span class="_ _0"/> exchange<span class="_ _0"/> rat<span class="_ _0"/>es<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce sh<span class="_ _3"/>ee<span class="_ _3"/>t date’</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>t<span class="_ _3"/>ran<span class="_ _3"/>sla<span class="_ _3"/>tio<span class="_ _3"/>n of ba<span class="_ _3"/>lan<span class="_ _3"/>ces a<span class="_ _3"/>ccou<span class="_ _3"/>nted fo<span class="_ _3"/>r as pa<span class="_ _3"/>r<span class="_ _3"/>t of the </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">total n<span class="_ _3"/>et inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>lat<span class="_ _3"/>ion of t<span class="_ _3"/>he p<span class="_ _3"/>or<span class="_ _3"/>tio<span class="_ _3"/>n of loa<span class="_ _3"/>ns a<span class="_ _3"/>nd d<span class="_ _3"/>er<span class="_ _3"/>ivat<span class="_ _3"/>ive<span class="_ _3"/>s </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at ha<span class="_ _3"/>s be<span class="_ _3"/>en e<span class="_ _3"/>ntere<span class="_ _3"/>d into to h<span class="_ _3"/>ed<span class="_ _3"/>ge th<span class="_ _3"/>e net i<span class="_ _3"/>nves<span class="_ _3"/>t<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt in a<span class="_ _3"/>n e<span class="_ _3"/>nterp<span class="_ _3"/>ri<span class="_ _3"/>se, a<span class="_ _3"/>nd t<span class="_ _3"/>hat p<span class="_ _3"/>rovi<span class="_ _3"/>des a<span class="_ _3"/>n ef<span class="_ _3"/>fec<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tive<span class="_ _0"/> hedge against<span class="_ _0"/> corr<span class="_ _0"/>esponding f<span class="_ _0"/>oreign<span class="_ _0"/> exchange<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>in<span class="_ _3"/>s (los<span class="_ _3"/>ses) o<span class="_ _3"/>n the n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="_ _3"/>me<span class="_ _3"/>nt.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ab<span class="_ _3"/>ove typ<span class="_ _3"/>es of ex<span class="_ _3"/>ch<span class="_ _3"/>ang<span class="_ _3"/>e di<span class="_ _3"/>f<span class="_ _3"/>fere<span class="_ _3"/>nce<span class="_ _3"/>s are re<span class="_ _3"/>cog<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in<span class="_ _0"/> ‘Other<span class="_ _0"/> comprehensiv<span class="_ _0"/>e inc<span class="_ _0"/>ome’<span class="_ _4"/>. Such ex<span class="_ _0"/>change </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re di<span class="_ _3"/>vid<span class="_ _3"/>ed b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n the e<span class="_ _3"/>qu<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e pa<span class="_ _3"/>rent co<span class="_ _3"/>mp<span class="_ _3"/>any a<span class="_ _3"/>nd th<span class="_ _3"/>e eq<span class="_ _3"/>ui<span class="_ _3"/>ty of th<span class="_ _3"/>e no<span class="_ _3"/>n- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">contro<span class="_ _3"/>lli<span class="_ _3"/>ng intere<span class="_ _3"/>sts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On f<span class="_ _3"/>ul<span class="_ _3"/>l or pa<span class="_ _3"/>r<span class="_ _3"/>tia<span class="_ _3"/>l d<span class="_ _3"/>ives<span class="_ _3"/>tm<span class="_ _3"/>ent of t<span class="_ _3"/>he ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e accu<span class="_ _3"/>mu<span class="_ _3"/>late<span class="_ _3"/>d exc<span class="_ _3"/>ha<span class="_ _3"/>nge r<span class="_ _3"/>ate ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>recognis<span class="_ _0"/>ed as<span class="_ _0"/> fo<span class="_ _0"/>llo<span class="_ _0"/>ws:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>D<span class="_ _3"/>isp<span class="_ _3"/>osa<span class="_ _3"/>l res<span class="_ _3"/>ulti<span class="_ _3"/>ng i<span class="_ _3"/>n loss of c<span class="_ _3"/>ontro<span class="_ _3"/>l<span class="_ _3"/>:<span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ac<span class="_ _0"/>cumulat<span class="_ _0"/>ed<span class="_ _0"/> exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjust<span class="_ _0"/>ments, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny ass<span class="_ _3"/>oci<span class="_ _3"/>ated h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s, a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e prof<span class="_ _3"/>it (l<span class="_ _3"/>oss) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar i<span class="_ _3"/>f a forei<span class="_ _3"/>gn e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>in (<span class="_ _3"/>loss) i<span class="_ _3"/>s rea<span class="_ _3"/>li<span class="_ _3"/>sed by t<span class="_ _3"/>he se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g ente<span class="_ _3"/>rpr<span class="_ _3"/>ise<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Any fo<span class="_ _3"/>rei<span class="_ _3"/>gn e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge ga<span class="_ _3"/>in (<span class="_ _3"/>los<span class="_ _3"/>s) is tra<span class="_ _3"/>ns<span class="_ _3"/>ferre<span class="_ _3"/>d to the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ite<span class="_ _3"/>m in wh<span class="_ _3"/>ic<span class="_ _3"/>h the g<span class="_ _3"/>ai<span class="_ _3"/>n (lo<span class="_ _3"/>ss) fro<span class="_ _3"/>m the d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al i<span class="_ _3"/>s rec<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>sed<span class="_ _3"/>. Th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>t of the fo<span class="_ _3"/>rei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y tra<span class="_ _3"/>nsla<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>er<span class="_ _3"/>ve th<span class="_ _3"/>at re<span class="_ _3"/>lates to n<span class="_ _3"/>on<span class="_ _3"/>-co<span class="_ _3"/>ntro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g inte<span class="_ _3"/>rest<span class="_ _3"/>s is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not t<span class="_ _3"/>ran<span class="_ _3"/>sfer<span class="_ _3"/>red to p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) for th<span class="_ _3"/>e yea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>D<span class="_ _3"/>isp<span class="_ _3"/>osa<span class="_ _3"/>l not r<span class="_ _3"/>esu<span class="_ _3"/>ltin<span class="_ _3"/>g in lo<span class="_ _3"/>ss of co<span class="_ _3"/>ntrol<span class="_ _3"/>:<span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A pr<span class="_ _0"/>oportionate<span class="_ _0"/> share<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> for<span class="_ _0"/>eign c<span class="_ _0"/>urrency<span class="_ _0"/> trans<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lat<span class="_ _3"/>ion r<span class="_ _3"/>ese<span class="_ _3"/>r<span class="_ _3"/>ve is tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red fr<span class="_ _3"/>om th<span class="_ _3"/>e pa<span class="_ _3"/>rent c<span class="_ _3"/>om<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny sha<span class="_ _3"/>re<span class="_ _3"/>hol<span class="_ _3"/>de<span class="_ _3"/>rs' sh<span class="_ _3"/>are of e<span class="_ _3"/>qu<span class="_ _3"/>ity to t<span class="_ _3"/>he m<span class="_ _3"/>ino<span class="_ _3"/>ri<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">shareh<span class="_ _0"/>olders<span class="_ _0"/>'<span class="_ _0"/> shar<span class="_ _0"/>e o<span class="_ _0"/>f equi<span class="_ _0"/>ty<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>paym<span class="_ _3"/>en<span class="_ _3"/>t of ba<span class="_ _3"/>lan<span class="_ _3"/>ces th<span class="_ _3"/>at a<span class="_ _3"/>re con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ed pa<span class="_ _3"/>r<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e net i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt d<span class="_ _3"/>oes n<span class="_ _3"/>ot con<span class="_ _3"/>sti<span class="_ _3"/>tute a pa<span class="_ _3"/>r<span class="_ _3"/>tia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disposal of<span class="_ _0"/> the s<span class="_ _0"/>ubsidiary.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial s<span class="_ _3"/>tatem<span class="_ _3"/>en<span class="_ _3"/>ts a<span class="_ _3"/>re pre<span class="_ _3"/>sen<span class="_ _3"/>ted in m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>Da<span class="_ _3"/>ni<span class="_ _3"/>sh k<span class="_ _3"/>ron<span class="_ _3"/>er (D<span class="_ _3"/>KK<span class="_ _3"/>m), u<span class="_ _3"/>nle<span class="_ _3"/>ss oth<span class="_ _3"/>er<span class="_ _3"/>w<span class="_ _3"/>ise s<span class="_ _3"/>tated<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exchange diff<span class="_ _0"/>erences<span class="_ _0"/> arising be<span class="_ _0"/>tween t<span class="_ _0"/>he ex<span class="_ _0"/>change </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate o<span class="_ _3"/>n the t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>tio<span class="_ _3"/>n da<span class="_ _3"/>te and o<span class="_ _3"/>n th<span class="_ _3"/>e date of p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rof<span class="_ _3"/>it (lo<span class="_ _3"/>ss) for th<span class="_ _3"/>e yea<span class="_ _3"/>r as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> or expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _3"/>ei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>ncy t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional c<span class="_ _0"/>urrency<span class="_ _0"/> defined f<span class="_ _0"/>or<span class="_ _0"/> each ent<span class="_ _0"/>ity<span class="_ _0"/>,<span class="_ _0"/> using t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rates p<span class="_ _3"/>reva<span class="_ _3"/>il<span class="_ _3"/>in<span class="_ _3"/>g at th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>cti<span class="_ _3"/>on d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>, paya<span class="_ _3"/>ble<span class="_ _3"/>s, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r mo<span class="_ _3"/>neta<span class="_ _3"/>ry i<span class="_ _3"/>tems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in fo<span class="_ _3"/>rei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>ies a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated a<span class="_ _3"/>t th<span class="_ _3"/>e exch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates o<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate. T<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">between<span class="_ _0"/> the<span class="_ _0"/> exchange r<span class="_ _0"/>at<span class="_ _0"/>e on<span class="_ _0"/> the<span class="_ _0"/> balance<span class="_ _0"/> sheet<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te an<span class="_ _3"/>d on th<span class="_ _3"/>e da<span class="_ _3"/>te at wh<span class="_ _3"/>ich t<span class="_ _3"/>he re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le or p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le ar<span class="_ _3"/>ose is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) for th<span class="_ _3"/>e yea<span class="_ _3"/>r as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> or expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial stat<span class="_ _0"/>ements<span class="_ _0"/> of f<span class="_ _0"/>oreign<span class="_ _0"/> subsidiaries, joint<span class="_ _0"/> oper<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on<span class="_ _3"/>s, a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>tes, a<span class="_ _3"/>nd j<span class="_ _3"/>oi<span class="_ _3"/>nt ve<span class="_ _3"/>nture<span class="_ _3"/>s are t<span class="_ _3"/>rans<span class="_ _3"/>late<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">into D<span class="_ _3"/>KK at m<span class="_ _3"/>ont<span class="_ _3"/>hly ave<span class="_ _3"/>rag<span class="_ _3"/>e ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rates i<span class="_ _3"/>nso<span class="_ _3"/>far </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>hes<span class="_ _3"/>e do no<span class="_ _3"/>t devi<span class="_ _3"/>ate ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>lly from th<span class="_ _3"/>e ac<span class="_ _3"/>tua<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rates a<span class="_ _3"/>t the t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on da<span class="_ _3"/>tes<span class="_ _3"/>. Ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet i<span class="_ _3"/>tems a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated a<span class="_ _3"/>t th<span class="_ _3"/>e exch<span class="_ _3"/>an<span class="_ _3"/>ge ra<span class="_ _3"/>tes on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce she<span class="_ _3"/>et d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nce<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/> the<span class="_ _0"/> year<span class="_ _4"/>, excep<span class="_ _0"/>t f<span class="_ _0"/>or e<span class="_ _0"/>xchange diff<span class="_ _0"/>erences<span class="_ _0"/> arising on:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>lat<span class="_ _3"/>ion of t<span class="_ _3"/>he o<span class="_ _3"/>pe<span class="_ _3"/>ni<span class="_ _3"/>ng eq<span class="_ _3"/>ui<span class="_ _3"/>ty of th<span class="_ _3"/>ese e<span class="_ _3"/>nti<span class="_ _3"/>tie<span class="_ _3"/>s at </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e exc<span class="_ _3"/>han<span class="_ _3"/>ge ra<span class="_ _3"/>tes on t<span class="_ _3"/>he b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et da<span class="_ _3"/>te</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>translati<span class="_ _0"/>on o<span class="_ _0"/>f the<span class="_ _0"/> st<span class="_ _0"/>atemen<span class="_ _0"/>ts o<span class="_ _0"/>f c<span class="_ _0"/>omprehensive<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> of<span class="_ _0"/> these<span class="_ _0"/> ent<span class="_ _0"/>erprises<span class="_ _0"/> from<span class="_ _0"/> ‘the av<span class="_ _0"/>erage-f<span class="_ _0"/>or<span class="_ _4"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the-month<span class="_ _0"/> exchange<span class="_ _0"/> rat<span class="_ _0"/>es’<span class="_ _0"/> t<span class="_ _0"/>o ‘the<span class="_ _0"/> exchange<span class="_ _0"/> rat<span class="_ _0"/>es<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce sh<span class="_ _3"/>ee<span class="_ _3"/>t date’</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>t<span class="_ _3"/>ran<span class="_ _3"/>sla<span class="_ _3"/>tio<span class="_ _3"/>n of ba<span class="_ _3"/>lan<span class="_ _3"/>ces a<span class="_ _3"/>ccou<span class="_ _3"/>nted fo<span class="_ _3"/>r as pa<span class="_ _3"/>r<span class="_ _3"/>t of the </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">total n<span class="_ _3"/>et inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ans<span class="_ _3"/>lat<span class="_ _3"/>ion of t<span class="_ _3"/>he p<span class="_ _3"/>or<span class="_ _3"/>tio<span class="_ _3"/>n of loa<span class="_ _3"/>ns a<span class="_ _3"/>nd d<span class="_ _3"/>er<span class="_ _3"/>ivat<span class="_ _3"/>ive<span class="_ _3"/>s </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at ha<span class="_ _3"/>s be<span class="_ _3"/>en e<span class="_ _3"/>ntere<span class="_ _3"/>d into to h<span class="_ _3"/>ed<span class="_ _3"/>ge th<span class="_ _3"/>e net i<span class="_ _3"/>nves<span class="_ _3"/>t<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt in a<span class="_ _3"/>n e<span class="_ _3"/>nterp<span class="_ _3"/>ri<span class="_ _3"/>se, a<span class="_ _3"/>nd t<span class="_ _3"/>hat p<span class="_ _3"/>rovi<span class="_ _3"/>des a<span class="_ _3"/>n ef<span class="_ _3"/>fec<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tive<span class="_ _0"/> hedge against<span class="_ _0"/> corr<span class="_ _0"/>esponding f<span class="_ _0"/>oreign<span class="_ _0"/> exchange<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>in<span class="_ _3"/>s (los<span class="_ _3"/>ses) o<span class="_ _3"/>n the n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="_ _3"/>me<span class="_ _3"/>nt.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ab<span class="_ _3"/>ove typ<span class="_ _3"/>es of ex<span class="_ _3"/>ch<span class="_ _3"/>ang<span class="_ _3"/>e di<span class="_ _3"/>f<span class="_ _3"/>fere<span class="_ _3"/>nce<span class="_ _3"/>s are re<span class="_ _3"/>cog<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised in<span class="_ _0"/> ‘Other<span class="_ _0"/> comprehensiv<span class="_ _0"/>e inc<span class="_ _0"/>ome’<span class="_ _4"/>. Such ex<span class="_ _0"/>change </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re di<span class="_ _3"/>vid<span class="_ _3"/>ed b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n the e<span class="_ _3"/>qu<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e pa<span class="_ _3"/>rent co<span class="_ _3"/>mp<span class="_ _3"/>any a<span class="_ _3"/>nd th<span class="_ _3"/>e eq<span class="_ _3"/>ui<span class="_ _3"/>ty of th<span class="_ _3"/>e no<span class="_ _3"/>n- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">contro<span class="_ _3"/>lli<span class="_ _3"/>ng intere<span class="_ _3"/>sts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On f<span class="_ _3"/>ul<span class="_ _3"/>l or pa<span class="_ _3"/>r<span class="_ _3"/>tia<span class="_ _3"/>l d<span class="_ _3"/>ives<span class="_ _3"/>tm<span class="_ _3"/>ent of t<span class="_ _3"/>he ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e accu<span class="_ _3"/>mu<span class="_ _3"/>late<span class="_ _3"/>d exc<span class="_ _3"/>ha<span class="_ _3"/>nge r<span class="_ _3"/>ate ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>recognis<span class="_ _0"/>ed as<span class="_ _0"/> fo<span class="_ _0"/>llo<span class="_ _0"/>ws:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>D<span class="_ _3"/>isp<span class="_ _3"/>osa<span class="_ _3"/>l res<span class="_ _3"/>ulti<span class="_ _3"/>ng i<span class="_ _3"/>n loss of c<span class="_ _3"/>ontro<span class="_ _3"/>l<span class="_ _3"/>:<span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ac<span class="_ _0"/>cumulat<span class="_ _0"/>ed<span class="_ _0"/> exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjust<span class="_ _0"/>ments, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny ass<span class="_ _3"/>oci<span class="_ _3"/>ated h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s, a<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e prof<span class="_ _3"/>it (l<span class="_ _3"/>oss) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar i<span class="_ _3"/>f a forei<span class="_ _3"/>gn e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>in (<span class="_ _3"/>loss) i<span class="_ _3"/>s rea<span class="_ _3"/>li<span class="_ _3"/>sed by t<span class="_ _3"/>he se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g ente<span class="_ _3"/>rpr<span class="_ _3"/>ise<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Any fo<span class="_ _3"/>rei<span class="_ _3"/>gn e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge ga<span class="_ _3"/>in (<span class="_ _3"/>los<span class="_ _3"/>s) is tra<span class="_ _3"/>ns<span class="_ _3"/>ferre<span class="_ _3"/>d to the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ite<span class="_ _3"/>m in wh<span class="_ _3"/>ic<span class="_ _3"/>h the g<span class="_ _3"/>ai<span class="_ _3"/>n (lo<span class="_ _3"/>ss) fro<span class="_ _3"/>m the d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al i<span class="_ _3"/>s rec<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>sed<span class="_ _3"/>. Th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>t of the fo<span class="_ _3"/>rei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y tra<span class="_ _3"/>nsla<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>er<span class="_ _3"/>ve th<span class="_ _3"/>at re<span class="_ _3"/>lates to n<span class="_ _3"/>on<span class="_ _3"/>-co<span class="_ _3"/>ntro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g inte<span class="_ _3"/>rest<span class="_ _3"/>s is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not t<span class="_ _3"/>ran<span class="_ _3"/>sfer<span class="_ _3"/>red to p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) for th<span class="_ _3"/>e yea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>D<span class="_ _3"/>isp<span class="_ _3"/>osa<span class="_ _3"/>l not r<span class="_ _3"/>esu<span class="_ _3"/>ltin<span class="_ _3"/>g in lo<span class="_ _3"/>ss of co<span class="_ _3"/>ntrol<span class="_ _3"/>:<span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A pr<span class="_ _0"/>oportionate<span class="_ _0"/> share<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> for<span class="_ _0"/>eign c<span class="_ _0"/>urrency<span class="_ _0"/> trans<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lat<span class="_ _3"/>ion r<span class="_ _3"/>ese<span class="_ _3"/>r<span class="_ _3"/>ve is tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red fr<span class="_ _3"/>om th<span class="_ _3"/>e pa<span class="_ _3"/>rent c<span class="_ _3"/>om<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny sha<span class="_ _3"/>re<span class="_ _3"/>hol<span class="_ _3"/>de<span class="_ _3"/>rs' sh<span class="_ _3"/>are of e<span class="_ _3"/>qu<span class="_ _3"/>ity to t<span class="_ _3"/>he m<span class="_ _3"/>ino<span class="_ _3"/>ri<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">shareh<span class="_ _0"/>olders<span class="_ _0"/>'<span class="_ _0"/> shar<span class="_ _0"/>e o<span class="_ _0"/>f equi<span class="_ _0"/>ty<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>paym<span class="_ _3"/>en<span class="_ _3"/>t of ba<span class="_ _3"/>lan<span class="_ _3"/>ces th<span class="_ _3"/>at a<span class="_ _3"/>re con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ed pa<span class="_ _3"/>r<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e net i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt d<span class="_ _3"/>oes n<span class="_ _3"/>ot con<span class="_ _3"/>sti<span class="_ _3"/>tute a pa<span class="_ _3"/>r<span class="_ _3"/>tia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">disposal of<span class="_ _0"/> the s<span class="_ _0"/>ubsidiary.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _3"/>ei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>ncy t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">functional c<span class="_ _0"/>urrency<span class="_ _0"/> defined f<span class="_ _0"/>or<span class="_ _0"/> each ent<span class="_ _0"/>ity<span class="_ _0"/>,<span class="_ _0"/> using t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rates p<span class="_ _3"/>reva<span class="_ _3"/>il<span class="_ _3"/>in<span class="_ _3"/>g at th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>cti<span class="_ _3"/>on d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>, paya<span class="_ _3"/>ble<span class="_ _3"/>s, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r mo<span class="_ _3"/>neta<span class="_ _3"/>ry i<span class="_ _3"/>tems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in fo<span class="_ _3"/>rei<span class="_ _3"/>gn cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>ies a<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>lated a<span class="_ _3"/>t th<span class="_ _3"/>e exch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates o<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate. T<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">between<span class="_ _0"/> the<span class="_ _0"/> exchange r<span class="_ _0"/>at<span class="_ _0"/>e on<span class="_ _0"/> the<span class="_ _0"/> balance<span class="_ _0"/> sheet<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te an<span class="_ _3"/>d on th<span class="_ _3"/>e da<span class="_ _3"/>te at wh<span class="_ _3"/>ich t<span class="_ _3"/>he re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le or p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le ar<span class="_ _3"/>ose is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) for th<span class="_ _3"/>e yea<span class="_ _3"/>r as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> or expens<span class="_ _0"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">New<span class="_ _0"/> st<span class="_ _0"/>andards<span class="_ _0"/> and<span class="_ _0"/> int<span class="_ _0"/>erpr<span class="_ _0"/>et<span class="_ _0"/>ation<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">IA<span class="_ _3"/>SB h<span class="_ _3"/>as is<span class="_ _3"/>su<span class="_ _3"/>ed ne<span class="_ _3"/>w or a<span class="_ _3"/>me<span class="_ _3"/>nde<span class="_ _3"/>d ac<span class="_ _3"/>cou<span class="_ _3"/>ntin<span class="_ _3"/>g sta<span class="_ _3"/>nd<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ards<span class="_ _0"/> and int<span class="_ _0"/>erpre<span class="_ _0"/>ta<span class="_ _0"/>tions<span class="_ _0"/> that hav<span class="_ _0"/>e no<span class="_ _0"/>t y<span class="_ _0"/>et<span class="_ _0"/> become<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">effectiv<span class="_ _0"/>e and<span class="_ _0"/> have<span class="_ _0"/> cons<span class="_ _0"/>equentl<span class="_ _4"/>y not<span class="_ _0"/> been imple<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nted i<span class="_ _3"/>n the c<span class="_ _3"/>ons<span class="_ _3"/>ol<span class="_ _3"/>id<span class="_ _3"/>ated f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nts fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>3. Ø<span class="_ _3"/>rste<span class="_ _3"/>d ex<span class="_ _3"/>pec<span class="_ _3"/>ts to a<span class="_ _3"/>do<span class="_ _3"/>pt the a<span class="_ _3"/>cco<span class="_ _3"/>unti<span class="_ _3"/>ng s<span class="_ _3"/>tan<span class="_ _3"/>d<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ards<span class="_ _0"/> and int<span class="_ _0"/>erpre<span class="_ _0"/>ta<span class="_ _0"/>tions<span class="_ _0"/> as the<span class="_ _0"/>y<span class="_ _0"/> become mandat<span class="_ _0"/>ory<span class="_ _0"/>,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ept fo<span class="_ _3"/>r the e<span class="_ _3"/>ar<span class="_ _3"/>l<span class="_ _0"/>y im<span class="_ _3"/>pl<span class="_ _3"/>em<span class="_ _3"/>entat<span class="_ _3"/>io<span class="_ _3"/>n of the n<span class="_ _3"/>ew di<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">clo<span class="_ _3"/>sure<span class="_ _3"/>s to IA<span class="_ _3"/>S 7 an<span class="_ _3"/>d IFR<span class="_ _3"/>S 7 ‘<span class="_ _3"/>Su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er F<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ce Ar<span class="_ _3"/>ran<span class="_ _3"/>ge<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts’. See n<span class="_ _3"/>ote 3.7 ‘<span class="_ _3"/>Su<span class="_ _3"/>pp<span class="_ _3"/>l<span class="_ _0"/>y ch<span class="_ _3"/>ai<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nce<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ne<span class="_ _0"/>w or<span class="_ _0"/> amended st<span class="_ _0"/>andards<span class="_ _0"/> or int<span class="_ _0"/>erpr<span class="_ _0"/>et<span class="_ _0"/>ations<span class="_ _0"/> are<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted to ha<span class="_ _3"/>ve a si<span class="_ _3"/>gn<span class="_ _3"/>ifi<span class="_ _3"/>can<span class="_ _3"/>t im<span class="_ _3"/>pa<span class="_ _3"/>ct on o<span class="_ _3"/>ur c<span class="_ _3"/>on<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">solida<span class="_ _0"/>t<span class="_ _0"/>ed fin<span class="_ _0"/>ancial<span class="_ _0"/> st<span class="_ _0"/>at<span class="_ _0"/>ement<span class="_ _0"/>s.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.158203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 331.646px; white-space: pre; word-spacing: 0.225px; letter-spacing: -0.225px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">No<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>te<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 310.113px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 331.646px; top: 0.0078125px; width: 932.273px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting estimat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and judgements <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Estimat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>/judgement<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tential impact fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting estimat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and judgements</span></span></span><span style="position: absolute; display: inline-block; left: 331.641px; top: 18.7441px; width: 523.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ariable s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elling price<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s rel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed to div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shore wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms and offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e transmission ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Estimate</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 37.0098px; width: 195.568px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2.6<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 16.1895px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome and expenses</span></span><span style="position: absolute; display: inline-block; left: 331.641px; top: 36.9941px; width: 533.262px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Consolidation me<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>thod f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or partnerships<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 316.453px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Judgement</span></span><span style="position: absolute; display: inline-block; left: 331.641px; top: 55.2598px; width: 669.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Classific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation of dive<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>stments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 359.549px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Judgement<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.5098px; width: 331.318px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3.2<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 16.1895px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Impairments<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 246.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 331.318px; top: 73.5098px; width: 485.068px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ke<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y assumptions in impairment t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ests<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 325.471px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 816.387px; top: 73.5098px; width: 193.998px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Estimat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.7598px; width: 29.6191px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3.9<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 16.1895px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 29.6191px; top: 91.7598px; width: 786.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ognition of t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partnerships<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 318.873px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 816.457px; top: 91.7598px; width: 193.869px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Estimat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e/judgement<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.01px; width: 854.83px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3.10<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 10.6172px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ovisions and c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontingent liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 149.279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Assumptions f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 367.084px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Estimate</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.275px; width: 29.6191px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4.2<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 16.1895px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 29.6191px; top: 128.275px; width: 786.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on profit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Recognition of inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>axes<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 361.705px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 816.404px; top: 128.275px; width: 193.998px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Estimat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> </span></span><span style="position: absolute; display: inline-block; left: 331.641px; top: 146.525px; width: 484.887px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aluation of l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ong-t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erm pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er purchas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e agr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eements<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 259.57px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 816.527px; top: 146.525px; width: 89.0859px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Estimat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e/judgement</span><span style="position: absolute; display: inline-block; left: 0px; top: 155.65px; width: 97.4648px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6.1<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 16.1895px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Risk frame<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>work</span></span><span style="position: absolute; display: inline-block; left: 331.641px; top: 164.791px; width: 484.729px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Hedge acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ounting<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 404.659px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 816.369px; top: 164.791px; width: 193.869px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Estimat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e/judgement<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">↑ <span class="_"> </span> <span class="_ _6"/>Ke<span class="_ _0"/>y accounting e<span class="_ _0"/>stimates and judgement<span class="_ _0"/>s and their le<span class="_ _0"/>vel o<span class="_ _0"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>potential impact on the c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed financial st<span class="_ _0"/>atement<span class="_ _0"/>s.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The impact rel<span class="_ _0"/>at<span class="_ _0"/>es t<span class="_ _0"/>o objectivity and business pr<span class="_ _0"/>actice<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _111"> </span>V<span class="_ _4"/>ery objective/mark<span class="_ _0"/>et-c<span class="_ _0"/>onf<span class="_ _0"/>orming </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _f"> </span><span class="ls32"> <span class="_ _131"> </span>Objectiv<span class="_ _0"/>e/<span class="_ _0"/>partiall<span class="_ _0"/>y conf<span class="_ _4"/>orming </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _f"> </span> <span class="_ _f"> </span><span class="ls32"> <span class="_ _6f"> </span>P<span class="_ _0"/>artiall<span class="_ _0"/>y subjectiv<span class="_ _0"/>e/<span class="_ _0"/>partiall<span class="_ _0"/>y distinctive</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _f"> </span> <span class="_ _f"> </span> <span class="_ _f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _f"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subjective/<span class="_ _0"/>distinctiv<span class="_ _0"/>e t<span class="_ _0"/>o Ørst<span class="_ _0"/>ed</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimat<span class="_ _0"/>es and<span class="_ _0"/> judgements</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e use of r<span class="_ _3"/>eas<span class="_ _3"/>on<span class="_ _3"/>ab<span class="_ _3"/>le est<span class="_ _3"/>im<span class="_ _3"/>ates a<span class="_ _3"/>nd j<span class="_ _3"/>ud<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>s an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>sent<span class="_ _3"/>ia<span class="_ _3"/>l pa<span class="_ _3"/>rt of t<span class="_ _3"/>he p<span class="_ _3"/>rep<span class="_ _3"/>ara<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e cons<span class="_ _3"/>ol<span class="_ _3"/>id<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial<span class="_ _0"/> st<span class="_ _0"/>at<span class="_ _0"/>emen<span class="_ _0"/>ts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gi<span class="_ _3"/>ven t<span class="_ _3"/>he u<span class="_ _3"/>nce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>ie<span class="_ _3"/>s in<span class="_ _3"/>he<span class="_ _3"/>rent i<span class="_ _3"/>n ou<span class="_ _3"/>r bu<span class="_ _3"/>sin<span class="_ _3"/>es<span class="_ _3"/>s ac<span class="_ _3"/>tiv<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>es, w<span class="_ _3"/>e ma<span class="_ _3"/>ke a nu<span class="_ _3"/>mb<span class="_ _3"/>er of es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ju<span class="_ _3"/>dge<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ates a<span class="_ _3"/>nd j<span class="_ _3"/>ud<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n as<span class="_ _3"/>sum<span class="_ _3"/>p<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions<span class="_ _0"/> concerning<span class="_ _0"/> fut<span class="_ _0"/>ure de<span class="_ _0"/>vel<span class="_ _0"/>opments, whic<span class="_ _0"/>h affect<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>tio<span class="_ _3"/>n of acc<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g po<span class="_ _3"/>li<span class="_ _3"/>cie<span class="_ _3"/>s an<span class="_ _3"/>d the re<span class="_ _3"/>po<span class="_ _3"/>r<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>ou<span class="_ _3"/>nts of o<span class="_ _3"/>ur a<span class="_ _3"/>sset<span class="_ _3"/>s, l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s, s<span class="_ _3"/>ales<span class="_ _3"/>, cos<span class="_ _3"/>ts<span class="_ _3"/>, cas<span class="_ _3"/>h flow<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>e rese<span class="_ _3"/>r<span class="_ _3"/>ves<span class="_ _3"/>, an<span class="_ _3"/>d rel<span class="_ _3"/>ated d<span class="_ _3"/>isc<span class="_ _3"/>losu<span class="_ _3"/>res<span class="_ _3"/>. Actu<span class="_ _3"/>al a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>y dif<span class="_ _3"/>fe<span class="_ _3"/>r from t<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s est<span class="_ _3"/>im<span class="_ _3"/>ated a<span class="_ _3"/>nd j<span class="_ _3"/>ud<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">made, a<span class="_ _0"/>s mor<span class="_ _0"/>e de<span class="_ _0"/>tail<span class="_ _0"/>ed in<span class="_ _0"/>f<span class="_ _0"/>ormation<span class="_ _0"/> become<span class="_ _0"/>s av<span class="_ _0"/>ailabl<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We reg<span class="_ _3"/>ula<span class="_ _3"/>rly rea<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>ese e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments<span class="_ _0"/> based on,<span class="_ _0"/> among o<span class="_ _0"/>ther things,<span class="_ _0"/> hist<span class="_ _0"/>orical<span class="_ _0"/> expe<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>en<span class="_ _3"/>ce, th<span class="_ _3"/>e cu<span class="_ _3"/>rre<span class="_ _3"/>nt situ<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>n the f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al <span class="_ _6"/>ma<span class="_ _3"/>rket<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d a nu<span class="_ _3"/>mb<span class="_ _3"/>er of ot<span class="_ _3"/>he<span class="_ _3"/>r relev<span class="_ _3"/>ant fa<span class="_ _3"/>ctor<span class="_ _3"/>s, e<span class="_ _3"/>.g<span class="_ _3"/>. the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">up<span class="_ _3"/>da<span class="_ _3"/>tes in a<span class="_ _3"/>nn<span class="_ _3"/>ua<span class="_ _3"/>l es<span class="_ _3"/>tim<span class="_ _3"/>ated p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>. Cha<span class="_ _3"/>ng<span class="_ _3"/>es i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>tim<span class="_ _3"/>ates a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n the p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d in wh<span class="_ _3"/>ic<span class="_ _3"/>h the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">estimat<span class="_ _0"/>e in question<span class="_ _0"/> is r<span class="_ _0"/>evised.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acco<span class="_ _3"/>unti<span class="_ _3"/>ng e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes, j<span class="_ _3"/>ud<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, an<span class="_ _3"/>d as<span class="_ _3"/>sum<span class="_ _3"/>pti<span class="_ _3"/>on<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich m<span class="_ _3"/>ay e<span class="_ _3"/>ntai<span class="_ _3"/>l a ris<span class="_ _3"/>k of ma<span class="_ _3"/>teri<span class="_ _3"/>al a<span class="_ _3"/>dj<span class="_ _3"/>us<span class="_ _3"/>tme<span class="_ _3"/>nts i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t yea<span class="_ _3"/>rs a<span class="_ _3"/>re li<span class="_ _3"/>sted i<span class="_ _3"/>n th<span class="_ _3"/>e table a<span class="_ _3"/>bove<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>, we m<span class="_ _3"/>ake j<span class="_ _3"/>udg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts wh<span class="_ _3"/>en we a<span class="_ _3"/>pp<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the acc<span class="_ _0"/>ounting<span class="_ _0"/> policies. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Refe<span class="_ _3"/>ren<span class="_ _3"/>ce is m<span class="_ _3"/>ad<span class="_ _3"/>e to the s<span class="_ _3"/>pe<span class="_ _3"/>cif<span class="_ _3"/>ic n<span class="_ _3"/>otes for fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>form<span class="_ _3"/>ati<span class="_ _3"/>on o<span class="_ _3"/>n the key a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s as we<span class="_ _3"/>ll a<span class="_ _3"/>s the a<span class="_ _3"/>ssu<span class="_ _3"/>mp<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>ppl<span class="_ _3"/>ie<span class="_ _3"/>d<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble s<span class="_ _3"/>el<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce re<span class="_ _3"/>lat<span class="_ _3"/>ed to d<span class="_ _3"/>ive<span class="_ _3"/>st-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments o<span class="_ _0"/>f offshor<span class="_ _0"/>e wind<span class="_ _0"/> farms<span class="_ _0"/> and o<span class="_ _0"/>ffshore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">transmission asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>t an ow<span class="_ _3"/>ne<span class="_ _3"/>rsh<span class="_ _3"/>ip i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t in a<span class="_ _3"/>n of<span class="_ _3"/>f-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m an<span class="_ _3"/>d an of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to a pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r, we con<span class="_ _3"/>sid<span class="_ _3"/>e<span class="_ _3"/>r all te<span class="_ _3"/>rm<span class="_ _3"/>s an<span class="_ _3"/>d ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>ts i<span class="_ _3"/>n ord<span class="_ _3"/>er to d<span class="_ _3"/>ete<span class="_ _3"/>rmi<span class="_ _3"/>ne t<span class="_ _3"/>he t<span class="_ _3"/>ran<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">action price.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s a var<span class="_ _3"/>ia<span class="_ _3"/>ble a<span class="_ _3"/>mo<span class="_ _3"/>un<span class="_ _3"/>t, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n to wh<span class="_ _3"/>ic<span class="_ _3"/>h we ar<span class="_ _3"/>e ent<span class="_ _3"/>itle<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge fo<span class="_ _3"/>r tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e as<span class="_ _3"/>set<span class="_ _3"/>, th<span class="_ _3"/>e win<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>m, a<span class="_ _3"/>nd t<span class="_ _3"/>he t<span class="_ _3"/>ran<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et to ou<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e var<span class="_ _3"/>ia<span class="_ _3"/>bl<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ated a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct i<span class="_ _3"/>nce<span class="_ _3"/>pt<span class="_ _3"/>ion b<span class="_ _3"/>as<span class="_ _3"/>ed o<span class="_ _3"/>n futu<span class="_ _3"/>re o<span class="_ _3"/>utco<span class="_ _3"/>me of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eve<span class="_ _3"/>nts<span class="_ _3"/>, e.<span class="_ _3"/>g.<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>the d<span class="_ _3"/>iv<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nt p<span class="_ _3"/>ric<span class="_ _3"/>e of th<span class="_ _3"/>e off<span class="_ _3"/>sh<span class="_ _3"/>ore t<span class="_ _3"/>ran<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h a com<span class="_ _3"/>pe<span class="_ _3"/>tit<span class="_ _3"/>ive te<span class="_ _3"/>nd<span class="_ _3"/>er p<span class="_ _3"/>roc<span class="_ _3"/>ess</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>the i<span class="_ _3"/>m<span class="_ _3"/>pac<span class="_ _3"/>t on p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on f<span class="_ _3"/>rom f<span class="_ _3"/>utu<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>s</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e wi<span class="_ _3"/>nn<span class="_ _3"/>in<span class="_ _3"/>g bi<span class="_ _3"/>d of the te<span class="_ _3"/>nd<span class="_ _3"/>er r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e str<span class="_ _3"/>ea<span class="_ _3"/>m </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh a c<span class="_ _3"/>om<span class="_ _3"/>pet<span class="_ _3"/>iti<span class="_ _3"/>ve ten<span class="_ _3"/>de<span class="_ _3"/>r pr<span class="_ _3"/>oce<span class="_ _3"/>ss<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>r ‘t<span class="_ _3"/>he m<span class="_ _3"/>ost l<span class="_ _3"/>ike<span class="_ _3"/>ly am<span class="_ _3"/>ou<span class="_ _3"/>nt’ to p<span class="_ _3"/>rovi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e mos<span class="_ _3"/>t ap<span class="_ _3"/>pr<span class="_ _3"/>op<span class="_ _3"/>ria<span class="_ _3"/>te es<span class="_ _3"/>tim<span class="_ _3"/>ate of t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">variable<span class="_ _0"/> consideration.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> judgement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Classific<span class="_ _0"/>ation o<span class="_ _0"/>f div<span class="_ _0"/>estment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>t owne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s in a<span class="_ _3"/>n of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>, we ca<span class="_ _3"/>rr<span class="_ _3"/>y ou<span class="_ _3"/>t an i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al a<span class="_ _3"/>ss<span class="_ _3"/>ess<span class="_ _3"/>me<span class="_ _3"/>nt, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>ng wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he d<span class="_ _3"/>ive<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nt qu<span class="_ _3"/>al<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>s as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a di<span class="_ _3"/>ves<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f an e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise o<span class="_ _3"/>r a di<span class="_ _3"/>ves<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s. We h<span class="_ _3"/>ave t<span class="_ _3"/>yp<span class="_ _3"/>ica<span class="_ _3"/>lly as<span class="_ _3"/>ses<span class="_ _3"/>sed t<span class="_ _3"/>ha<span class="_ _3"/>t the o<span class="_ _3"/>ff-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms d<span class="_ _3"/>o not co<span class="_ _3"/>ns<span class="_ _3"/>tit<span class="_ _3"/>ute an e<span class="_ _3"/>nte<span class="_ _3"/>rp<span class="_ _3"/>ris<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as n<span class="_ _3"/>o em<span class="_ _3"/>pl<span class="_ _3"/>oyee<span class="_ _3"/>s are t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d, a<span class="_ _3"/>nd p<span class="_ _3"/>ro<span class="_ _3"/>ces<span class="_ _3"/>ses </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed to a l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d ex<span class="_ _3"/>tent o<span class="_ _3"/>nly.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Consolidation<span class="_ _0"/> method<span class="_ _0"/> for<span class="_ _0"/> partnerships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On e<span class="_ _3"/>sta<span class="_ _3"/>bl<span class="_ _3"/>is<span class="_ _3"/>hm<span class="_ _3"/>ent of p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip<span class="_ _3"/>s an<span class="_ _3"/>d in co<span class="_ _3"/>nn<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th a<span class="_ _3"/>ny res<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>uri<span class="_ _3"/>ng o<span class="_ _3"/>f exi<span class="_ _3"/>st<span class="_ _3"/>in<span class="_ _3"/>g pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>rsh<span class="_ _3"/>ip<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he s<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ure i<span class="_ _3"/>s a jo<span class="_ _3"/>int a<span class="_ _3"/>rra<span class="_ _3"/>ng<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt u<span class="_ _3"/>nd<span class="_ _3"/>er sh<span class="_ _3"/>ar<span class="_ _3"/>ed co<span class="_ _3"/>ntr<span class="_ _3"/>ol<span class="_ _3"/>. Fo<span class="_ _3"/>r joi<span class="_ _3"/>nt a<span class="_ _3"/>rra<span class="_ _3"/>ng<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we su<span class="_ _3"/>bs<span class="_ _3"/>eq<span class="_ _3"/>ue<span class="_ _3"/>ntly ass<span class="_ _3"/>es<span class="_ _3"/>s whe<span class="_ _3"/>the<span class="_ _3"/>r th<span class="_ _3"/>ey ar<span class="_ _3"/>e joi<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>v<span class="_ _3"/>entu<span class="_ _3"/>re<span class="_ _3"/>s or j<span class="_ _3"/>oin<span class="_ _3"/>t op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>ss<span class="_ _3"/>ess<span class="_ _3"/>in<span class="_ _3"/>g jo<span class="_ _3"/>int o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>ion<span class="_ _3"/>s, w<span class="_ _3"/>e loo<span class="_ _3"/>k at<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e cor<span class="_ _3"/>po<span class="_ _3"/>rate fo<span class="_ _3"/>rm of t<span class="_ _3"/>he o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>wh<span class="_ _3"/>eth<span class="_ _3"/>er w<span class="_ _3"/>e are o<span class="_ _3"/>nly e<span class="_ _3"/>ntit<span class="_ _3"/>led to t<span class="_ _3"/>he n<span class="_ _3"/>et pro<span class="_ _3"/>fi<span class="_ _3"/>t </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lo<span class="_ _3"/>ss) o<span class="_ _3"/>r to in<span class="_ _3"/>com<span class="_ _3"/>e an<span class="_ _3"/>d ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s res<span class="_ _3"/>ulti<span class="_ _3"/>ng f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the operation<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>dd<span class="_ _3"/>it<span class="_ _3"/>ion<span class="_ _3"/>, th<span class="_ _3"/>e fac<span class="_ _3"/>t th<span class="_ _3"/>at th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ie<span class="_ _3"/>s buy o<span class="_ _3"/>r ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>si<span class="_ _3"/>gne<span class="_ _3"/>d al<span class="_ _3"/>l ou<span class="_ _3"/>tpu<span class="_ _3"/>t, fo<span class="_ _3"/>r exa<span class="_ _3"/>m<span class="_ _3"/>ple t<span class="_ _3"/>he po<span class="_ _3"/>wer g<span class="_ _3"/>en<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d, w<span class="_ _3"/>il<span class="_ _3"/>l lea<span class="_ _3"/>d to the s<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>ture b<span class="_ _3"/>ei<span class="_ _3"/>ng c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ed a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n if we h<span class="_ _3"/>ave j<span class="_ _3"/>oi<span class="_ _3"/>nt co<span class="_ _3"/>ntro<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key as<span class="_ _3"/>su<span class="_ _3"/>mp<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>s in i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t tes<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Valu<span class="_ _3"/>e<span class="_ _3"/>-i<span class="_ _3"/>n-<span class="_ _3"/>use c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re b<span class="_ _3"/>ase<span class="_ _3"/>d on m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt'<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>ctat<span class="_ _3"/>io<span class="_ _3"/>ns to f<span class="_ _3"/>utu<span class="_ _3"/>re cas<span class="_ _3"/>h fl<span class="_ _3"/>ows fr<span class="_ _3"/>om </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial budgets<span class="_ _0"/> and f<span class="_ _0"/>oreca<span class="_ _0"/>sts and<span class="_ _0"/> include<span class="_ _0"/> a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f ass<span class="_ _3"/>um<span class="_ _3"/>pti<span class="_ _3"/>on<span class="_ _3"/>s an<span class="_ _3"/>d est<span class="_ _3"/>im<span class="_ _3"/>ates<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese a<span class="_ _3"/>ss<span class="_ _3"/>um<span class="_ _3"/>pti<span class="_ _3"/>ons i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>de co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ion s<span class="_ _3"/>ch<span class="_ _3"/>ed<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ul<span class="_ _3"/>es<span class="_ _3"/>, est<span class="_ _3"/>im<span class="_ _3"/>ates o<span class="_ _3"/>f futu<span class="_ _3"/>re m<span class="_ _3"/>ar<span class="_ _3"/>ket co<span class="_ _3"/>nd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X<span class="_ _3"/>, ma<span class="_ _3"/>rket p<span class="_ _3"/>ri<span class="_ _3"/>ces of e<span class="_ _3"/>ne<span class="_ _3"/>rg<span class="_ _3"/>y and c<span class="_ _3"/>om<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>es<span class="_ _3"/>, inf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n, d<span class="_ _3"/>is<span class="_ _3"/>cou<span class="_ _3"/>nt rate<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>iv<span class="_ _3"/>es of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>oje<span class="_ _3"/>ct<span class="_ _3"/>s, ta<span class="_ _3"/>x in<span class="_ _3"/>ce<span class="_ _3"/>nti<span class="_ _3"/>ves<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng t<span class="_ _3"/>he a<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to qu<span class="_ _3"/>al<span class="_ _3"/>if<span class="_ _3"/>y for ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts f<span class="_ _3"/>rom t<span class="_ _3"/>he US I<span class="_ _3"/>nf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on Ac<span class="_ _3"/>t, e<span class="_ _3"/>tc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t pri<span class="_ _3"/>ce<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied a<span class="_ _3"/>re b<span class="_ _3"/>ase<span class="_ _3"/>d on a<span class="_ _3"/>va<span class="_ _3"/>il-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le fo<span class="_ _3"/>rw<span class="_ _3"/>ard p<span class="_ _3"/>ri<span class="_ _3"/>ces fo<span class="_ _3"/>r a pe<span class="_ _3"/>ri<span class="_ _3"/>od of u<span class="_ _3"/>p to fi<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar<span class="_ _3"/>s an<span class="_ _3"/>d our b<span class="_ _3"/>es<span class="_ _3"/>t es<span class="_ _3"/>tim<span class="_ _3"/>ate of l<span class="_ _3"/>on<span class="_ _3"/>g-te<span class="_ _3"/>rm p<span class="_ _3"/>ric<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>de<span class="_ _3"/>r of th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As g<span class="_ _3"/>oo<span class="_ _3"/>dw<span class="_ _3"/>ill r<span class="_ _3"/>ela<span class="_ _3"/>tes to g<span class="_ _3"/>ree<span class="_ _3"/>nf<span class="_ _3"/>ie<span class="_ _3"/>ld on<span class="_ _3"/>sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d so<span class="_ _3"/>lar d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt i<span class="_ _3"/>n Euro<span class="_ _3"/>pe<span class="_ _3"/>, an a<span class="_ _3"/>ssu<span class="_ _3"/>m<span class="_ _3"/>p-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the v<span class="_ _3"/>alu<span class="_ _3"/>e-<span class="_ _3"/>in<span class="_ _3"/>-<span class="_ _3"/>use c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>tio<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s th<span class="_ _3"/>e ab<span class="_ _3"/>il<span class="_ _3"/>ity to d<span class="_ _3"/>eve<span class="_ _3"/>lop n<span class="_ _3"/>ew si<span class="_ _3"/>tes<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is a<span class="_ _3"/>ssu<span class="_ _3"/>mp<span class="_ _3"/>tio<span class="_ _3"/>n is b<span class="_ _3"/>ase<span class="_ _3"/>d on c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>t and f<span class="_ _3"/>utu<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>il<span class="_ _3"/>d-<span class="_ _3"/>ou<span class="_ _3"/>t pla<span class="_ _3"/>ns fo<span class="_ _3"/>r ren<span class="_ _3"/>ewa<span class="_ _3"/>ble e<span class="_ _3"/>ne<span class="_ _3"/>rgy i<span class="_ _3"/>n Eu<span class="_ _3"/>rop<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>il<span class="_ _3"/>e the<span class="_ _3"/>re a<span class="_ _3"/>re in<span class="_ _3"/>he<span class="_ _3"/>re<span class="_ _3"/>nt un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>ie<span class="_ _3"/>s in th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assumptio<span class="_ _3"/>ns, the assumptions reflect man<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t's b<span class="_ _3"/>es<span class="_ _3"/>t est<span class="_ _3"/>im<span class="_ _3"/>ate ove<span class="_ _3"/>r th<span class="_ _3"/>e li<span class="_ _3"/>ves of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>oup's CGU<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognitio<span class="_ _0"/>n o<span class="_ _0"/>f t<span class="_ _0"/>ax<span class="_ _0"/> equity<span class="_ _0"/> part<span class="_ _0"/>nerships<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On fo<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on o<span class="_ _3"/>f a tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip, w<span class="_ _3"/>e ass<span class="_ _3"/>ess<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ap<span class="_ _3"/>pro<span class="_ _3"/>pr<span class="_ _3"/>iate r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>it<span class="_ _3"/>ion o<span class="_ _3"/>f the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>'s co<span class="_ _3"/>ntr<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>tio<span class="_ _3"/>n as w<span class="_ _3"/>ell a<span class="_ _3"/>s th<span class="_ _3"/>e met<span class="_ _3"/>ho<span class="_ _3"/>d of re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n for t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">el<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s us<span class="_ _3"/>ed to re<span class="_ _3"/>pay t<span class="_ _3"/>he p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er, su<span class="_ _3"/>ch as P<span class="_ _3"/>TCs<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ITC<span class="_ _3"/>s, a<span class="_ _3"/>nd ta<span class="_ _3"/>x att<span class="_ _3"/>ri<span class="_ _3"/>bute<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en a<span class="_ _3"/>sse<span class="_ _3"/>ss<span class="_ _3"/>in<span class="_ _3"/>g the r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of t<span class="_ _3"/>he p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, we loo<span class="_ _3"/>k at<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d flow<span class="_ _3"/>s of PTC<span class="_ _3"/>s/I<span class="_ _3"/>TCs<span class="_ _3"/>, tax a<span class="_ _3"/>ttr<span class="_ _3"/>ib<span class="_ _3"/>utes<span class="_ _3"/>, </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d cas<span class="_ _3"/>h pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s to the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e ri<span class="_ _3"/>ght<span class="_ _3"/>s an<span class="_ _3"/>d ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>ns of b<span class="_ _3"/>oth u<span class="_ _3"/>s an<span class="_ _3"/>d the ta<span class="_ _3"/>x </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e de<span class="_ _3"/>fer<span class="_ _3"/>ral of t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me r<span class="_ _3"/>ela<span class="_ _3"/>ted to ta<span class="_ _3"/>x att<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>tes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>n of the c<span class="_ _3"/>ont<span class="_ _3"/>ri<span class="_ _3"/>but<span class="_ _3"/>io<span class="_ _3"/>n as <span class="_ _1"/>wor<span class="_ _3"/>ki<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pita<span class="_ _3"/>l or i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng d<span class="_ _3"/>eb<span class="_ _3"/>t are a<span class="_ _3"/>ffe<span class="_ _3"/>cte<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>n to th<span class="_ _3"/>e size<span class="_ _3"/>, me<span class="_ _3"/>tho<span class="_ _3"/>d, a<span class="_ _3"/>nd t<span class="_ _3"/>im<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> repa<span class="_ _0"/>yments.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>en<span class="_ _3"/>t su<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>t in t<span class="_ _3"/>he U<span class="_ _3"/>S </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In t<span class="_ _3"/>he U<span class="_ _3"/>S, P<span class="_ _3"/>TCs, I<span class="_ _3"/>TCs<span class="_ _3"/>, an<span class="_ _3"/>d othe<span class="_ _3"/>r ta<span class="_ _3"/>x att<span class="_ _3"/>ri<span class="_ _3"/>bute<span class="_ _3"/>s ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed to i<span class="_ _3"/>nce<span class="_ _3"/>nti<span class="_ _3"/>vi<span class="_ _3"/>se in<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt i<span class="_ _3"/>n ren<span class="_ _3"/>ewa<span class="_ _3"/>ble e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s – si<span class="_ _3"/>mi<span class="_ _3"/>lar to s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>ie<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r cou<span class="_ _3"/>ntr<span class="_ _3"/>ie<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assumptions f<span class="_ _0"/>or<span class="_ _0"/> provisions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We con<span class="_ _3"/>ti<span class="_ _3"/>nua<span class="_ _3"/>lly as<span class="_ _3"/>se<span class="_ _3"/>ss ou<span class="_ _3"/>r pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to cove<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ctu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>s an<span class="_ _3"/>d cla<span class="_ _3"/>im<span class="_ _3"/>s ra<span class="_ _3"/>ise<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">against<span class="_ _0"/> Ørsted.<span class="_ _0"/> Timing, p<span class="_ _0"/>robabilit<span class="_ _0"/>ies, amoun<span class="_ _0"/>ts, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">etc<span class="_ _3"/>., w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve a b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng on o<span class="_ _3"/>ur p<span class="_ _3"/>rov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s' </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s, a<span class="_ _3"/>re u<span class="_ _3"/>pda<span class="_ _3"/>ted q<span class="_ _3"/>ua<span class="_ _3"/>r<span class="_ _3"/>ter<span class="_ _3"/>ly base<span class="_ _3"/>d on o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tes of p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>ons a<span class="_ _3"/>re b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tat<span class="_ _3"/>ion<span class="_ _3"/>s of, for e<span class="_ _3"/>xa<span class="_ _3"/>mp<span class="_ _3"/>le:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>ti<span class="_ _3"/>mi<span class="_ _3"/>ng a<span class="_ _3"/>nd s<span class="_ _3"/>cop<span class="_ _3"/>e of ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>fu<span class="_ _3"/>tur<span class="_ _3"/>e cos<span class="_ _3"/>t leve<span class="_ _3"/>l </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 lsb9 ws162"> <span class="_ _174"> </span> legal <span class="_ _5"> </span>assessment.<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If d<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>d ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>l, n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>urr<span class="_ _3"/>ent p<span class="_ _3"/>rov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">discount<span class="_ _0"/>ed using<span class="_ _0"/> either the<span class="_ _0"/> structural<span class="_ _0"/> risk-<span class="_ _0"/>free<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st ra<span class="_ _3"/>te or t<span class="_ _3"/>he in<span class="_ _3"/>cr<span class="_ _3"/>em<span class="_ _3"/>enta<span class="_ _3"/>l bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e st<span class="_ _3"/>ruc<span class="_ _3"/>tu<span class="_ _3"/>ral r<span class="_ _3"/>is<span class="_ _3"/>k-fre<span class="_ _3"/>e inte<span class="_ _3"/>res<span class="_ _3"/>t rate i<span class="_ _3"/>s us<span class="_ _3"/>ed fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">decommissioning liabilities and<span class="_ _0"/> onerous c<span class="_ _0"/>ontracts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It i<span class="_ _3"/>s cal<span class="_ _3"/>cul<span class="_ _3"/>ated a<span class="_ _3"/>s th<span class="_ _3"/>e sum o<span class="_ _3"/>f rea<span class="_ _3"/>l retu<span class="_ _3"/>rn (g<span class="_ _3"/>ros<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>me<span class="_ _3"/>sti<span class="_ _3"/>c pr<span class="_ _3"/>odu<span class="_ _3"/>ct g<span class="_ _3"/>row<span class="_ _3"/>th ra<span class="_ _3"/>te)<span class="_ _3"/>, inf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n, a<span class="_ _3"/>nd i<span class="_ _3"/>nf<span class="_ _3"/>la<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>rem<span class="_ _3"/>iu<span class="_ _3"/>m for ot<span class="_ _3"/>he<span class="_ _3"/>r ri<span class="_ _3"/>sks<span class="_ _3"/>. S<span class="_ _3"/>epa<span class="_ _3"/>ra<span class="_ _3"/>te str<span class="_ _3"/>uc<span class="_ _3"/>tur<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk-fr<span class="_ _3"/>ee i<span class="_ _3"/>nter<span class="_ _3"/>est r<span class="_ _3"/>ates a<span class="_ _3"/>re ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d for E<span class="_ _3"/>uro<span class="_ _3"/>pe<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e UK<span class="_ _3"/>, th<span class="_ _3"/>e US<span class="_ _3"/>, an<span class="_ _3"/>d T<span class="_ _4"/>a<span class="_ _3"/>iw<span class="_ _3"/>an<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ou<span class="_ _3"/>tcom<span class="_ _3"/>e of ou<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ctu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cla<span class="_ _3"/>im<span class="_ _3"/>s ma<span class="_ _3"/>y de<span class="_ _3"/>pe<span class="_ _3"/>nd o<span class="_ _3"/>n fut<span class="_ _3"/>ure ev<span class="_ _3"/>ent<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in by n<span class="_ _3"/>atu<span class="_ _3"/>re.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key as<span class="_ _3"/>su<span class="_ _3"/>mp<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>s in e<span class="_ _3"/>sti<span class="_ _3"/>m<span class="_ _3"/>ati<span class="_ _3"/>n<span class="_ _3"/>g can<span class="_ _3"/>ce<span class="_ _3"/>lla<span class="_ _3"/>ti<span class="_ _3"/>on fe<span class="_ _3"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Me<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on fo<span class="_ _3"/>r ‘On<span class="_ _3"/>er<span class="_ _3"/>ous c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>late<span class="_ _3"/>d to can<span class="_ _3"/>ce<span class="_ _3"/>lla<span class="_ _3"/>tio<span class="_ _3"/>n fee<span class="_ _3"/>s for O<span class="_ _3"/>cea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>olve<span class="_ _3"/>s a nu<span class="_ _3"/>mb<span class="_ _3"/>er of a<span class="_ _3"/>ssu<span class="_ _3"/>m<span class="_ _3"/>ptio<span class="_ _3"/>ns a<span class="_ _3"/>nd s<span class="_ _3"/>ig<span class="_ _3"/>nif<span class="_ _3"/>ic<span class="_ _3"/>ant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s<span class="_ _3"/>. On co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>eve<span class="_ _3"/>l, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve as<span class="_ _3"/>se<span class="_ _3"/>sse<span class="_ _3"/>d the c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>tua<span class="_ _3"/>l te<span class="_ _3"/>rms a<span class="_ _3"/>nd o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons<span class="_ _3"/>, i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>in<span class="_ _3"/>g the e<span class="_ _3"/>xp<span class="_ _3"/>ex<span class="_ _3"/>ted co<span class="_ _3"/>st<span class="_ _3"/>s of fu<span class="_ _3"/>lfi<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>nce<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. Th<span class="_ _3"/>e as<span class="_ _3"/>ses<span class="_ _3"/>sm<span class="_ _3"/>ent a<span class="_ _3"/>l<span class="_ _3"/>so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s an ev<span class="_ _3"/>alu<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of the p<span class="_ _3"/>os<span class="_ _3"/>si<span class="_ _3"/>bil<span class="_ _3"/>it<span class="_ _3"/>ie<span class="_ _3"/>s of reu<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g or s<span class="_ _3"/>ell<span class="_ _3"/>i<span class="_ _3"/>ng ce<span class="_ _3"/>rta<span class="_ _3"/>in p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t de<span class="_ _3"/>vel<span class="_ _3"/>opm<span class="_ _3"/>en<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d res<span class="_ _3"/>el<span class="_ _3"/>li<span class="_ _3"/>ng of t<span class="_ _3"/>he se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>as<span class="_ _3"/>e to a th<span class="_ _3"/>ird p<span class="_ _3"/>ar<span class="_ _3"/>ty. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o a hi<span class="_ _3"/>gh d<span class="_ _3"/>eg<span class="_ _3"/>ree<span class="_ _3"/>, the e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he tota<span class="_ _3"/>l pro<span class="_ _3"/>vi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>ds o<span class="_ _3"/>n neg<span class="_ _3"/>oti<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>s wi<span class="_ _3"/>th su<span class="_ _3"/>bco<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>tor<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d con<span class="_ _3"/>tra<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t the s<span class="_ _3"/>ettl<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. Th<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>ri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e total p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on fo<span class="_ _3"/>r ‘On<span class="_ _3"/>er<span class="_ _3"/>ous </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s’ is b<span class="_ _3"/>as<span class="_ _3"/>ed on m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t's e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te of total c<span class="_ _3"/>ost<span class="_ _3"/>s<span class="_ _3"/></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Estimat<span class="_ _0"/>es<span class="_ _0"/> regar<span class="_ _0"/>ding<span class="_ _0"/> rec<span class="_ _0"/>ognitio<span class="_ _0"/>n o<span class="_ _0"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> taxes</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ar<span class="_ _3"/>e sub<span class="_ _3"/>je<span class="_ _3"/>ct to i<span class="_ _3"/>nco<span class="_ _3"/>me ta<span class="_ _3"/>xes i<span class="_ _3"/>n a<span class="_ _3"/>ll th<span class="_ _3"/>e cou<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tr<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>re we o<span class="_ _3"/>pe<span class="_ _3"/>rate<span class="_ _3"/>. Si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s are r<span class="_ _3"/>eq<span class="_ _3"/>ui<span class="_ _3"/>red i<span class="_ _3"/>n de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wo<span class="_ _3"/>rld<span class="_ _3"/>wid<span class="_ _3"/>e in<span class="_ _3"/>co<span class="_ _3"/>me ta<span class="_ _3"/>xes a<span class="_ _3"/>nd i<span class="_ _3"/>nco<span class="_ _3"/>me ta<span class="_ _3"/>x as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on<span class="_ _3"/>s for u<span class="_ _3"/>nce<span class="_ _3"/>r<span class="_ _3"/>tai<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax p<span class="_ _3"/>os<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">While<span class="_ _0"/> conducting busine<span class="_ _0"/>ss around<span class="_ _0"/> the<span class="_ _0"/> world,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax a<span class="_ _3"/>nd t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>r pr<span class="_ _3"/>ic<span class="_ _3"/>ing d<span class="_ _3"/>is<span class="_ _3"/>pu<span class="_ _3"/>tes wi<span class="_ _3"/>th ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">au<span class="_ _3"/>th<span class="_ _3"/>ori<span class="_ _3"/>ti<span class="_ _3"/>es ma<span class="_ _3"/>y occ<span class="_ _3"/>ur d<span class="_ _3"/>ue to th<span class="_ _3"/>e co<span class="_ _3"/>mp<span class="_ _3"/>lex </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>tur<span class="_ _3"/>e of the ta<span class="_ _3"/>x ru<span class="_ _3"/>le<span class="_ _3"/>s rela<span class="_ _3"/>ted to t<span class="_ _3"/>he b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t is a<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>d to as<span class="_ _3"/>ses<span class="_ _3"/>s th<span class="_ _3"/>e pos<span class="_ _3"/>si<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>e of su<span class="_ _3"/>ch d<span class="_ _3"/>is<span class="_ _3"/>pute<span class="_ _3"/>s. We a<span class="_ _3"/>pp<span class="_ _3"/>ly the m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s pre<span class="_ _3"/>sc<span class="_ _3"/>rib<span class="_ _3"/>ed i<span class="_ _3"/>n IF<span class="_ _3"/>RI<span class="_ _3"/>C 23 ‘<span class="_ _3"/>Un<span class="_ _3"/>cer<span class="_ _3"/>ta<span class="_ _3"/>int<span class="_ _3"/>y ove<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>com<span class="_ _3"/>e T<span class="_ _0"/>ax Treat<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>’ whe<span class="_ _3"/>n ma<span class="_ _3"/>ki<span class="_ _3"/>ng p<span class="_ _3"/>rovi<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>s for u<span class="_ _3"/>nce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, an<span class="_ _3"/>d the p<span class="_ _3"/>rov<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>s ma<span class="_ _3"/>de a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nt sc<span class="_ _3"/>en<span class="_ _3"/>ari<span class="_ _3"/>os of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>bl<span class="_ _3"/>e outc<span class="_ _3"/>om<span class="_ _3"/>es<span class="_ _3"/>. We con<span class="_ _3"/>sid<span class="_ _3"/>er t<span class="_ _3"/>he p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>ons </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>de to b<span class="_ _3"/>e ad<span class="_ _3"/>eq<span class="_ _3"/>ua<span class="_ _3"/>te. T<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>y dev<span class="_ _3"/>iate a<span class="_ _3"/>nd m<span class="_ _3"/>ig<span class="_ _3"/>ht le<span class="_ _3"/>ad to ta<span class="_ _3"/>x in e<span class="_ _3"/>xce<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x pro<span class="_ _3"/>vis<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed<span class="_ _3"/>. Th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>s on t<span class="_ _3"/>he re<span class="_ _3"/>sult o<span class="_ _3"/>f lit<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s an<span class="_ _3"/>d set<span class="_ _3"/>tle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s wit<span class="_ _3"/>h the r<span class="_ _3"/>ele<span class="_ _3"/>vant ta<span class="_ _3"/>x au<span class="_ _3"/>th<span class="_ _3"/>ori<span class="_ _3"/>ti<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g tax d<span class="_ _3"/>is<span class="_ _3"/>pute<span class="_ _3"/>s, p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly rela<span class="_ _3"/>ted to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer p<span class="_ _3"/>ri<span class="_ _3"/>ci<span class="_ _3"/>ng ca<span class="_ _3"/>ses<span class="_ _3"/>, ar<span class="_ _3"/>e in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ‘<span class="_ _3"/>In<span class="_ _3"/>com<span class="_ _3"/>e tax<span class="_ _3"/>’ an<span class="_ _3"/>d ‘D<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax<span class="_ _3"/>’. Est<span class="_ _3"/>im<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in r<span class="_ _3"/>esp<span class="_ _3"/>ec<span class="_ _3"/>t of tr<span class="_ _3"/>ans<span class="_ _3"/>fer p<span class="_ _3"/>ri<span class="_ _3"/>ci<span class="_ _3"/>ng ca<span class="_ _3"/>se<span class="_ _3"/>s de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">among o<span class="_ _0"/>thers, on<span class="_ _0"/> whether<span class="_ _0"/> corres<span class="_ _0"/>ponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nts ca<span class="_ _3"/>n be o<span class="_ _3"/>bta<span class="_ _3"/>in<span class="_ _3"/>ed i<span class="_ _3"/>n the re<span class="_ _3"/>lev<span class="_ _3"/>ant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ju<span class="_ _3"/>ri<span class="_ _3"/>sd<span class="_ _3"/>ict<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>, an<span class="_ _3"/>d, i<span class="_ _3"/>n ter<span class="_ _3"/>ms of d<span class="_ _3"/>is<span class="_ _3"/>pute<span class="_ _3"/>s re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>oje<span class="_ _3"/>ct c<span class="_ _3"/>om<span class="_ _3"/>pan<span class="_ _3"/>ie<span class="_ _3"/>s wi<span class="_ _3"/>th pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>, wh<span class="_ _3"/>eth<span class="_ _3"/>er co<span class="_ _3"/>m<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>ns<span class="_ _3"/>ati<span class="_ _3"/>on ca<span class="_ _3"/>n be o<span class="_ _3"/>bta<span class="_ _3"/>in<span class="_ _3"/>ed fr<span class="_ _3"/>om th<span class="_ _3"/>ese p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Any e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted co<span class="_ _3"/>mp<span class="_ _3"/>en<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n fro<span class="_ _3"/>m pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>rs i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t of ‘O<span class="_ _3"/>th<span class="_ _3"/>er re<span class="_ _3"/>ce<span class="_ _3"/>iva<span class="_ _3"/>bl<span class="_ _3"/>es’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s at fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, we u<span class="_ _3"/>se es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s of no<span class="_ _3"/>n- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, s<span class="_ _3"/>uch a<span class="_ _3"/>s:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ws161"> <span class="_ _174"> </span> p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on <span class="_ _21"> </span>fore<span class="_ _3"/>cas<span class="_ _3"/>ts</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d lon<span class="_ _3"/>g-te<span class="_ _3"/>rm p<span class="_ _3"/>owe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange rat<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d inf<span class="_ _3"/>la<span class="_ _3"/>tio<span class="_ _3"/>n ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedge eff<span class="_ _0"/>ectiveness<span class="_ _0"/> is<span class="_ _0"/> measured<span class="_ _0"/> using<span class="_ _0"/> forec<span class="_ _0"/>asted<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n as we<span class="_ _3"/>ll a<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s reg<span class="_ _3"/>ar<span class="_ _3"/>di<span class="_ _3"/>ng e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s, i<span class="_ _3"/>nte<span class="_ _3"/>rm<span class="_ _3"/>itte<span class="_ _3"/>nc<span class="_ _3"/>y, inte<span class="_ _3"/>res<span class="_ _3"/>t, cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y, and i<span class="_ _3"/>nf<span class="_ _3"/>la-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. For p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re clo<span class="_ _3"/>se to fu<span class="_ _3"/>lly he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vo<span class="_ _3"/>lum<span class="_ _3"/>e ove<span class="_ _3"/>rhe<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g is p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le if t<span class="_ _3"/>he fo<span class="_ _3"/>rec<span class="_ _3"/>aste<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n do<span class="_ _3"/>es no<span class="_ _3"/>t mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>is<span class="_ _3"/>e, wh<span class="_ _3"/>ic<span class="_ _3"/>h wi<span class="_ _3"/>ll le<span class="_ _3"/>ad to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognit<span class="_ _0"/>ion o<span class="_ _0"/>f ineffect<span class="_ _0"/>iveness.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> judgement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>as<span class="_ _3"/>ure o<span class="_ _3"/>ur p<span class="_ _3"/>ower p<span class="_ _3"/>ur<span class="_ _3"/>cha<span class="_ _3"/>se a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, bu<span class="_ _3"/>t they c<span class="_ _3"/>an<span class="_ _3"/>not a<span class="_ _3"/>lway<span class="_ _3"/>s be me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t qu<span class="_ _3"/>oted p<span class="_ _3"/>ri<span class="_ _3"/>ces i<span class="_ _3"/>n ac<span class="_ _3"/>ti<span class="_ _3"/>ve ma<span class="_ _3"/>rke<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g du<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. We th<span class="_ _3"/>er<span class="_ _3"/>efor<span class="_ _3"/>e use </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">el<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s of ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t whe<span class="_ _3"/>n me<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the fa<span class="_ _3"/>ir </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>, an<span class="_ _3"/>d we ai<span class="_ _3"/>m to li<span class="_ _3"/>mi<span class="_ _3"/>t th<span class="_ _3"/>e use o<span class="_ _3"/>f <span class="_ _6"/>su<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ba<span class="_ _3"/>se th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s on ex<span class="_ _3"/>te<span class="_ _3"/>rn<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inf<span class="_ _0"/>ormation, incl<span class="_ _0"/>uding external<span class="_ _0"/> pricing<span class="_ _0"/> and bench<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mark services.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts a<span class="_ _3"/>re us<span class="_ _3"/>ed to co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>r wh<span class="_ _3"/>eth<span class="_ _3"/>er fo<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sted t<span class="_ _3"/>ran<span class="_ _3"/>sa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s ar<span class="_ _3"/>e hig<span class="_ _3"/>hly p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le ex<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>res a<span class="_ _3"/>s he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>tems i<span class="_ _3"/>n a he<span class="_ _3"/>dg<span class="_ _3"/>e re<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>sh<span class="_ _3"/>ip, e<span class="_ _3"/>.g<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n fro<span class="_ _3"/>m win<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied a<span class="_ _3"/>s to wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>e in<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied i<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e rel<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>sh<span class="_ _3"/>ips i<span class="_ _3"/>de<span class="_ _3"/>nti<span class="_ _3"/>fi<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are<span class="_ _0"/> effectiv<span class="_ _0"/>e.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Segment inf<span class="_ _0"/>or<span class="_ _0"/>mation</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.111328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 40.8633px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 300.193px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 231.744px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>58,427</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 299.865px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 236.361px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,817</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 300.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 190.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">28,613</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Primary activities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _0"/>elopment,<span class="_ _0"/> construction, o<span class="_ _0"/>wnership<span class="_ _0"/>, and oper<span class="_ _0"/>ation of off<span class="_ _0"/>shor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wind f<span class="_ _0"/>arms in the UK, Eur<span class="_ _0"/>ope<span class="_ _0"/>, the US, and <span class="_ _0"/>T<span class="_ _1"/>aiwan as well as de<span class="_ _0"/>vel<span class="_ _0"/>op<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment of r<span class="_ _0"/>enew<span class="_ _0"/>able h<span class="_ _0"/>y<span class="_ _0"/>drogen and gr<span class="_ _0"/>een fuels in Eur<span class="_ _0"/>ope and on the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">US Gulf C<span class="_ _0"/>oast. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 37.5352px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> Onshore </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.648px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 236.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,620</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 299.865px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,970</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 299.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,069</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Primary activities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _0"/>elopment,<span class="_ _0"/> construction, o<span class="_ _0"/>wnership<span class="_ _0"/>, and oper<span class="_ _0"/>ation of onshor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wind and sol<span class="_ _0"/>ar f<span class="_ _0"/>arms in the US and in Eur<span class="_ _0"/>ope, incl<span class="_ _0"/>uding integr<span class="_ _0"/>at<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _0"/>orage<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 84.3516px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Bioener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gy &amp; Other </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 300.193px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 231.744px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,230</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 299.865px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,523</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 299.637px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 203.197px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">727</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Primary activities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Generation o<span class="_ _0"/>f heat and pow<span class="_ _0"/>er and delivery o<span class="_ _0"/>f ancillary s<span class="_ _0"/>ervices fr<span class="_ _0"/>om </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CHP plant<span class="_ _0"/>s in Denmark, optimis<span class="_ _0"/>ation of our gas portf<span class="_ _0"/>olio<span class="_ _0"/>, and of our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Danish and Sw<span class="_ _0"/>edish B2B cust<span class="_ _0"/>omers. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Geogra<span class="_ _3"/>phical distrib<span class="_ _3"/>ution</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>og<span class="_ _3"/>rap<span class="_ _3"/>hi<span class="_ _3"/>cal re<span class="_ _3"/>ven<span class="_ _3"/>ue is b<span class="_ _3"/>ro<span class="_ _3"/>ken d<span class="_ _3"/>own, a<span class="_ _3"/>s far a<span class="_ _3"/>s pos<span class="_ _3"/>si<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ble<span class="_ _3"/>, by the cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r's g<span class="_ _3"/>eo<span class="_ _3"/>gra<span class="_ _3"/>ph<span class="_ _3"/>ica<span class="_ _3"/>l loca<span class="_ _3"/>tio<span class="_ _3"/>n ba<span class="_ _3"/>sed o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">suppl<span class="_ _0"/>y<span class="_ _0"/> poin<span class="_ _0"/>t. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt pa<span class="_ _3"/>rt of o<span class="_ _3"/>ur s<span class="_ _3"/>ale<span class="_ _3"/>s takes p<span class="_ _3"/>lace v<span class="_ _3"/>ia p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>es a<span class="_ _3"/>nd ga<span class="_ _3"/>s hu<span class="_ _3"/>bs i<span class="_ _3"/>n Euro<span class="_ _3"/>pe<span class="_ _3"/>, who<span class="_ _3"/>se phys<span class="_ _3"/>ica<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loca<span class="_ _3"/>tio<span class="_ _3"/>ns d<span class="_ _3"/>o not re<span class="_ _3"/>fle<span class="_ _3"/>ct th<span class="_ _3"/>e ge<span class="_ _3"/>og<span class="_ _3"/>rap<span class="_ _3"/>hi<span class="_ _3"/>cal lo<span class="_ _3"/>cat<span class="_ _3"/>ion<span class="_ _3"/>s of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r cus<span class="_ _3"/>tome<span class="_ _3"/>rs<span class="_ _3"/>. W<span class="_ _3"/>he<span class="_ _3"/>n bre<span class="_ _3"/>ak<span class="_ _3"/>in<span class="_ _3"/>g down t<span class="_ _3"/>hes<span class="_ _3"/>e sale<span class="_ _3"/>s by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>og<span class="_ _3"/>rap<span class="_ _3"/>hi<span class="_ _3"/>cal lo<span class="_ _3"/>cat<span class="_ _3"/>ion<span class="_ _3"/>, we u<span class="_ _3"/>se th<span class="_ _3"/>e physi<span class="_ _3"/>ca<span class="_ _3"/>l <span class="_ _49"/>loc<span class="_ _3"/>ati<span class="_ _3"/>ons o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e exc<span class="_ _3"/>han<span class="_ _3"/>ge o<span class="_ _3"/>r hu<span class="_ _3"/>b si<span class="_ _3"/>nce we d<span class="_ _3"/>o not k<span class="_ _3"/>now th<span class="_ _3"/>e phys<span class="_ _3"/>ica<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loca<span class="_ _3"/>tio<span class="_ _3"/>n of ou<span class="_ _3"/>r cus<span class="_ _3"/>tom<span class="_ _3"/>er<span class="_ _3"/>s in a<span class="_ _3"/>ll ca<span class="_ _3"/>ses<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">No s<span class="_ _3"/>in<span class="_ _3"/>gle cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r acco<span class="_ _3"/>unte<span class="_ _3"/>d for mo<span class="_ _3"/>re th<span class="_ _3"/>an 10 <span class="_ _15c"/>% of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r con<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ated r<span class="_ _3"/>even<span class="_ _3"/>ue i<span class="_ _3"/>n 2023 o<span class="_ _3"/>r 2022<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">No<span class="_ _3"/>n-<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>nt as<span class="_ _3"/>sets a<span class="_ _3"/>re b<span class="_ _3"/>roke<span class="_ _3"/>n down g<span class="_ _3"/>eo<span class="_ _3"/>gra<span class="_ _3"/>ph<span class="_ _3"/>ica<span class="_ _3"/>lly<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e physi<span class="_ _3"/>ca<span class="_ _3"/>l locat<span class="_ _3"/>io<span class="_ _3"/>ns of th<span class="_ _3"/>e ass<span class="_ _3"/>ets<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng s<span class="_ _3"/>eg<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>ste<span class="_ _3"/>nt wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r in<span class="_ _3"/>tern<span class="_ _3"/>al r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>ng to o<span class="_ _3"/>ur ch<span class="_ _3"/>ie<span class="_ _3"/>f op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ci<span class="_ _3"/>sio<span class="_ _3"/>n-<span class="_ _3"/>ma<span class="_ _3"/>ke<span class="_ _3"/>r, the G<span class="_ _3"/>rou<span class="_ _3"/>p Ex<span class="_ _3"/>ecu<span class="_ _3"/>tiv<span class="_ _3"/>e T<span class="_ _0"/>eam<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The oper<span class="_ _0"/>ating segmen<span class="_ _0"/>ts are<span class="_ _0"/> managed primar<span class="_ _4"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ily o<span class="_ _3"/>n the b<span class="_ _3"/>as<span class="_ _3"/>is of EB<span class="_ _3"/>IT<span class="_ _3"/>DA an<span class="_ _3"/>d inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial<span class="_ _0"/> income,<span class="_ _0"/> financial<span class="_ _0"/> expense<span class="_ _0"/>s, and<span class="_ _0"/> tax<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e all<span class="_ _3"/>oca<span class="_ _3"/>ted to th<span class="_ _3"/>e op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng s<span class="_ _3"/>eg<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ile </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e the<span class="_ _3"/>m at G<span class="_ _3"/>rou<span class="_ _3"/>p leve<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>gm<span class="_ _3"/>en<span class="_ _3"/>t inc<span class="_ _3"/>om<span class="_ _3"/>e an<span class="_ _3"/>d seg<span class="_ _3"/>me<span class="_ _3"/>nt e<span class="_ _3"/>xp<span class="_ _3"/>ens<span class="_ _3"/>es a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ose i<span class="_ _3"/>tem<span class="_ _3"/>s tha<span class="_ _3"/>t, i<span class="_ _3"/>n ou<span class="_ _3"/>r inte<span class="_ _3"/>rn<span class="_ _3"/>al m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>t<span class="_ _3"/>in<span class="_ _3"/>g, a<span class="_ _3"/>re di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to i<span class="_ _3"/>ndi<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>gm<span class="_ _3"/>ent<span class="_ _3"/>s or c<span class="_ _3"/>an b<span class="_ _3"/>e ind<span class="_ _3"/>i<span class="_ _3"/>rec<span class="_ _3"/>tly al<span class="_ _3"/>loca<span class="_ _3"/>ted to i<span class="_ _3"/>nd<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vi<span class="_ _3"/>du<span class="_ _3"/>al se<span class="_ _3"/>gm<span class="_ _3"/>e<span class="_ _3"/>nts o<span class="_ _3"/>n a rel<span class="_ _3"/>ia<span class="_ _3"/>ble b<span class="_ _3"/>as<span class="_ _3"/>is<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:479.375px;"><span style="position: absolute; display: inline-block; left: 693.953px; top: 0.0078125px; width: 27.8613px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 105.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement</span><span style="position: absolute; display: inline-block; left: 522.625px; top: 12.0234px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 593.688px; top: 12.0234px; width: 50.1445px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Report<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able</span><span style="position: absolute; display: inline-block; left: 676.047px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 491.127px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 347.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Off<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>shore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span></span><span style="position: absolute; display: inline-block; left: 532.797px; top: 24.0234px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 601.391px; top: 24.0234px; width: 43.0781px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">segments</span><span style="position: absolute; display: inline-block; left: 665.344px; top: 24.0078px; width: 130.037px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 796.975px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">External r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 310.957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57,062<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,643<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,525<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,255</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 720.586px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Intra-gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oup r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,365<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(295)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,047<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,047)</span></span><span style="position: absolute; display: inline-block; left: 721.219px; top: 57.332px; width: 4.71094px; white-space: pre; word-spacing: 0.05247px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 793.328px; top: 56.7598px; width: 2.94727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span><span style="position: absolute; display: inline-block; left: 0px; top: 70.2734px; width: 797.531px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>58,427<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>80,277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>79,255</span><span style="position: absolute; display: inline-block; left: 0px; top: 89.0254px; width: 797.344px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 323.883px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(31,773)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(129)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(15,024)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(46,926)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>302<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(46,624)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.025px; width: 797.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts and o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ther ext<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ernal expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 190.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,712)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,460)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,730)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,902)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(13,780)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.025px; width: 797.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gain (loss) on dispos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al of non-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 201.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,751<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,745<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,745</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.025px; width: 796.998px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additional o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ther operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(8,829)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,948<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,829)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,824)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.041px; width: 797.115px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>fit (loss) in ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ociat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and joint ventur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(47)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(55)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(55)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 158.555px; width: 797.309px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 349.594px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>13,817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,970<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,523<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,310<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>407<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,717</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.291px; width: 797.039px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 251.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,815)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,957)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(759)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,531)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(264)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,795)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 191.291px; width: 797.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 300.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(25,526)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(927)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(322)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(26,775)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(26,775)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 204.82px; width: 797.355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Operating pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit (lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) (EBIT)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 253.717px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(18,524)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>86<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(17,996)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>143<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(17,853)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 223.07px; width: 44.6133px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y ratios</span><span style="position: absolute; display: inline-block; left: 0px; top: 237.557px; width: 797.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, plant, and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 147.398px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">111,188<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>62,626<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>181,946<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,249<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>183,195</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 251.557px; width: 797.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments and non-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.842px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">770<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>143<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,005<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>167<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,172</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 265.557px; width: 797.508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al expendit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ure<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.473px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,285)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,001)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,542)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,542)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 279.572px; width: 797.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, work in pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,705<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,705<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,705</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.572px; width: 797.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 250.863px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,365)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,446)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(15,811)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(15,811)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 307.572px; width: 797.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, other it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 249.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>461<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>870<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,844<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,950<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,794</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.572px; width: 797.068px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 317.449px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,645)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,311)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(738)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(10,694)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>311<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(10,383)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.588px; width: 797.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 256.992px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(8,840)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,062)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,075)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12,977)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(12,977)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 349.588px; width: 797.01px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 308.01px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(16,865)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(17,889)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,997)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(19,886)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 363.588px; width: 797.209px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 356.156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,187<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,787)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(348)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,948)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>901<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,047)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 377.588px; width: 797.396px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and other pay<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 202.289px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,789)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,776)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,274)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 391.117px; width: 797.379px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Capital empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yed at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 230.988px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">83,574<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>35,634<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>123,863<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,307<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>125,170</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 409.367px; width: 797.572px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ret<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>urn on capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed (ROCE),<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>%<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 319.775px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(14.2)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 428.104px; width: 797.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s from oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating activities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 227.004px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">21,209<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>609<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,550<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,368<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,164<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>28,532</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 442.104px; width: 797.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 300.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(28,613)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,069)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(727)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(38,409)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(100)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(38,509)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 456.119px; width: 797.18px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Divestment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,566<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(24)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,542</span><span style="position: absolute; display: inline-block; left: 0px; top: 469.633px; width: 797.016px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ee cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w (FCF)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.881px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(5,904)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(8,455)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(12,475)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,040<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(8,435)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The column ‘<span class="_ _0"/>Other activities/<span class="_ _0"/>eliminations’ primaril<span class="_ _4"/>y cover<span class="_ _0"/>s the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">elimination of int<span class="_ _0"/>er<span class="_ _0"/>-segment tr<span class="_ _0"/>ansactions<span class="_ _0"/>. It also includes inc<span class="_ _0"/>ome </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and cost<span class="_ _0"/>s, ass<span class="_ _0"/>ets and liabilities<span class="_ _0"/>, in<span class="_ _0"/>vestment activit<span class="_ _0"/>y<span class="_ _0"/>, t<span class="_ _0"/>ax<span class="_ _0"/>es, e<span class="_ _0"/>tc.,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">handled at Gr<span class="_ _0"/>oup l<span class="_ _0"/>ev<span class="_ _0"/>el.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including the elimination of other activities,<span class="_ _0"/> the to<span class="_ _0"/>tal elimination<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of intr<span class="_ _0"/>a-group r<span class="_ _0"/>e<span class="_ _0"/>venue amount<span class="_ _0"/>s to DKK -4,896 mil<span class="_ _0"/>lion, which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">primaril<span class="_ _0"/>y rel<span class="_ _0"/>at<span class="_ _0"/>es t<span class="_ _0"/>o our Shared Functions s<span class="_ _0"/>ervices as w<span class="_ _0"/>ell as our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">B2B business activities.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:479.375px;"><span style="position: absolute; display: inline-block; left: 693.953px; top: 0.0078125px; width: 27.8613px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 105.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022 income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement</span><span style="position: absolute; display: inline-block; left: 522.625px; top: 12.0234px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 593.688px; top: 12.0234px; width: 50.1445px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Report<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able</span><span style="position: absolute; display: inline-block; left: 676.047px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 491.127px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 347.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Off<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>shore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span></span><span style="position: absolute; display: inline-block; left: 532.797px; top: 24.0234px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 601.391px; top: 24.0234px; width: 43.0781px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">segments</span><span style="position: absolute; display: inline-block; left: 665.344px; top: 24.0078px; width: 130.037px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 797.039px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">External r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 310.957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">61,110<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,014<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>50,279<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114,403<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 721.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Intra-gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oup r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,151<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,036)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,115)</span></span><span style="position: absolute; display: inline-block; left: 721.219px; top: 57.332px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 793.328px; top: 56.7598px; width: 2.94727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span><span style="position: absolute; display: inline-block; left: 0px; top: 70.2734px; width: 797.52px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,261<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,014<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>46,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>118,518<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,101)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span><span style="position: absolute; display: inline-block; left: 0px; top: 89.0254px; width: 797.209px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sale<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 323.883px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(48,538)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(57)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(34,748)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(83,343)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,040<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(79,303)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.025px; width: 797.332px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts and o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ther ext<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ernal expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 190.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(8,410)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,831)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,370)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12,611)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>284<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12,327)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.025px; width: 797.355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gain (loss) on dispos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al of non-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 194.742px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,885<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 131.025px; width: 797.496px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additional o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ther operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,716)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,472<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(487)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,731)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,729)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.041px; width: 797.086px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>fit (loss) in ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ociat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and joint ventur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">108<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">114<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">114</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 158.555px; width: 797.309px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 349.594px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,569<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,644<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,619<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31,832<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>225<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>32,057</span><span style="position: absolute; display: inline-block; left: 0px; top: 177.291px; width: 797.039px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 251.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,006)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,644)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(859)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,509)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(245)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,754)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 191.291px; width: 796.986px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 305.859px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 204.82px; width: 797.42px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Operating pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit (lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) (EBIT)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.68px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,034<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,000<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,760<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,794<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(20)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,774</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 223.07px; width: 44.6133px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y ratios</span><span style="position: absolute; display: inline-block; left: 0px; top: 237.557px; width: 797.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, plant, and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 147.398px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">114,130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,320<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,868<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>180,318<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,376<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>181,694</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 251.557px; width: 797.109px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments and non-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.842px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">605<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>100<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>124<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>829<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>167<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>996</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 265.557px; width: 797.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al expendit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ure<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.473px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,050)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(572)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(43)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,665)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,665)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 279.572px; width: 797.326px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, work in pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,471<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.572px; width: 797.139px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 277.588px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(15,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(15,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(15,157)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 307.572px; width: 797.133px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Net w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orking capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al, other it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 249.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,093<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>85<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>873<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,051<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,877<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,928</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.572px; width: 797.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 311.947px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(25,914)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,604)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>99<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(33,419)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,097<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(32,322)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.588px; width: 797.596px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 250.863px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(10,233)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,769)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,074)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,076)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 41.7773px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(14,076)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 349.588px; width: 797.01px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 313.582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,910)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(39)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,520)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,469)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,161)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,630)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 363.588px; width: 797.115px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 356.156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,598<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,119)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>541<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,068<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,609</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 377.588px; width: 797.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and other pay<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,192<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,191<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(936)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,255</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 391.117px; width: 797.379px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Capital empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yed at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 230.988px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">89,941<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,463<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,211<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>123,615<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,488<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>126,103</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 409.367px; width: 797.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ret<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>urn on capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed (ROCE),<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>%<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 610.751px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16.8</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 428.104px; width: 797.273px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s from oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating activities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 232.57px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,272<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,509<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,622<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,403<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,521<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,924</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 442.104px; width: 797.191px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 300.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(26,710)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(10,396)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(267)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(37,373)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(74)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(37,447)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 456.119px; width: 797.033px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Divestment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 329.291px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,451<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>56<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>133<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,636</span><span style="position: absolute; display: inline-block; left: 0px; top: 469.633px; width: 797.15px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ee cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w (FCF)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,013<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(7,831)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,351<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,467)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,580<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>113</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The column ‘<span class="_ _0"/>Other activities/<span class="_ _0"/>eliminations’ primaril<span class="_ _4"/>y cover<span class="_ _0"/>s the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">elimination of int<span class="_ _0"/>er<span class="_ _0"/>-segment tr<span class="_ _0"/>ansactions<span class="_ _0"/>. It also includes inc<span class="_ _0"/>ome </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and cost<span class="_ _0"/>s, ass<span class="_ _0"/>ets and liabilities<span class="_ _0"/>, in<span class="_ _0"/>vestment activit<span class="_ _0"/>y<span class="_ _0"/>, t<span class="_ _0"/>ax<span class="_ _0"/>es, e<span class="_ _0"/>tc.,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">handled at Gr<span class="_ _0"/>oup l<span class="_ _0"/>ev<span class="_ _0"/>el.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including the elimination of other activities,<span class="_ _0"/> the to<span class="_ _0"/>tal elimination<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of intr<span class="_ _0"/>a-group r<span class="_ _0"/>e<span class="_ _0"/>venue amount<span class="_ _0"/>s to DKK -7,296 mil<span class="_ _0"/>lion, which </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">primaril<span class="_ _0"/>y rel<span class="_ _0"/>at<span class="_ _0"/>es t<span class="_ _0"/>o our Shared Functions s<span class="_ _0"/>ervices as w<span class="_ _0"/>ell as our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">B2B business activities.</span> Development, construction, ownership, and operation of offshore wind farms in the UK, Europe, the US, and Taiwan as well as develop-ment of renewable hydrogen and green fuels in Europe and on the US Gulf Coast.Development, construction, ownership, and operation of onshore wind and solar farms in the US and in Europe, including integrated storage.Generation of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and of our Danish and Swedish B2B customers. UK, Europe, the US, and Taiwan <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng s<span class="_ _3"/>eg<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>ste<span class="_ _3"/>nt wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r in<span class="_ _3"/>tern<span class="_ _3"/>al r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>ng to o<span class="_ _3"/>ur ch<span class="_ _3"/>ie<span class="_ _3"/>f op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ci<span class="_ _3"/>sio<span class="_ _3"/>n-<span class="_ _3"/>ma<span class="_ _3"/>ke<span class="_ _3"/>r, the G<span class="_ _3"/>rou<span class="_ _3"/>p Ex<span class="_ _3"/>ecu<span class="_ _3"/>tiv<span class="_ _3"/>e T<span class="_ _0"/>eam<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The oper<span class="_ _0"/>ating segmen<span class="_ _0"/>ts are<span class="_ _0"/> managed primar<span class="_ _4"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ily o<span class="_ _3"/>n the b<span class="_ _3"/>as<span class="_ _3"/>is of EB<span class="_ _3"/>IT<span class="_ _3"/>DA an<span class="_ _3"/>d inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial<span class="_ _0"/> income,<span class="_ _0"/> financial<span class="_ _0"/> expense<span class="_ _0"/>s, and<span class="_ _0"/> tax<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e all<span class="_ _3"/>oca<span class="_ _3"/>ted to th<span class="_ _3"/>e op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng s<span class="_ _3"/>eg<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ile </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e the<span class="_ _3"/>m at G<span class="_ _3"/>rou<span class="_ _3"/>p leve<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>gm<span class="_ _3"/>en<span class="_ _3"/>t inc<span class="_ _3"/>om<span class="_ _3"/>e an<span class="_ _3"/>d seg<span class="_ _3"/>me<span class="_ _3"/>nt e<span class="_ _3"/>xp<span class="_ _3"/>ens<span class="_ _3"/>es a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ose i<span class="_ _3"/>tem<span class="_ _3"/>s tha<span class="_ _3"/>t, i<span class="_ _3"/>n ou<span class="_ _3"/>r inte<span class="_ _3"/>rn<span class="_ _3"/>al m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>t<span class="_ _3"/>in<span class="_ _3"/>g, a<span class="_ _3"/>re di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to i<span class="_ _3"/>ndi<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>gm<span class="_ _3"/>ent<span class="_ _3"/>s or c<span class="_ _3"/>an b<span class="_ _3"/>e ind<span class="_ _3"/>i<span class="_ _3"/>rec<span class="_ _3"/>tly al<span class="_ _3"/>loca<span class="_ _3"/>ted to i<span class="_ _3"/>nd<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vi<span class="_ _3"/>du<span class="_ _3"/>al se<span class="_ _3"/>gm<span class="_ _3"/>e<span class="_ _3"/>nts o<span class="_ _3"/>n a rel<span class="_ _3"/>ia<span class="_ _3"/>ble b<span class="_ _3"/>as<span class="_ _3"/>is<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>v<span class="_ _0"/>enue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:328.8125px;"><span style="position: absolute; display: inline-block; left: 469.094px; top: 0.0078125px; width: 28.3242px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other </span><span style="position: absolute; display: inline-block; left: 859.5px; top: 0.0078125px; width: 28.3242px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 38.1797px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 12.0234px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 12.0078px; width: 24.6387px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 764.078px; top: 12.0078px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 841.875px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 940.125px; top: 12.0078px; width: 24.6387px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 342.439px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Off<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 384.156px; top: 24.0234px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 440.422px; top: 24.0078px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0078px; width: 183.527px; white-space: pre; word-spacing: 0.225px; letter-spacing: -0.225px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">tota<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>l<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 774.922px; top: 24.0078px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 832.094px; top: 23.9922px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 941.656px; top: 23.9922px; width: 21.7148px; white-space: pre; word-spacing: 0.225px; letter-spacing: -0.225px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">tota<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>l</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 962.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Generation o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,585 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.1482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,306<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">19,062<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,121<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,701<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29,971</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,329<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">395<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(288)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,439<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34,392<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,936<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,099)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,229</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 200.197px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cons<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>truction of wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms and </span><span style="position: absolute; display: inline-block; left: 0px; top: 82.7441px; width: 962.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">transmission ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.879px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,589<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,737<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,640<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,640</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 963.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Generation and s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f heat and st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eam<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,002<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,002</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.744px; width: 963.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f gas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,296<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,296<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,954<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,954</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 124.76px; width: 962.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Distribution and tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansmission<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 136.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>308<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>272</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 138.76px; width: 963.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">O&amp;M and other servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,045<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>163<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>942<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(733)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,417<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,403<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>31<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>733<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(45)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,122</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 152.273px; width: 963.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om customer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">46,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>66,035<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>63,584<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,152<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43,603<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,149)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>105,190</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 171.01px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ernment gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ants<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,518<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>296<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>364<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,178<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,831<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>862<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>493<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,186</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.01px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Miscel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>laneous r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,361<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(161)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>842<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>846<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,147<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>48<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,041</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 198.539px; width: 963.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">58,427<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>79,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,261<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,014<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>46,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,101)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 216.789px; width: 203.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Timing of re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>enue rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognition from cust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>omers</span><span style="position: absolute; display: inline-block; left: 0px; top: 231.275px; width: 962.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">At a point in time<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 159.65px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">34,657<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,722<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>46,842<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>48,833<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,152<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>26,564<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,149)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>73,400</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.275px; width: 962.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Over time<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,891<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,302<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">19,193<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,751<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,039<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">31,790</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.805px; width: 963.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om customer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">46,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>66,035<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>63,584<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,152<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43,603<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,149)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>105,190</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 277.055px; width: 178.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e of goods and service<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 291.541px; width: 962.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e of goods<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 114.398px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">54,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,585<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,736<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(303)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>75,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>66,984<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,001<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>45,837<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,044)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>111,778</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 305.541px; width: 962.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e of s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,825<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>494<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(719)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,635<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(57)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,639</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 319.07px; width: 963.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">58,427<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,023)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>79,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,261<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,014<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>46,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,101)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>venue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The timing of tr<span class="_ _0"/>ansf<span class="_ _0"/>er of goods or s<span class="_ _0"/>ervices t<span class="_ _0"/>o cust<span class="_ _0"/>omers is cat<span class="_ _0"/>ego<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rised as f<span class="_ _0"/>oll<span class="_ _0"/>o<span class="_ _0"/>ws:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _15c"/>At a point in time<span class="_ _0"/>’ mainl<span class="_ _0"/>y compris<span class="_ _0"/>es:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>sal<span class="_ _0"/>e of po<span class="_ _0"/>wer or gas in the mark<span class="_ _0"/>et,<span class="_ _0"/> e.<span class="_ _0"/>g. Nor<span class="_ _0"/>d Pool,<span class="_ _0"/> <span class="_ _0"/>TTF<span class="_ _0"/>, NBP<span class="_ _4"/>, </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and ERC<span class="_ _0"/>O<span class="_ _0"/>T</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>sal<span class="_ _0"/>e of tr<span class="_ _0"/>ansmission asse<span class="_ _0"/>ts fr<span class="_ _0"/>om off<span class="_ _0"/>shore wind f<span class="_ _4"/>arms. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _0"/>Over time<span class="_ _0"/>’ mainl<span class="_ _0"/>y compris<span class="_ _0"/>es:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>cons<span class="_ _0"/>truction agreement<span class="_ _0"/>s f<span class="_ _0"/>or wind f<span class="_ _0"/>arms and tr<span class="_ _0"/>ansmission asset<span class="_ _0"/>s</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>l<span class="_ _0"/>ong-term c<span class="_ _0"/>ontract<span class="_ _0"/>s with cust<span class="_ _0"/>omers to deliv<span class="_ _0"/>er po<span class="_ _0"/>wer<span class="_ _0"/>,<span class="_ _0"/> heat, or gas.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Backlog</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Order backl<span class="_ _0"/>og f<span class="_ _0"/>or the c<span class="_ _0"/>onstruction of wind f<span class="_ _0"/>arms and o<span class="_ _0"/>ffshor<span class="_ _0"/>e tr<span class="_ _0"/>ans<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mission asset<span class="_ _0"/>s is remaining r<span class="_ _0"/>e<span class="_ _0"/>venue on c<span class="_ _0"/>onstruction agr<span class="_ _0"/>eements t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be rec<span class="_ _0"/>ognised in futur<span class="_ _0"/>e y<span class="_ _0"/>ears. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ov<span class="_ _0"/>erview doe<span class="_ _0"/>s not include r<span class="_ _0"/>ev<span class="_ _0"/>enue fr<span class="_ _0"/>om contr<span class="_ _0"/>acts with cust<span class="_ _0"/>omers t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">deliver gas<span class="_ _0"/>, heat, and po<span class="_ _0"/>wer<span class="_ _4"/>, or our operations and maint<span class="_ _0"/>enance agr<span class="_ _0"/>ee<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments.<span class="_ _0"/> For thes<span class="_ _0"/>e types o<span class="_ _0"/>f goods and services<span class="_ _0"/>, w<span class="_ _0"/>e rec<span class="_ _0"/>ognise the r<span class="_ _0"/>ev<span class="_ _0"/>enue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that corr<span class="_ _0"/>esponds dir<span class="_ _0"/>ectl<span class="_ _0"/>y t<span class="_ _0"/>o the value tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed t<span class="_ _0"/>o the customer<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 63.9082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Order backl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>og</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 299.895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.158px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.719px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,538<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,989</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 299.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Within one year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 133.306px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">99 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.8517px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 299.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">In more than one y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 112.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e for th<span class="_ _3"/>e yea<span class="_ _3"/>r de<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d by 31 <span class="_ _1"/>% to D<span class="_ _3"/>KK 79<span class="_ _0"/>,25<span class="_ _3"/>5 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n in 20<span class="_ _3"/>23. T<span class="_ _3"/>he d<span class="_ _3"/>ecre<span class="_ _3"/>as<span class="_ _3"/>e was p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily dr<span class="_ _3"/>ive<span class="_ _3"/>n by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>ntl<span class="_ _0"/>y lowe<span class="_ _3"/>r powe<span class="_ _3"/>r an<span class="_ _3"/>d ga<span class="_ _3"/>s pri<span class="_ _3"/>ces a<span class="_ _3"/>cro<span class="_ _3"/>ss al<span class="_ _3"/>l ma<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ket<span class="_ _3"/>s as we<span class="_ _3"/>ll as low<span class="_ _3"/>er vo<span class="_ _3"/>lum<span class="_ _3"/>es of g<span class="_ _3"/>as a<span class="_ _3"/>nd p<span class="_ _3"/>ower so<span class="_ _3"/>ld<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>venue fr<span class="_ _0"/>om c<span class="_ _0"/>onstruction<span class="_ _0"/> agreements<span class="_ _0"/> was<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 6,7<span class="_ _3"/>37 mi<span class="_ _3"/>ll<span class="_ _3"/>ion<span class="_ _3"/>, m<span class="_ _3"/>ai<span class="_ _3"/>nly rela<span class="_ _3"/>tin<span class="_ _3"/>g to the co<span class="_ _3"/>nst<span class="_ _3"/>ruc<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of B<span class="_ _3"/>orku<span class="_ _3"/>m Ri<span class="_ _3"/>f<span class="_ _3"/>fgru<span class="_ _3"/>nd 3 fo<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ner<span class="_ _3"/>s an<span class="_ _3"/>d th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>d<span class="_ _3"/>ive<span class="_ _3"/>stm<span class="_ _3"/>ent of t<span class="_ _3"/>he H<span class="_ _3"/>orn<span class="_ _3"/>se<span class="_ _3"/>a 2 tran<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>022, reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">related to the far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>n of 50 <span class="_ _4"/>% of th<span class="_ _3"/>e <span class="_ _49"/>H<span class="_ _3"/>orn<span class="_ _3"/>sea 2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">offshor<span class="_ _0"/>e tr<span class="_ _0"/>ansmission<span class="_ _0"/> asset<span class="_ _0"/> and t<span class="_ _0"/>he c<span class="_ _0"/>ontruction<span class="_ _0"/> of<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Great<span class="_ _0"/>er Changhua<span class="_ _0"/> 1 f<span class="_ _0"/>or<span class="_ _0"/> partners.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>com<span class="_ _3"/>e fro<span class="_ _3"/>m gove<span class="_ _3"/>rn<span class="_ _3"/>me<span class="_ _3"/>nt gra<span class="_ _3"/>nts i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>sed i<span class="_ _3"/>n 202<span class="_ _3"/>3 du<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s bei<span class="_ _3"/>ng b<span class="_ _3"/>elow s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>y pri<span class="_ _3"/>ces<span class="_ _3"/>, lea<span class="_ _3"/>di<span class="_ _3"/>ng to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a hi<span class="_ _3"/>gh<span class="_ _3"/>er s<span class="_ _3"/>ubs<span class="_ _3"/>idy p<span class="_ _3"/>er M<span class="_ _3"/>Wh p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 1 J<span class="_ _3"/>an<span class="_ _3"/>ua<span class="_ _3"/>ry 2<span class="_ _3"/>023, w<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>ed o<span class="_ _3"/>ur a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th res<span class="_ _3"/>pe<span class="_ _3"/>ct to pr<span class="_ _3"/>ese<span class="_ _3"/>ntati<span class="_ _3"/>on of reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d re<span class="_ _3"/>lated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts fr<span class="_ _3"/>om th<span class="_ _3"/>e sett<span class="_ _3"/>lem<span class="_ _3"/>ent of fa<span class="_ _3"/>ile<span class="_ _3"/>d own<span class="_ _3"/>-u<span class="_ _3"/>se powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>trac<span class="_ _3"/>ts<span class="_ _3"/>. Se<span class="_ _3"/>e mo<span class="_ _3"/>re in n<span class="_ _3"/>ote 1.2 ‘<span class="_ _3"/>Ba<span class="_ _3"/>si<span class="_ _3"/>s of pre<span class="_ _3"/>pa<span class="_ _3"/>rat<span class="_ _3"/>ion<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion s<span class="_ _3"/>pe<span class="_ _3"/>ci<span class="_ _3"/>fi<span class="_ _3"/>ed i<span class="_ _3"/>n a cont<span class="_ _3"/>rac<span class="_ _3"/>t wi<span class="_ _3"/>th a cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>on pr<span class="_ _3"/>ic<span class="_ _3"/>e) an<span class="_ _3"/>d exc<span class="_ _3"/>lud<span class="_ _3"/>es a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>lle<span class="_ _3"/>cte<span class="_ _3"/>d on be<span class="_ _3"/>ha<span class="_ _3"/>lf of t<span class="_ _3"/>hi<span class="_ _3"/>rd pa<span class="_ _3"/>r<span class="_ _3"/>tie<span class="_ _3"/>s, i<span class="_ _3"/>.e<span class="_ _3"/>. V<span class="_ _0"/>A<span class="_ _0"/>T<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e wh<span class="_ _3"/>en w<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>r co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tro<span class="_ _3"/>l ove<span class="_ _3"/>r a pro<span class="_ _3"/>du<span class="_ _3"/>ct o<span class="_ _3"/>r se<span class="_ _3"/>rv<span class="_ _3"/>ice to a c<span class="_ _3"/>us<span class="_ _3"/>tome<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or a p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If a p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice i<span class="_ _3"/>s va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i.<span class="_ _3"/>e. b<span class="_ _3"/>on<span class="_ _3"/>us pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s, i<span class="_ _3"/>nc<span class="_ _3"/>ent<span class="_ _3"/>ive p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>ed de<span class="_ _3"/>ad<span class="_ _3"/>l<span class="_ _3"/>ine<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>, th<span class="_ _3"/>e var<span class="_ _3"/>ia<span class="_ _3"/>ble c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in rev<span class="_ _3"/>en<span class="_ _3"/>ue wh<span class="_ _3"/>en i<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hi<span class="_ _3"/>gh<span class="_ _3"/>ly pro<span class="_ _3"/>ba<span class="_ _3"/>ble t<span class="_ _3"/>hat t<span class="_ _3"/>he re<span class="_ _3"/>ven<span class="_ _3"/>ue w<span class="_ _3"/>il<span class="_ _3"/>l not b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>n su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ad<span class="_ _3"/>ju<span class="_ _3"/>st th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e ti<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue of m<span class="_ _3"/>on<span class="_ _3"/>ey if t<span class="_ _3"/>he pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s ex<span class="_ _3"/>cee<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">twelve mont<span class="_ _3"/>hs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on o<span class="_ _3"/>f powe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n of pow<span class="_ _3"/>er i<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>d at ou<span class="_ _3"/>r own w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, sol<span class="_ _3"/>ar fa<span class="_ _3"/>rm<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d pow<span class="_ _3"/>er s<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s as we<span class="_ _3"/>ll a<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>ci<span class="_ _3"/>lla<span class="_ _3"/>ry s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces<span class="_ _3"/>. We re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>he p<span class="_ _3"/>ower i<span class="_ _3"/>s pro<span class="_ _3"/>du<span class="_ _3"/>ce<span class="_ _3"/>d, s<span class="_ _3"/>in<span class="_ _3"/>ce th<span class="_ _3"/>is is w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs oc<span class="_ _3"/>cur<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for h<span class="_ _3"/>av<span class="_ _3"/>in<span class="_ _3"/>g CPH p<span class="_ _3"/>la<span class="_ _3"/>nts o<span class="_ _3"/>n sta<span class="_ _3"/>nd<span class="_ _3"/>by or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>ady to i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se o<span class="_ _3"/>r de<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of po<span class="_ _3"/>wer to b<span class="_ _3"/>ala<span class="_ _3"/>nc<span class="_ _3"/>e the d<span class="_ _3"/>em<span class="_ _3"/>an<span class="_ _3"/>d an<span class="_ _3"/>d su<span class="_ _3"/>pp<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he sy<span class="_ _3"/>ste<span class="_ _3"/>m is co<span class="_ _3"/>ns<span class="_ _3"/>ide<span class="_ _3"/>re<span class="_ _3"/>d on<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obligation<span class="_ _0"/> fulfill<span class="_ _0"/>ed o<span class="_ _0"/>ver t<span class="_ _0"/>ime.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>owe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>ower i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>des r<span class="_ _3"/>eve<span class="_ _3"/>nue f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of po<span class="_ _3"/>wer s<span class="_ _3"/>ou<span class="_ _3"/>rced f<span class="_ _3"/>ro<span class="_ _3"/>m othe<span class="_ _3"/>r pr<span class="_ _3"/>od<span class="_ _3"/>uce<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es th<span class="_ _3"/>e sa<span class="_ _3"/>le of p<span class="_ _3"/>ower s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tor pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, t<span class="_ _3"/>hi<span class="_ _3"/>rd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">party balancing<span class="_ _0"/> con<span class="_ _0"/>tracts, e<span class="_ _0"/>xchanges, and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er s<span class="_ _3"/>ale<span class="_ _3"/>s con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he sa<span class="_ _3"/>le i<span class="_ _3"/>s rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he po<span class="_ _3"/>wer i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>ed to th<span class="_ _3"/>e gr<span class="_ _3"/>id<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of pow<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ic<span class="_ _3"/>e, or w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re ex<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er<span class="_ _3"/>s to the c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r at a v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le p<span class="_ _3"/>ric<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>e<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>er<span class="_ _3"/>ies to b<span class="_ _3"/>e sa<span class="_ _3"/>tis<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me<span class="_ _3"/>. For s<span class="_ _3"/>uc<span class="_ _3"/>h cont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>nd fo<span class="_ _3"/>r lo<span class="_ _3"/>ng<span class="_ _3"/>-ter<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s on s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g pow<span class="_ _3"/>er a<span class="_ _3"/>t a fi<span class="_ _3"/>xed p<span class="_ _3"/>ri<span class="_ _3"/>ce, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue i<span class="_ _3"/>n th<span class="_ _3"/>e am<span class="_ _3"/>oun<span class="_ _3"/>t up to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we ha<span class="_ _3"/>ve a ri<span class="_ _3"/>ght to i<span class="_ _3"/>nvo<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rev<span class="_ _0"/>enue from<span class="_ _0"/> constr<span class="_ _0"/>uction o<span class="_ _0"/>f wind<span class="_ _0"/> farms</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>ct<span class="_ _3"/>ion o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t and c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n ph<span class="_ _3"/>as<span class="_ _3"/>e fro<span class="_ _3"/>m de<span class="_ _3"/>sig<span class="_ _3"/>n to de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n <span class="_ _6"/>o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al a<span class="_ _3"/>ss<span class="_ _3"/>et. T<span class="_ _3"/>he a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nt con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>st<span class="_ _3"/>s of two p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rm<span class="_ _3"/>anc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>ns:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>W<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore t<span class="_ _3"/>ra<span class="_ _3"/>nsm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n as<span class="_ _3"/>set<span class="_ _3"/>s, i<span class="_ _3"/>f ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>bl<span class="_ _3"/>e. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs' s<span class="_ _3"/>ha<span class="_ _3"/>res of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm a<span class="_ _3"/>nd of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if a<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>cab<span class="_ _3"/>le<span class="_ _3"/>. If ou<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de m<span class="_ _3"/>ult<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e wi<span class="_ _3"/>ll be a<span class="_ _3"/>llo<span class="_ _3"/>cate<span class="_ _3"/>d to ea<span class="_ _3"/>ch p<span class="_ _3"/>er<span class="_ _3"/>for-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>nc<span class="_ _3"/>e obl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n bas<span class="_ _3"/>ed o<span class="_ _3"/>n the s<span class="_ _3"/>tan<span class="_ _3"/>d-<span class="_ _3"/>a<span class="_ _3"/>lon<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g pri<span class="_ _3"/>ces<span class="_ _3"/>. W<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ese a<span class="_ _3"/>re no<span class="_ _3"/>t di<span class="_ _3"/>rec<span class="_ _3"/>tly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le, th<span class="_ _3"/>ey ar<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed c<span class="_ _0"/>ost<span class="_ _0"/>-pl<span class="_ _0"/>us mar<span class="_ _0"/>gin. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>, usi<span class="_ _3"/>ng a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re p<span class="_ _3"/>rog<span class="_ _3"/>res<span class="_ _3"/>s towa<span class="_ _3"/>rds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>lete sa<span class="_ _3"/>tis<span class="_ _3"/>fac<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n be<span class="_ _3"/>ca<span class="_ _3"/>use t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r ga<span class="_ _3"/>in<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l of th<span class="_ _3"/>e wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm du<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>roce<span class="_ _3"/>ss<span class="_ _3"/>. Th<span class="_ _3"/>e in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d ref<span class="_ _3"/>lec<span class="_ _3"/>ts t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g tra<span class="_ _3"/>ns<span class="_ _3"/>fer of co<span class="_ _3"/>ntr<span class="_ _3"/>ol<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>on of a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m con<span class="_ _3"/>si<span class="_ _3"/>st<span class="_ _3"/>s of a fi<span class="_ _3"/>xe<span class="_ _3"/>d fee a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a re<span class="_ _3"/>lati<span class="_ _3"/>ve<span class="_ _3"/>ly min<span class="_ _3"/>or v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le fe<span class="_ _3"/>e, d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>di<span class="_ _3"/>ng on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm ca<span class="_ _3"/>n be p<span class="_ _3"/>ut i<span class="_ _3"/>nto op<span class="_ _3"/>er<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rati<span class="_ _3"/>on fo<span class="_ _3"/>r an o<span class="_ _3"/>ffs<span class="_ _3"/>ho<span class="_ _3"/>re tr<span class="_ _3"/>ans<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ss<span class="_ _3"/>ion a<span class="_ _3"/>ss<span class="_ _3"/>et is a f<span class="_ _3"/>ix<span class="_ _3"/>ed fe<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Af<span class="_ _3"/>ter s<span class="_ _3"/>ig<span class="_ _3"/>ni<span class="_ _3"/>ng th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gr<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>nt, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we ca<span class="_ _3"/>rr<span class="_ _3"/>y ou<span class="_ _3"/>t an a<span class="_ _3"/>sse<span class="_ _3"/>ss<span class="_ _3"/>me<span class="_ _3"/>nt de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d to be co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>eted<span class="_ _3"/>. We ca<span class="_ _3"/>lcu<span class="_ _3"/>late th<span class="_ _3"/>e si<span class="_ _3"/>ze of th<span class="_ _3"/>e va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>n thi<span class="_ _3"/>s ba<span class="_ _3"/>si<span class="_ _3"/>s. We o<span class="_ _3"/>nly rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee wh<span class="_ _3"/>en i<span class="_ _3"/>t is h<span class="_ _3"/>ig<span class="_ _3"/>hly pr<span class="_ _3"/>oba<span class="_ _3"/>b<span class="_ _3"/>le tha<span class="_ _3"/>t a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t reve<span class="_ _3"/>rsa<span class="_ _3"/>l wi<span class="_ _3"/>ll n<span class="_ _3"/>ot tak<span class="_ _3"/>e pla<span class="_ _3"/>ce. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r pa<span class="_ _3"/>ys th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on a pa<span class="_ _3"/>ym<span class="_ _3"/>ent s<span class="_ _3"/>che<span class="_ _3"/>du<span class="_ _3"/>le<span class="_ _3"/>. Th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sc<span class="_ _3"/>hed<span class="_ _3"/>u<span class="_ _3"/>le is d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d an<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>gr<span class="_ _3"/>ess of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of c<span class="_ _3"/>ont<span class="_ _3"/>rol to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd s<span class="_ _3"/>al<span class="_ _3"/>e of he<span class="_ _3"/>at a<span class="_ _3"/>nd s<span class="_ _3"/>te<span class="_ _3"/>am</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">He<span class="_ _3"/>at i<span class="_ _3"/>s sol<span class="_ _3"/>d un<span class="_ _3"/>de<span class="_ _3"/>r lon<span class="_ _3"/>g-te<span class="_ _3"/>rm h<span class="_ _3"/>ea<span class="_ _3"/>t cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e hea<span class="_ _3"/>t is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al h<span class="_ _3"/>eat c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r ha<span class="_ _3"/>s ma<span class="_ _3"/>de a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent to f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ce th<span class="_ _3"/>e ma<span class="_ _3"/>jo<span class="_ _3"/>ri<span class="_ _3"/>ty of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X as<span class="_ _3"/>soc<span class="_ _3"/>ia<span class="_ _3"/>ted wi<span class="_ _3"/>th th<span class="_ _3"/>e bi<span class="_ _3"/>om<span class="_ _3"/>as<span class="_ _3"/>s con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ve<span class="_ _3"/>rsi<span class="_ _3"/>on of t<span class="_ _3"/>he C<span class="_ _3"/>HP p<span class="_ _3"/>lan<span class="_ _3"/>t. T<span class="_ _3"/>he p<span class="_ _3"/>rep<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as a c<span class="_ _3"/>ontr<span class="_ _3"/>ac<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity, a<span class="_ _3"/>nd it i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>so r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as r<span class="_ _3"/>eve<span class="_ _3"/>nue i<span class="_ _3"/>n ste<span class="_ _3"/>p wi<span class="_ _3"/>th th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of h<span class="_ _3"/>ea<span class="_ _3"/>t to th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pay<span class="_ _3"/>me<span class="_ _3"/>nt for t<span class="_ _3"/>he sa<span class="_ _3"/>le of h<span class="_ _3"/>ea<span class="_ _3"/>t con<span class="_ _3"/>si<span class="_ _3"/>sts o<span class="_ _3"/>f fi<span class="_ _3"/>xed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ate<span class="_ _3"/>d wit<span class="_ _3"/>h ope<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nte<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>nc<span class="_ _3"/>e of a CH<span class="_ _3"/>P pla<span class="_ _3"/>nt, f<span class="_ _3"/>ue<span class="_ _3"/>l cos<span class="_ _3"/>ts fo<span class="_ _3"/>r the g<span class="_ _3"/>e<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on of h<span class="_ _3"/>ea<span class="_ _3"/>t, a<span class="_ _3"/>nd a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l ret<span class="_ _3"/>urn<span class="_ _3"/>. T<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is d<span class="_ _3"/>ue wh<span class="_ _3"/>en d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>ere<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>a<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>as i<span class="_ _3"/>s our g<span class="_ _3"/>as s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m oth<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>rs<span class="_ _3"/>, an<span class="_ _3"/>d it is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed wh<span class="_ _3"/>en t<span class="_ _3"/>he g<span class="_ _3"/>as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to ou<span class="_ _3"/>r bu<span class="_ _3"/>yer. Th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>fer of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l occ<span class="_ _3"/>ur<span class="_ _3"/>s eit<span class="_ _3"/>he<span class="_ _3"/>r wh<span class="_ _3"/>en th<span class="_ _3"/>e ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>to the d<span class="_ _3"/>is<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of ga<span class="_ _3"/>s at a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e pr<span class="_ _3"/>ice<span class="_ _3"/>, or wh<span class="_ _3"/>er<span class="_ _3"/>e we ar<span class="_ _3"/>e exc<span class="_ _3"/>lus<span class="_ _3"/>ive s<span class="_ _3"/>up<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>, are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rma<span class="_ _3"/>nc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>n wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>eri<span class="_ _3"/>es to b<span class="_ _3"/>e sat<span class="_ _3"/>is<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r suc<span class="_ _3"/>h con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s, we r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt up to w<span class="_ _3"/>hi<span class="_ _3"/>ch we h<span class="_ _3"/>ave a r<span class="_ _3"/>ig<span class="_ _3"/>ht to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>oi<span class="_ _3"/>ce. S<span class="_ _3"/>om<span class="_ _3"/>e lon<span class="_ _3"/>g-te<span class="_ _3"/>rm g<span class="_ _3"/>as sa<span class="_ _3"/>le<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de c<span class="_ _3"/>lau<span class="_ _3"/>se<span class="_ _3"/>s whi<span class="_ _3"/>ch g<span class="_ _3"/>ive t<span class="_ _3"/>he r<span class="_ _3"/>ig<span class="_ _3"/>ht to ren<span class="_ _3"/>e<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">got<span class="_ _3"/>ia<span class="_ _3"/>te the f<span class="_ _3"/>ix<span class="_ _3"/>ed s<span class="_ _3"/>ale<span class="_ _3"/>s pr<span class="_ _3"/>ice<span class="_ _3"/>s. E<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tat<span class="_ _3"/>ion<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he o<span class="_ _3"/>utco<span class="_ _3"/>mes o<span class="_ _3"/>f ren<span class="_ _3"/>eg<span class="_ _3"/>oti<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in r<span class="_ _3"/>eve<span class="_ _3"/>nue b<span class="_ _3"/>efo<span class="_ _3"/>re we k<span class="_ _3"/>now th<span class="_ _3"/>e ou<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>me of t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ne<span class="_ _3"/>go<span class="_ _3"/>tia<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e ga<span class="_ _3"/>s is d<span class="_ _3"/>ue wh<span class="_ _3"/>en t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted i<span class="_ _3"/>nto th<span class="_ _3"/>e dis<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Distribution<span class="_ _0"/> and transmission</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for d<span class="_ _3"/>is<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on a<span class="_ _3"/>nd tr<span class="_ _3"/>an<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oi<span class="_ _3"/>l is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e oi<span class="_ _3"/>l is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e buy<span class="_ _3"/>er, or w<span class="_ _3"/>he<span class="_ _3"/>n the c<span class="_ _3"/>apa<span class="_ _3"/>ci<span class="_ _3"/>ty is m<span class="_ _3"/>ad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">avail<span class="_ _0"/>able.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>ted a<span class="_ _3"/>s the a<span class="_ _3"/>mo<span class="_ _3"/>unt to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we are e<span class="_ _3"/>nt<span class="_ _3"/>itle<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r<span class="_ _0"/>, an<span class="_ _3"/>d co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is pay<span class="_ _0"/>able when<span class="_ _0"/> invoic<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">O&amp;M a<span class="_ _3"/>n<span class="_ _3"/>d oth<span class="_ _3"/>er s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m pr<span class="_ _3"/>ovi<span class="_ _3"/>di<span class="_ _3"/>ng se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d over t<span class="_ _3"/>im<span class="_ _3"/>e as o<span class="_ _3"/>ur cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs s<span class="_ _3"/>im<span class="_ _3"/>ulta<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">neousl<span class="_ _0"/>y r<span class="_ _0"/>eceive<span class="_ _0"/> and c<span class="_ _0"/>onsume th<span class="_ _0"/>e benefits<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _0"/>vided. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r fi<span class="_ _3"/>xed<span class="_ _3"/>-<span class="_ _3"/>pri<span class="_ _3"/>ce<span class="_ _3"/>d cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, rev<span class="_ _3"/>en<span class="_ _3"/>ue i<span class="_ _3"/>s reco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d bas<span class="_ _3"/>ed o<span class="_ _3"/>n the a<span class="_ _3"/>ct<span class="_ _3"/>ua<span class="_ _3"/>l ser<span class="_ _3"/>v<span class="_ _3"/>ice re<span class="_ _3"/>nd<span class="_ _3"/>e<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he e<span class="_ _3"/>nd of t<span class="_ _3"/>he re<span class="_ _3"/>po<span class="_ _3"/>rt<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>rio<span class="_ _3"/>d as a p<span class="_ _3"/>ro<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e total s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces to b<span class="_ _3"/>e re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>s dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al l<span class="_ _3"/>ab<span class="_ _3"/>our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ho<span class="_ _3"/>ur<span class="_ _3"/>s sp<span class="_ _3"/>ent r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to the to<span class="_ _3"/>tal la<span class="_ _3"/>bo<span class="_ _3"/>ur h<span class="_ _3"/>ou<span class="_ _3"/>rs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expected.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>pr<span class="_ _3"/>ice c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>re in<span class="_ _3"/>voi<span class="_ _3"/>ced o<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>nth<span class="_ _3"/>ly bas<span class="_ _3"/>is<span class="_ _3"/>, an<span class="_ _3"/>d con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>ion i<span class="_ _3"/>s pa<span class="_ _3"/>yab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>nvoi<span class="_ _3"/>ce<span class="_ _3"/>d. Va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee se<span class="_ _3"/>r<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re du<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter t<span class="_ _3"/>he s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>Contract assets and liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:227.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 178.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>acts with cust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>omers </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 200.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue included in c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act liabilities at the <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7285px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">beginning of the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 451.466px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 213.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om perf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ormanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e obligations satisfied <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.7441px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">in pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vious y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 460.92px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(592)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(471)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 99.2578px; width: 81.8379px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ance<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 111.744px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 129.508px; width: 70.1074px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 0px; top: 144.01px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.289px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">802<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>408</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 157.523px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ontract ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 444.502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">802<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>408</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.773px; width: 82.5117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 190.26px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Non-current c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.728px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,297<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,085</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 204.275px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 416.355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,785<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,269</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.789px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ontract liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 424.001px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,082<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,354</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws the amount of our r<span class="_ _0"/>e<span class="_ _0"/>venue r<span class="_ _0"/>elating t<span class="_ _0"/>o c<span class="_ _0"/>ontract <span class="_ _6"/>liabilities carried f<span class="_ _4"/>orward (<span class="_ _0"/>as pr<span class="_ _0"/>epayments and def<span class="_ _4"/>erred re<span class="_ _0"/>venue<span class="_ _0"/>) and the amount </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rel<span class="_ _0"/>ating t<span class="_ _0"/>o perf<span class="_ _0"/>ormance obligations s<span class="_ _0"/>atisfied in a prior year (<span class="_ _0"/>e.<span class="_ _0"/>g. r<span class="_ _0"/>e <span class="_ _6"/>negotiations or constr<span class="_ _0"/>aints on v<span class="_ _0"/>ariable c<span class="_ _0"/>onsiderations that ar<span class="_ _0"/>e no<span class="_ _0"/>t rec<span class="_ _0"/>ognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">until they ar<span class="_ _0"/>e highl<span class="_ _0"/>y pr<span class="_ _0"/>obable<span class="_ _0"/>).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Con<span class="_ _0"/>tract<span class="_ _0"/> asse<span class="_ _0"/>ts and<span class="_ _0"/> c<span class="_ _0"/>ontr<span class="_ _0"/>act liabili<span class="_ _0"/>ties<span class="_ _0"/> primaril<span class="_ _0"/>y<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>la<span class="_ _3"/>ted to<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>th<span class="_ _3"/>e con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on of of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s wi<span class="_ _3"/>th pa<span class="_ _3"/>rt<span class="ls0">-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>rs<span class="_ _3"/>, wit<span class="_ _3"/>h ea<span class="_ _3"/>ch pa<span class="_ _3"/>r<span class="_ _3"/>ty typ<span class="_ _3"/>ica<span class="_ _3"/>lly own<span class="_ _3"/>ing 5<span class="_ _3"/>0 <span class="_ _15c"/>% of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">offshor<span class="_ _0"/>e wind<span class="_ _0"/> farm<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>p<span class="_ _3"/>r<span class="_ _0"/>epayments<span class="_ _0"/> from<span class="_ _0"/> heat c<span class="_ _0"/>ust<span class="_ _0"/>omers.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r con<span class="_ _3"/>trac<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s pri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly relate<span class="_ _3"/>d to the co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of G<span class="_ _3"/>reate<span class="_ _3"/>r Ch<span class="_ _3"/>an<span class="_ _3"/>ghu<span class="_ _3"/>a 1.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At the e<span class="_ _3"/>nd of 2<span class="_ _3"/>023, c<span class="_ _3"/>urr<span class="_ _3"/>ent co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the c<span class="_ _3"/>ons<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n of Bo<span class="_ _3"/>rku<span class="_ _3"/>m Rif<span class="_ _3"/>fgr<span class="_ _3"/>un<span class="_ _3"/>d 3 an<span class="_ _3"/>d Go<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wi<span class="_ _3"/>nd 3<span class="_ _3"/>. No<span class="_ _3"/>n-<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>nt cont<span class="_ _3"/>rac<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ily </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lated to p<span class="_ _3"/>rep<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s fro<span class="_ _3"/>m hea<span class="_ _3"/>t cus<span class="_ _3"/>tom<span class="_ _3"/>er<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At the e<span class="_ _3"/>nd of 2<span class="_ _3"/>022, co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies re<span class="_ _3"/>late<span class="_ _3"/>d to the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on of B<span class="_ _3"/>orku<span class="_ _3"/>m Ri<span class="_ _3"/>f<span class="_ _3"/>fgru<span class="_ _3"/>nd 3<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se a co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>t wh<span class="_ _3"/>en we p<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>m a se<span class="_ _3"/>rv<span class="_ _3"/>ice o<span class="_ _3"/>r tra<span class="_ _3"/>ns<span class="_ _3"/>fer g<span class="_ _3"/>oo<span class="_ _3"/>ds i<span class="_ _3"/>n ad<span class="_ _3"/>van<span class="_ _3"/>ce of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>vi<span class="_ _3"/>ng co<span class="_ _3"/>ns<span class="_ _3"/>ide<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n, a<span class="_ _3"/>nd t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is c<span class="_ _3"/>ond<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l. W<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s un<span class="_ _3"/>con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ti<span class="_ _3"/>ona<span class="_ _3"/>l<span class="_ _3"/>, an<span class="_ _3"/>d the g<span class="_ _3"/>oo<span class="_ _3"/>ds o<span class="_ _3"/>r ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s are d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ed<span class="_ _3"/>, we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se a re<span class="_ _3"/>cei<span class="_ _3"/>va<span class="_ _3"/>ble<span class="_ _3"/>. A ri<span class="_ _3"/>ght to c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is un<span class="_ _3"/>co<span class="_ _3"/>nd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>al i<span class="_ _3"/>f on<span class="_ _3"/>ly the pa<span class="_ _3"/>ss<span class="_ _3"/>ag<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ti<span class="_ _3"/>me i<span class="_ _3"/>s req<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d befo<span class="_ _3"/>re th<span class="_ _3"/>e pa<span class="_ _3"/>yme<span class="_ _3"/>nt i<span class="_ _3"/>s du<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d at t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e of th<span class="_ _3"/>e goo<span class="_ _3"/>ds d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>ere<span class="_ _3"/>d or s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>r<span class="_ _3"/>form<span class="_ _3"/>ed l<span class="_ _3"/>ess i<span class="_ _3"/>nvo<span class="_ _3"/>ici<span class="_ _3"/>ng o<span class="_ _3"/>n ac<span class="_ _3"/>cou<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se a co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty wh<span class="_ _3"/>en t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>oi<span class="_ _3"/>cin<span class="_ _3"/>g on a<span class="_ _3"/>cco<span class="_ _3"/>unt a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted lo<span class="_ _3"/>sse<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>cee<span class="_ _3"/>d th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pri<span class="_ _3"/>ce of t<span class="_ _3"/>he g<span class="_ _3"/>ood<span class="_ _3"/>s or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red to o<span class="_ _3"/>ur c<span class="_ _3"/>us<span class="_ _3"/>tome<span class="_ _3"/>r.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>v<span class="_ _0"/>enue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:328.8125px;"><span style="position: absolute; display: inline-block; left: 469.094px; top: 0.0078125px; width: 28.3242px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other </span><span style="position: absolute; display: inline-block; left: 859.5px; top: 0.0078125px; width: 28.3242px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 38.1797px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 12.0234px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 12.0078px; width: 24.6387px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 764.078px; top: 12.0078px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 841.875px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 940.125px; top: 12.0078px; width: 24.6387px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 342.439px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Off<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 384.156px; top: 24.0234px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 440.422px; top: 24.0078px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0078px; width: 183.527px; white-space: pre; word-spacing: 0.225px; letter-spacing: -0.225px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">tota<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>l<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 774.922px; top: 24.0078px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 832.094px; top: 23.9922px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 941.656px; top: 23.9922px; width: 21.7148px; white-space: pre; word-spacing: 0.225px; letter-spacing: -0.225px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">tota<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>l</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 962.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Generation o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,585 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.1482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,306<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">19,062<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,121<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,701<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29,971</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,329<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">395<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(288)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,439<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34,392<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,936<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,099)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,229</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 200.197px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cons<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>truction of wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms and </span><span style="position: absolute; display: inline-block; left: 0px; top: 82.7441px; width: 962.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">transmission ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.879px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,589<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,737<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,640<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,640</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 963.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Generation and s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f heat and st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eam<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,002<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,002</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.744px; width: 963.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f gas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,296<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,296<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,954<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,954</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 124.76px; width: 962.842px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Distribution and tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansmission<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 136.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>308<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>272</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 138.76px; width: 963.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">O&amp;M and other servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,045<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>163<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>942<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(733)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,417<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,403<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>31<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>733<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(45)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,122</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 152.273px; width: 963.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om customer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">46,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>66,035<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>63,584<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,152<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43,603<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,149)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>105,190</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 171.01px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ernment gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ants<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,518<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>296<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>364<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,178<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,831<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>862<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>493<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,186</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.01px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Miscel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>laneous r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,361<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(161)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>842<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>846<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,147<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>48<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,041</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 198.539px; width: 963.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">58,427<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>79,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,261<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,014<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>46,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,101)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 216.789px; width: 203.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Timing of re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>enue rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognition from cust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>omers</span><span style="position: absolute; display: inline-block; left: 0px; top: 231.275px; width: 962.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">At a point in time<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 159.65px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">34,657<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,722<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>46,842<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>48,833<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,152<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>26,564<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,149)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>73,400</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.275px; width: 962.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Over time<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,891<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,302<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">19,193<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,751<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,039<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">31,790</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.805px; width: 963.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om customer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">46,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,022)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>66,035<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>63,584<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,152<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43,603<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,149)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>105,190</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 277.055px; width: 178.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e of goods and service<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 291.541px; width: 962.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e of goods<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 114.398px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">54,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,585<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,736<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(303)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>75,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>66,984<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,001<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>45,837<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,044)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>111,778</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 305.541px; width: 962.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e of s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,825<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>494<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(719)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,635<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,277<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(57)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,639</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 319.07px; width: 963.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">58,427<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,023)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>79,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,261<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,014<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>46,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,101)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>114,417</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>venue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The timing of tr<span class="_ _0"/>ansf<span class="_ _0"/>er of goods or s<span class="_ _0"/>ervices t<span class="_ _0"/>o cust<span class="_ _0"/>omers is cat<span class="_ _0"/>ego<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rised as f<span class="_ _0"/>oll<span class="_ _0"/>o<span class="_ _0"/>ws:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _15c"/>At a point in time<span class="_ _0"/>’ mainl<span class="_ _0"/>y compris<span class="_ _0"/>es:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>sal<span class="_ _0"/>e of po<span class="_ _0"/>wer or gas in the mark<span class="_ _0"/>et,<span class="_ _0"/> e.<span class="_ _0"/>g. Nor<span class="_ _0"/>d Pool,<span class="_ _0"/> <span class="_ _0"/>TTF<span class="_ _0"/>, NBP<span class="_ _4"/>, </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and ERC<span class="_ _0"/>O<span class="_ _0"/>T</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>sal<span class="_ _0"/>e of tr<span class="_ _0"/>ansmission asse<span class="_ _0"/>ts fr<span class="_ _0"/>om off<span class="_ _0"/>shore wind f<span class="_ _4"/>arms. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _0"/>Over time<span class="_ _0"/>’ mainl<span class="_ _0"/>y compris<span class="_ _0"/>es:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>cons<span class="_ _0"/>truction agreement<span class="_ _0"/>s f<span class="_ _0"/>or wind f<span class="_ _0"/>arms and tr<span class="_ _0"/>ansmission asset<span class="_ _0"/>s</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>l<span class="_ _0"/>ong-term c<span class="_ _0"/>ontract<span class="_ _0"/>s with cust<span class="_ _0"/>omers to deliv<span class="_ _0"/>er po<span class="_ _0"/>wer<span class="_ _0"/>,<span class="_ _0"/> heat, or gas.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Backlog</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Order backl<span class="_ _0"/>og f<span class="_ _0"/>or the c<span class="_ _0"/>onstruction of wind f<span class="_ _0"/>arms and o<span class="_ _0"/>ffshor<span class="_ _0"/>e tr<span class="_ _0"/>ans<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mission asset<span class="_ _0"/>s is remaining r<span class="_ _0"/>e<span class="_ _0"/>venue on c<span class="_ _0"/>onstruction agr<span class="_ _0"/>eements t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be rec<span class="_ _0"/>ognised in futur<span class="_ _0"/>e y<span class="_ _0"/>ears. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ov<span class="_ _0"/>erview doe<span class="_ _0"/>s not include r<span class="_ _0"/>ev<span class="_ _0"/>enue fr<span class="_ _0"/>om contr<span class="_ _0"/>acts with cust<span class="_ _0"/>omers t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">deliver gas<span class="_ _0"/>, heat, and po<span class="_ _0"/>wer<span class="_ _4"/>, or our operations and maint<span class="_ _0"/>enance agr<span class="_ _0"/>ee<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments.<span class="_ _0"/> For thes<span class="_ _0"/>e types o<span class="_ _0"/>f goods and services<span class="_ _0"/>, w<span class="_ _0"/>e rec<span class="_ _0"/>ognise the r<span class="_ _0"/>ev<span class="_ _0"/>enue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">that corr<span class="_ _0"/>esponds dir<span class="_ _0"/>ectl<span class="_ _0"/>y t<span class="_ _0"/>o the value tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed t<span class="_ _0"/>o the customer<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 63.9082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Order backl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>og</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 299.895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.158px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.719px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,538<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,989</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 299.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Within one year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 133.306px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">99 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.8517px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 299.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">In more than one y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 112.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e for th<span class="_ _3"/>e yea<span class="_ _3"/>r de<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d by 31 <span class="_ _1"/>% to D<span class="_ _3"/>KK 79<span class="_ _0"/>,25<span class="_ _3"/>5 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n in 20<span class="_ _3"/>23. T<span class="_ _3"/>he d<span class="_ _3"/>ecre<span class="_ _3"/>as<span class="_ _3"/>e was p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily dr<span class="_ _3"/>ive<span class="_ _3"/>n by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>ntl<span class="_ _0"/>y lowe<span class="_ _3"/>r powe<span class="_ _3"/>r an<span class="_ _3"/>d ga<span class="_ _3"/>s pri<span class="_ _3"/>ces a<span class="_ _3"/>cro<span class="_ _3"/>ss al<span class="_ _3"/>l ma<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ket<span class="_ _3"/>s as we<span class="_ _3"/>ll as low<span class="_ _3"/>er vo<span class="_ _3"/>lum<span class="_ _3"/>es of g<span class="_ _3"/>as a<span class="_ _3"/>nd p<span class="_ _3"/>ower so<span class="_ _3"/>ld<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>venue fr<span class="_ _0"/>om c<span class="_ _0"/>onstruction<span class="_ _0"/> agreements<span class="_ _0"/> was<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 6,7<span class="_ _3"/>37 mi<span class="_ _3"/>ll<span class="_ _3"/>ion<span class="_ _3"/>, m<span class="_ _3"/>ai<span class="_ _3"/>nly rela<span class="_ _3"/>tin<span class="_ _3"/>g to the co<span class="_ _3"/>nst<span class="_ _3"/>ruc<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of B<span class="_ _3"/>orku<span class="_ _3"/>m Ri<span class="_ _3"/>f<span class="_ _3"/>fgru<span class="_ _3"/>nd 3 fo<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ner<span class="_ _3"/>s an<span class="_ _3"/>d th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>d<span class="_ _3"/>ive<span class="_ _3"/>stm<span class="_ _3"/>ent of t<span class="_ _3"/>he H<span class="_ _3"/>orn<span class="_ _3"/>se<span class="_ _3"/>a 2 tran<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>022, reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">related to the far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>n of 50 <span class="_ _4"/>% of th<span class="_ _3"/>e <span class="_ _49"/>H<span class="_ _3"/>orn<span class="_ _3"/>sea 2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">offshor<span class="_ _0"/>e tr<span class="_ _0"/>ansmission<span class="_ _0"/> asset<span class="_ _0"/> and t<span class="_ _0"/>he c<span class="_ _0"/>ontruction<span class="_ _0"/> of<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Great<span class="_ _0"/>er Changhua<span class="_ _0"/> 1 f<span class="_ _0"/>or<span class="_ _0"/> partners.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>com<span class="_ _3"/>e fro<span class="_ _3"/>m gove<span class="_ _3"/>rn<span class="_ _3"/>me<span class="_ _3"/>nt gra<span class="_ _3"/>nts i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>sed i<span class="_ _3"/>n 202<span class="_ _3"/>3 du<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s bei<span class="_ _3"/>ng b<span class="_ _3"/>elow s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>y pri<span class="_ _3"/>ces<span class="_ _3"/>, lea<span class="_ _3"/>di<span class="_ _3"/>ng to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a hi<span class="_ _3"/>gh<span class="_ _3"/>er s<span class="_ _3"/>ubs<span class="_ _3"/>idy p<span class="_ _3"/>er M<span class="_ _3"/>Wh p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 1 J<span class="_ _3"/>an<span class="_ _3"/>ua<span class="_ _3"/>ry 2<span class="_ _3"/>023, w<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>ed o<span class="_ _3"/>ur a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th res<span class="_ _3"/>pe<span class="_ _3"/>ct to pr<span class="_ _3"/>ese<span class="_ _3"/>ntati<span class="_ _3"/>on of reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d re<span class="_ _3"/>lated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts fr<span class="_ _3"/>om th<span class="_ _3"/>e sett<span class="_ _3"/>lem<span class="_ _3"/>ent of fa<span class="_ _3"/>ile<span class="_ _3"/>d own<span class="_ _3"/>-u<span class="_ _3"/>se powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>trac<span class="_ _3"/>ts<span class="_ _3"/>. Se<span class="_ _3"/>e mo<span class="_ _3"/>re in n<span class="_ _3"/>ote 1.2 ‘<span class="_ _3"/>Ba<span class="_ _3"/>si<span class="_ _3"/>s of pre<span class="_ _3"/>pa<span class="_ _3"/>rat<span class="_ _3"/>ion<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion s<span class="_ _3"/>pe<span class="_ _3"/>ci<span class="_ _3"/>fi<span class="_ _3"/>ed i<span class="_ _3"/>n a cont<span class="_ _3"/>rac<span class="_ _3"/>t wi<span class="_ _3"/>th a cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>on pr<span class="_ _3"/>ic<span class="_ _3"/>e) an<span class="_ _3"/>d exc<span class="_ _3"/>lud<span class="_ _3"/>es a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>lle<span class="_ _3"/>cte<span class="_ _3"/>d on be<span class="_ _3"/>ha<span class="_ _3"/>lf of t<span class="_ _3"/>hi<span class="_ _3"/>rd pa<span class="_ _3"/>r<span class="_ _3"/>tie<span class="_ _3"/>s, i<span class="_ _3"/>.e<span class="_ _3"/>. V<span class="_ _0"/>A<span class="_ _0"/>T<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e wh<span class="_ _3"/>en w<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>r co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tro<span class="_ _3"/>l ove<span class="_ _3"/>r a pro<span class="_ _3"/>du<span class="_ _3"/>ct o<span class="_ _3"/>r se<span class="_ _3"/>rv<span class="_ _3"/>ice to a c<span class="_ _3"/>us<span class="_ _3"/>tome<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or a p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If a p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice i<span class="_ _3"/>s va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i.<span class="_ _3"/>e. b<span class="_ _3"/>on<span class="_ _3"/>us pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s, i<span class="_ _3"/>nc<span class="_ _3"/>ent<span class="_ _3"/>ive p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>ed de<span class="_ _3"/>ad<span class="_ _3"/>l<span class="_ _3"/>ine<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>, th<span class="_ _3"/>e var<span class="_ _3"/>ia<span class="_ _3"/>ble c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in rev<span class="_ _3"/>en<span class="_ _3"/>ue wh<span class="_ _3"/>en i<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hi<span class="_ _3"/>gh<span class="_ _3"/>ly pro<span class="_ _3"/>ba<span class="_ _3"/>ble t<span class="_ _3"/>hat t<span class="_ _3"/>he re<span class="_ _3"/>ven<span class="_ _3"/>ue w<span class="_ _3"/>il<span class="_ _3"/>l not b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>n su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ad<span class="_ _3"/>ju<span class="_ _3"/>st th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e ti<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue of m<span class="_ _3"/>on<span class="_ _3"/>ey if t<span class="_ _3"/>he pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s ex<span class="_ _3"/>cee<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">twelve mont<span class="_ _3"/>hs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on o<span class="_ _3"/>f powe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n of pow<span class="_ _3"/>er i<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>d at ou<span class="_ _3"/>r own w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, sol<span class="_ _3"/>ar fa<span class="_ _3"/>rm<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d pow<span class="_ _3"/>er s<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s as we<span class="_ _3"/>ll a<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>ci<span class="_ _3"/>lla<span class="_ _3"/>ry s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces<span class="_ _3"/>. We re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>he p<span class="_ _3"/>ower i<span class="_ _3"/>s pro<span class="_ _3"/>du<span class="_ _3"/>ce<span class="_ _3"/>d, s<span class="_ _3"/>in<span class="_ _3"/>ce th<span class="_ _3"/>is is w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs oc<span class="_ _3"/>cur<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for h<span class="_ _3"/>av<span class="_ _3"/>in<span class="_ _3"/>g CPH p<span class="_ _3"/>la<span class="_ _3"/>nts o<span class="_ _3"/>n sta<span class="_ _3"/>nd<span class="_ _3"/>by or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>ady to i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se o<span class="_ _3"/>r de<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of po<span class="_ _3"/>wer to b<span class="_ _3"/>ala<span class="_ _3"/>nc<span class="_ _3"/>e the d<span class="_ _3"/>em<span class="_ _3"/>an<span class="_ _3"/>d an<span class="_ _3"/>d su<span class="_ _3"/>pp<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he sy<span class="_ _3"/>ste<span class="_ _3"/>m is co<span class="_ _3"/>ns<span class="_ _3"/>ide<span class="_ _3"/>re<span class="_ _3"/>d on<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obligation<span class="_ _0"/> fulfill<span class="_ _0"/>ed o<span class="_ _0"/>ver t<span class="_ _0"/>ime.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>owe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>ower i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>des r<span class="_ _3"/>eve<span class="_ _3"/>nue f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of po<span class="_ _3"/>wer s<span class="_ _3"/>ou<span class="_ _3"/>rced f<span class="_ _3"/>ro<span class="_ _3"/>m othe<span class="_ _3"/>r pr<span class="_ _3"/>od<span class="_ _3"/>uce<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es th<span class="_ _3"/>e sa<span class="_ _3"/>le of p<span class="_ _3"/>ower s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tor pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, t<span class="_ _3"/>hi<span class="_ _3"/>rd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">party balancing<span class="_ _0"/> con<span class="_ _0"/>tracts, e<span class="_ _0"/>xchanges, and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er s<span class="_ _3"/>ale<span class="_ _3"/>s con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he sa<span class="_ _3"/>le i<span class="_ _3"/>s rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he po<span class="_ _3"/>wer i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>ed to th<span class="_ _3"/>e gr<span class="_ _3"/>id<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of pow<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ic<span class="_ _3"/>e, or w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re ex<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er<span class="_ _3"/>s to the c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r at a v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le p<span class="_ _3"/>ric<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>e<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>er<span class="_ _3"/>ies to b<span class="_ _3"/>e sa<span class="_ _3"/>tis<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me<span class="_ _3"/>. For s<span class="_ _3"/>uc<span class="_ _3"/>h cont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>nd fo<span class="_ _3"/>r lo<span class="_ _3"/>ng<span class="_ _3"/>-ter<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s on s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g pow<span class="_ _3"/>er a<span class="_ _3"/>t a fi<span class="_ _3"/>xed p<span class="_ _3"/>ri<span class="_ _3"/>ce, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue i<span class="_ _3"/>n th<span class="_ _3"/>e am<span class="_ _3"/>oun<span class="_ _3"/>t up to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we ha<span class="_ _3"/>ve a ri<span class="_ _3"/>ght to i<span class="_ _3"/>nvo<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rev<span class="_ _0"/>enue from<span class="_ _0"/> constr<span class="_ _0"/>uction o<span class="_ _0"/>f wind<span class="_ _0"/> farms</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>ct<span class="_ _3"/>ion o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t and c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n ph<span class="_ _3"/>as<span class="_ _3"/>e fro<span class="_ _3"/>m de<span class="_ _3"/>sig<span class="_ _3"/>n to de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n <span class="_ _6"/>o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al a<span class="_ _3"/>ss<span class="_ _3"/>et. T<span class="_ _3"/>he a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nt con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>st<span class="_ _3"/>s of two p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rm<span class="_ _3"/>anc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>ns:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>W<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore t<span class="_ _3"/>ra<span class="_ _3"/>nsm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n as<span class="_ _3"/>set<span class="_ _3"/>s, i<span class="_ _3"/>f ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>bl<span class="_ _3"/>e. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs' s<span class="_ _3"/>ha<span class="_ _3"/>res of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm a<span class="_ _3"/>nd of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if a<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>cab<span class="_ _3"/>le<span class="_ _3"/>. If ou<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de m<span class="_ _3"/>ult<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e wi<span class="_ _3"/>ll be a<span class="_ _3"/>llo<span class="_ _3"/>cate<span class="_ _3"/>d to ea<span class="_ _3"/>ch p<span class="_ _3"/>er<span class="_ _3"/>for-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>nc<span class="_ _3"/>e obl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n bas<span class="_ _3"/>ed o<span class="_ _3"/>n the s<span class="_ _3"/>tan<span class="_ _3"/>d-<span class="_ _3"/>a<span class="_ _3"/>lon<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g pri<span class="_ _3"/>ces<span class="_ _3"/>. W<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ese a<span class="_ _3"/>re no<span class="_ _3"/>t di<span class="_ _3"/>rec<span class="_ _3"/>tly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le, th<span class="_ _3"/>ey ar<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed c<span class="_ _0"/>ost<span class="_ _0"/>-pl<span class="_ _0"/>us mar<span class="_ _0"/>gin. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>, usi<span class="_ _3"/>ng a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re p<span class="_ _3"/>rog<span class="_ _3"/>res<span class="_ _3"/>s towa<span class="_ _3"/>rds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>lete sa<span class="_ _3"/>tis<span class="_ _3"/>fac<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n be<span class="_ _3"/>ca<span class="_ _3"/>use t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r ga<span class="_ _3"/>in<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l of th<span class="_ _3"/>e wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm du<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>roce<span class="_ _3"/>ss<span class="_ _3"/>. Th<span class="_ _3"/>e in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d ref<span class="_ _3"/>lec<span class="_ _3"/>ts t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g tra<span class="_ _3"/>ns<span class="_ _3"/>fer of co<span class="_ _3"/>ntr<span class="_ _3"/>ol<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>on of a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m con<span class="_ _3"/>si<span class="_ _3"/>st<span class="_ _3"/>s of a fi<span class="_ _3"/>xe<span class="_ _3"/>d fee a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a re<span class="_ _3"/>lati<span class="_ _3"/>ve<span class="_ _3"/>ly min<span class="_ _3"/>or v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le fe<span class="_ _3"/>e, d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>di<span class="_ _3"/>ng on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm ca<span class="_ _3"/>n be p<span class="_ _3"/>ut i<span class="_ _3"/>nto op<span class="_ _3"/>er<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rati<span class="_ _3"/>on fo<span class="_ _3"/>r an o<span class="_ _3"/>ffs<span class="_ _3"/>ho<span class="_ _3"/>re tr<span class="_ _3"/>ans<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ss<span class="_ _3"/>ion a<span class="_ _3"/>ss<span class="_ _3"/>et is a f<span class="_ _3"/>ix<span class="_ _3"/>ed fe<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Af<span class="_ _3"/>ter s<span class="_ _3"/>ig<span class="_ _3"/>ni<span class="_ _3"/>ng th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gr<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>nt, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we ca<span class="_ _3"/>rr<span class="_ _3"/>y ou<span class="_ _3"/>t an a<span class="_ _3"/>sse<span class="_ _3"/>ss<span class="_ _3"/>me<span class="_ _3"/>nt de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d to be co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>eted<span class="_ _3"/>. We ca<span class="_ _3"/>lcu<span class="_ _3"/>late th<span class="_ _3"/>e si<span class="_ _3"/>ze of th<span class="_ _3"/>e va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>n thi<span class="_ _3"/>s ba<span class="_ _3"/>si<span class="_ _3"/>s. We o<span class="_ _3"/>nly rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee wh<span class="_ _3"/>en i<span class="_ _3"/>t is h<span class="_ _3"/>ig<span class="_ _3"/>hly pr<span class="_ _3"/>oba<span class="_ _3"/>b<span class="_ _3"/>le tha<span class="_ _3"/>t a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t reve<span class="_ _3"/>rsa<span class="_ _3"/>l wi<span class="_ _3"/>ll n<span class="_ _3"/>ot tak<span class="_ _3"/>e pla<span class="_ _3"/>ce. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r pa<span class="_ _3"/>ys th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on a pa<span class="_ _3"/>ym<span class="_ _3"/>ent s<span class="_ _3"/>che<span class="_ _3"/>du<span class="_ _3"/>le<span class="_ _3"/>. Th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sc<span class="_ _3"/>hed<span class="_ _3"/>u<span class="_ _3"/>le is d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d an<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>gr<span class="_ _3"/>ess of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of c<span class="_ _3"/>ont<span class="_ _3"/>rol to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd s<span class="_ _3"/>al<span class="_ _3"/>e of he<span class="_ _3"/>at a<span class="_ _3"/>nd s<span class="_ _3"/>te<span class="_ _3"/>am</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">He<span class="_ _3"/>at i<span class="_ _3"/>s sol<span class="_ _3"/>d un<span class="_ _3"/>de<span class="_ _3"/>r lon<span class="_ _3"/>g-te<span class="_ _3"/>rm h<span class="_ _3"/>ea<span class="_ _3"/>t cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e hea<span class="_ _3"/>t is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al h<span class="_ _3"/>eat c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r ha<span class="_ _3"/>s ma<span class="_ _3"/>de a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent to f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ce th<span class="_ _3"/>e ma<span class="_ _3"/>jo<span class="_ _3"/>ri<span class="_ _3"/>ty of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X as<span class="_ _3"/>soc<span class="_ _3"/>ia<span class="_ _3"/>ted wi<span class="_ _3"/>th th<span class="_ _3"/>e bi<span class="_ _3"/>om<span class="_ _3"/>as<span class="_ _3"/>s con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ve<span class="_ _3"/>rsi<span class="_ _3"/>on of t<span class="_ _3"/>he C<span class="_ _3"/>HP p<span class="_ _3"/>lan<span class="_ _3"/>t. T<span class="_ _3"/>he p<span class="_ _3"/>rep<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as a c<span class="_ _3"/>ontr<span class="_ _3"/>ac<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity, a<span class="_ _3"/>nd it i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>so r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as r<span class="_ _3"/>eve<span class="_ _3"/>nue i<span class="_ _3"/>n ste<span class="_ _3"/>p wi<span class="_ _3"/>th th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of h<span class="_ _3"/>ea<span class="_ _3"/>t to th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pay<span class="_ _3"/>me<span class="_ _3"/>nt for t<span class="_ _3"/>he sa<span class="_ _3"/>le of h<span class="_ _3"/>ea<span class="_ _3"/>t con<span class="_ _3"/>si<span class="_ _3"/>sts o<span class="_ _3"/>f fi<span class="_ _3"/>xed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ate<span class="_ _3"/>d wit<span class="_ _3"/>h ope<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nte<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>nc<span class="_ _3"/>e of a CH<span class="_ _3"/>P pla<span class="_ _3"/>nt, f<span class="_ _3"/>ue<span class="_ _3"/>l cos<span class="_ _3"/>ts fo<span class="_ _3"/>r the g<span class="_ _3"/>e<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on of h<span class="_ _3"/>ea<span class="_ _3"/>t, a<span class="_ _3"/>nd a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l ret<span class="_ _3"/>urn<span class="_ _3"/>. T<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is d<span class="_ _3"/>ue wh<span class="_ _3"/>en d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>ere<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>a<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>as i<span class="_ _3"/>s our g<span class="_ _3"/>as s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m oth<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>rs<span class="_ _3"/>, an<span class="_ _3"/>d it is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed wh<span class="_ _3"/>en t<span class="_ _3"/>he g<span class="_ _3"/>as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to ou<span class="_ _3"/>r bu<span class="_ _3"/>yer. Th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>fer of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l occ<span class="_ _3"/>ur<span class="_ _3"/>s eit<span class="_ _3"/>he<span class="_ _3"/>r wh<span class="_ _3"/>en th<span class="_ _3"/>e ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>to the d<span class="_ _3"/>is<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of ga<span class="_ _3"/>s at a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e pr<span class="_ _3"/>ice<span class="_ _3"/>, or wh<span class="_ _3"/>er<span class="_ _3"/>e we ar<span class="_ _3"/>e exc<span class="_ _3"/>lus<span class="_ _3"/>ive s<span class="_ _3"/>up<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>, are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rma<span class="_ _3"/>nc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>n wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>eri<span class="_ _3"/>es to b<span class="_ _3"/>e sat<span class="_ _3"/>is<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r suc<span class="_ _3"/>h con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s, we r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt up to w<span class="_ _3"/>hi<span class="_ _3"/>ch we h<span class="_ _3"/>ave a r<span class="_ _3"/>ig<span class="_ _3"/>ht to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>oi<span class="_ _3"/>ce. S<span class="_ _3"/>om<span class="_ _3"/>e lon<span class="_ _3"/>g-te<span class="_ _3"/>rm g<span class="_ _3"/>as sa<span class="_ _3"/>le<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de c<span class="_ _3"/>lau<span class="_ _3"/>se<span class="_ _3"/>s whi<span class="_ _3"/>ch g<span class="_ _3"/>ive t<span class="_ _3"/>he r<span class="_ _3"/>ig<span class="_ _3"/>ht to ren<span class="_ _3"/>e<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">got<span class="_ _3"/>ia<span class="_ _3"/>te the f<span class="_ _3"/>ix<span class="_ _3"/>ed s<span class="_ _3"/>ale<span class="_ _3"/>s pr<span class="_ _3"/>ice<span class="_ _3"/>s. E<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tat<span class="_ _3"/>ion<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he o<span class="_ _3"/>utco<span class="_ _3"/>mes o<span class="_ _3"/>f ren<span class="_ _3"/>eg<span class="_ _3"/>oti<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in r<span class="_ _3"/>eve<span class="_ _3"/>nue b<span class="_ _3"/>efo<span class="_ _3"/>re we k<span class="_ _3"/>now th<span class="_ _3"/>e ou<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>me of t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ne<span class="_ _3"/>go<span class="_ _3"/>tia<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e ga<span class="_ _3"/>s is d<span class="_ _3"/>ue wh<span class="_ _3"/>en t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted i<span class="_ _3"/>nto th<span class="_ _3"/>e dis<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Distribution<span class="_ _0"/> and transmission</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for d<span class="_ _3"/>is<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on a<span class="_ _3"/>nd tr<span class="_ _3"/>an<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oi<span class="_ _3"/>l is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e oi<span class="_ _3"/>l is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e buy<span class="_ _3"/>er, or w<span class="_ _3"/>he<span class="_ _3"/>n the c<span class="_ _3"/>apa<span class="_ _3"/>ci<span class="_ _3"/>ty is m<span class="_ _3"/>ad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">avail<span class="_ _0"/>able.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>ted a<span class="_ _3"/>s the a<span class="_ _3"/>mo<span class="_ _3"/>unt to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we are e<span class="_ _3"/>nt<span class="_ _3"/>itle<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r<span class="_ _0"/>, an<span class="_ _3"/>d co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is pay<span class="_ _0"/>able when<span class="_ _0"/> invoic<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">O&amp;M a<span class="_ _3"/>n<span class="_ _3"/>d oth<span class="_ _3"/>er s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m pr<span class="_ _3"/>ovi<span class="_ _3"/>di<span class="_ _3"/>ng se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d over t<span class="_ _3"/>im<span class="_ _3"/>e as o<span class="_ _3"/>ur cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs s<span class="_ _3"/>im<span class="_ _3"/>ulta<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">neousl<span class="_ _0"/>y r<span class="_ _0"/>eceive<span class="_ _0"/> and c<span class="_ _0"/>onsume th<span class="_ _0"/>e benefits<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _0"/>vided. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r fi<span class="_ _3"/>xed<span class="_ _3"/>-<span class="_ _3"/>pri<span class="_ _3"/>ce<span class="_ _3"/>d cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, rev<span class="_ _3"/>en<span class="_ _3"/>ue i<span class="_ _3"/>s reco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d bas<span class="_ _3"/>ed o<span class="_ _3"/>n the a<span class="_ _3"/>ct<span class="_ _3"/>ua<span class="_ _3"/>l ser<span class="_ _3"/>v<span class="_ _3"/>ice re<span class="_ _3"/>nd<span class="_ _3"/>e<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he e<span class="_ _3"/>nd of t<span class="_ _3"/>he re<span class="_ _3"/>po<span class="_ _3"/>rt<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>rio<span class="_ _3"/>d as a p<span class="_ _3"/>ro<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e total s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces to b<span class="_ _3"/>e re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>s dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al l<span class="_ _3"/>ab<span class="_ _3"/>our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ho<span class="_ _3"/>ur<span class="_ _3"/>s sp<span class="_ _3"/>ent r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to the to<span class="_ _3"/>tal la<span class="_ _3"/>bo<span class="_ _3"/>ur h<span class="_ _3"/>ou<span class="_ _3"/>rs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expected.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>pr<span class="_ _3"/>ice c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>re in<span class="_ _3"/>voi<span class="_ _3"/>ced o<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>nth<span class="_ _3"/>ly bas<span class="_ _3"/>is<span class="_ _3"/>, an<span class="_ _3"/>d con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>ion i<span class="_ _3"/>s pa<span class="_ _3"/>yab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>nvoi<span class="_ _3"/>ce<span class="_ _3"/>d. Va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee se<span class="_ _3"/>r<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re du<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter t<span class="_ _3"/>he s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion s<span class="_ _3"/>pe<span class="_ _3"/>ci<span class="_ _3"/>fi<span class="_ _3"/>ed i<span class="_ _3"/>n a cont<span class="_ _3"/>rac<span class="_ _3"/>t wi<span class="_ _3"/>th a cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>on pr<span class="_ _3"/>ic<span class="_ _3"/>e) an<span class="_ _3"/>d exc<span class="_ _3"/>lud<span class="_ _3"/>es a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>lle<span class="_ _3"/>cte<span class="_ _3"/>d on be<span class="_ _3"/>ha<span class="_ _3"/>lf of t<span class="_ _3"/>hi<span class="_ _3"/>rd pa<span class="_ _3"/>r<span class="_ _3"/>tie<span class="_ _3"/>s, i<span class="_ _3"/>.e<span class="_ _3"/>. V<span class="_ _0"/>A<span class="_ _0"/>T<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e wh<span class="_ _3"/>en w<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>r co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tro<span class="_ _3"/>l ove<span class="_ _3"/>r a pro<span class="_ _3"/>du<span class="_ _3"/>ct o<span class="_ _3"/>r se<span class="_ _3"/>rv<span class="_ _3"/>ice to a c<span class="_ _3"/>us<span class="_ _3"/>tome<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or a p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If a p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice i<span class="_ _3"/>s va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i.<span class="_ _3"/>e. b<span class="_ _3"/>on<span class="_ _3"/>us pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s, i<span class="_ _3"/>nc<span class="_ _3"/>ent<span class="_ _3"/>ive p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>ed de<span class="_ _3"/>ad<span class="_ _3"/>l<span class="_ _3"/>ine<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>, th<span class="_ _3"/>e var<span class="_ _3"/>ia<span class="_ _3"/>ble c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in rev<span class="_ _3"/>en<span class="_ _3"/>ue wh<span class="_ _3"/>en i<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hi<span class="_ _3"/>gh<span class="_ _3"/>ly pro<span class="_ _3"/>ba<span class="_ _3"/>ble t<span class="_ _3"/>hat t<span class="_ _3"/>he re<span class="_ _3"/>ven<span class="_ _3"/>ue w<span class="_ _3"/>il<span class="_ _3"/>l not b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>n su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ad<span class="_ _3"/>ju<span class="_ _3"/>st th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e ti<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue of m<span class="_ _3"/>on<span class="_ _3"/>ey if t<span class="_ _3"/>he pa<span class="_ _3"/>ym<span class="_ _3"/>ent<span class="_ _3"/>s ex<span class="_ _3"/>cee<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">twelve mont<span class="_ _3"/>hs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on o<span class="_ _3"/>f powe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n of pow<span class="_ _3"/>er i<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>d at ou<span class="_ _3"/>r own w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, sol<span class="_ _3"/>ar fa<span class="_ _3"/>rm<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d pow<span class="_ _3"/>er s<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s as we<span class="_ _3"/>ll a<span class="_ _3"/>s the s<span class="_ _3"/>ale o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>ci<span class="_ _3"/>lla<span class="_ _3"/>ry s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces<span class="_ _3"/>. We re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>he p<span class="_ _3"/>ower i<span class="_ _3"/>s pro<span class="_ _3"/>du<span class="_ _3"/>ce<span class="_ _3"/>d, s<span class="_ _3"/>in<span class="_ _3"/>ce th<span class="_ _3"/>is is w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs oc<span class="_ _3"/>cur<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for h<span class="_ _3"/>av<span class="_ _3"/>in<span class="_ _3"/>g CPH p<span class="_ _3"/>la<span class="_ _3"/>nts o<span class="_ _3"/>n sta<span class="_ _3"/>nd<span class="_ _3"/>by or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>ady to i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se o<span class="_ _3"/>r de<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of po<span class="_ _3"/>wer to b<span class="_ _3"/>ala<span class="_ _3"/>nc<span class="_ _3"/>e the d<span class="_ _3"/>em<span class="_ _3"/>an<span class="_ _3"/>d an<span class="_ _3"/>d su<span class="_ _3"/>pp<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he sy<span class="_ _3"/>ste<span class="_ _3"/>m is co<span class="_ _3"/>ns<span class="_ _3"/>ide<span class="_ _3"/>re<span class="_ _3"/>d on<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">obligation<span class="_ _0"/> fulfill<span class="_ _0"/>ed o<span class="_ _0"/>ver t<span class="_ _0"/>ime.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>owe<span class="_ _3"/>r</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of p<span class="_ _3"/>ower i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>des r<span class="_ _3"/>eve<span class="_ _3"/>nue f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of po<span class="_ _3"/>wer s<span class="_ _3"/>ou<span class="_ _3"/>rced f<span class="_ _3"/>ro<span class="_ _3"/>m othe<span class="_ _3"/>r pr<span class="_ _3"/>od<span class="_ _3"/>uce<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es th<span class="_ _3"/>e sa<span class="_ _3"/>le of p<span class="_ _3"/>ower s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tor pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, t<span class="_ _3"/>hi<span class="_ _3"/>rd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">party balancing<span class="_ _0"/> con<span class="_ _0"/>tracts, e<span class="_ _0"/>xchanges, and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er s<span class="_ _3"/>ale<span class="_ _3"/>s con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he sa<span class="_ _3"/>le i<span class="_ _3"/>s rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he po<span class="_ _3"/>wer i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ver<span class="_ _3"/>ed to th<span class="_ _3"/>e gr<span class="_ _3"/>id<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of pow<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ic<span class="_ _3"/>e, or w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re ex<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er<span class="_ _3"/>s to the c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r at a v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le p<span class="_ _3"/>ric<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>e<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>er<span class="_ _3"/>ies to b<span class="_ _3"/>e sa<span class="_ _3"/>tis<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me<span class="_ _3"/>. For s<span class="_ _3"/>uc<span class="_ _3"/>h cont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>nd fo<span class="_ _3"/>r lo<span class="_ _3"/>ng<span class="_ _3"/>-ter<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s on s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g pow<span class="_ _3"/>er a<span class="_ _3"/>t a fi<span class="_ _3"/>xed p<span class="_ _3"/>ri<span class="_ _3"/>ce, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se re<span class="_ _3"/>ven<span class="_ _3"/>ue i<span class="_ _3"/>n th<span class="_ _3"/>e am<span class="_ _3"/>oun<span class="_ _3"/>t up to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we ha<span class="_ _3"/>ve a ri<span class="_ _3"/>ght to i<span class="_ _3"/>nvo<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e powe<span class="_ _3"/>r is d<span class="_ _3"/>ue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al p<span class="_ _3"/>ower i<span class="_ _3"/>s de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">customer<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rev<span class="_ _0"/>enue from<span class="_ _0"/> constr<span class="_ _0"/>uction o<span class="_ _0"/>f wind<span class="_ _0"/> farms</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>ct<span class="_ _3"/>ion o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t and c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>on<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n ph<span class="_ _3"/>as<span class="_ _3"/>e fro<span class="_ _3"/>m de<span class="_ _3"/>sig<span class="_ _3"/>n to de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>ry </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n <span class="_ _6"/>o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al a<span class="_ _3"/>ss<span class="_ _3"/>et. T<span class="_ _3"/>he a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nt con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>st<span class="_ _3"/>s of two p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rm<span class="_ _3"/>anc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>ns:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>W<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore t<span class="_ _3"/>ra<span class="_ _3"/>nsm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n as<span class="_ _3"/>set<span class="_ _3"/>s, i<span class="_ _3"/>f ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>bl<span class="_ _3"/>e. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts cov<span class="_ _3"/>er o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs' s<span class="_ _3"/>ha<span class="_ _3"/>res of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm a<span class="_ _3"/>nd of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if a<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>cab<span class="_ _3"/>le<span class="_ _3"/>. If ou<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de m<span class="_ _3"/>ult<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>e pe<span class="_ _3"/>rfo<span class="_ _3"/>rm<span class="_ _3"/>an<span class="_ _3"/>ce ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e wi<span class="_ _3"/>ll be a<span class="_ _3"/>llo<span class="_ _3"/>cate<span class="_ _3"/>d to ea<span class="_ _3"/>ch p<span class="_ _3"/>er<span class="_ _3"/>for-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>nc<span class="_ _3"/>e obl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n bas<span class="_ _3"/>ed o<span class="_ _3"/>n the s<span class="_ _3"/>tan<span class="_ _3"/>d-<span class="_ _3"/>a<span class="_ _3"/>lon<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g pri<span class="_ _3"/>ces<span class="_ _3"/>. W<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ese a<span class="_ _3"/>re no<span class="_ _3"/>t di<span class="_ _3"/>rec<span class="_ _3"/>tly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le, th<span class="_ _3"/>ey ar<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed c<span class="_ _0"/>ost<span class="_ _0"/>-pl<span class="_ _0"/>us mar<span class="_ _0"/>gin. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>, usi<span class="_ _3"/>ng a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re p<span class="_ _3"/>rog<span class="_ _3"/>res<span class="_ _3"/>s towa<span class="_ _3"/>rds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>lete sa<span class="_ _3"/>tis<span class="_ _3"/>fac<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n be<span class="_ _3"/>ca<span class="_ _3"/>use t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r ga<span class="_ _3"/>in<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l of th<span class="_ _3"/>e wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm du<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>roce<span class="_ _3"/>ss<span class="_ _3"/>. Th<span class="_ _3"/>e in<span class="_ _3"/>pu<span class="_ _3"/>t met<span class="_ _3"/>ho<span class="_ _3"/>d ref<span class="_ _3"/>lec<span class="_ _3"/>ts t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g tra<span class="_ _3"/>ns<span class="_ _3"/>fer of co<span class="_ _3"/>ntr<span class="_ _3"/>ol<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>on of a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m con<span class="_ _3"/>si<span class="_ _3"/>st<span class="_ _3"/>s of a fi<span class="_ _3"/>xe<span class="_ _3"/>d fee a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a re<span class="_ _3"/>lati<span class="_ _3"/>ve<span class="_ _3"/>ly min<span class="_ _3"/>or v<span class="_ _3"/>ari<span class="_ _3"/>ab<span class="_ _3"/>le fe<span class="_ _3"/>e, d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>di<span class="_ _3"/>ng on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm ca<span class="_ _3"/>n be p<span class="_ _3"/>ut i<span class="_ _3"/>nto op<span class="_ _3"/>er<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rati<span class="_ _3"/>on fo<span class="_ _3"/>r an o<span class="_ _3"/>ffs<span class="_ _3"/>ho<span class="_ _3"/>re tr<span class="_ _3"/>ans<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ss<span class="_ _3"/>ion a<span class="_ _3"/>ss<span class="_ _3"/>et is a f<span class="_ _3"/>ix<span class="_ _3"/>ed fe<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Af<span class="_ _3"/>ter s<span class="_ _3"/>ig<span class="_ _3"/>ni<span class="_ _3"/>ng th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>gr<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>nt, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we ca<span class="_ _3"/>rr<span class="_ _3"/>y ou<span class="_ _3"/>t an a<span class="_ _3"/>sse<span class="_ _3"/>ss<span class="_ _3"/>me<span class="_ _3"/>nt de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d to be co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>eted<span class="_ _3"/>. We ca<span class="_ _3"/>lcu<span class="_ _3"/>late th<span class="_ _3"/>e si<span class="_ _3"/>ze of th<span class="_ _3"/>e va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>n thi<span class="_ _3"/>s ba<span class="_ _3"/>si<span class="_ _3"/>s. We o<span class="_ _3"/>nly rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee wh<span class="_ _3"/>en i<span class="_ _3"/>t is h<span class="_ _3"/>ig<span class="_ _3"/>hly pr<span class="_ _3"/>oba<span class="_ _3"/>b<span class="_ _3"/>le tha<span class="_ _3"/>t a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t reve<span class="_ _3"/>rsa<span class="_ _3"/>l wi<span class="_ _3"/>ll n<span class="_ _3"/>ot tak<span class="_ _3"/>e pla<span class="_ _3"/>ce. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r pa<span class="_ _3"/>ys th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on a pa<span class="_ _3"/>ym<span class="_ _3"/>ent s<span class="_ _3"/>che<span class="_ _3"/>du<span class="_ _3"/>le<span class="_ _3"/>. Th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sc<span class="_ _3"/>hed<span class="_ _3"/>u<span class="_ _3"/>le is d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d an<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>gr<span class="_ _3"/>ess of t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of c<span class="_ _3"/>ont<span class="_ _3"/>rol to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd s<span class="_ _3"/>al<span class="_ _3"/>e of he<span class="_ _3"/>at a<span class="_ _3"/>nd s<span class="_ _3"/>te<span class="_ _3"/>am</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">He<span class="_ _3"/>at i<span class="_ _3"/>s sol<span class="_ _3"/>d un<span class="_ _3"/>de<span class="_ _3"/>r lon<span class="_ _3"/>g-te<span class="_ _3"/>rm h<span class="_ _3"/>ea<span class="_ _3"/>t cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e hea<span class="_ _3"/>t is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our cust<span class="_ _0"/>omer<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al h<span class="_ _3"/>eat c<span class="_ _3"/>usto<span class="_ _3"/>me<span class="_ _3"/>r ha<span class="_ _3"/>s ma<span class="_ _3"/>de a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent to f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ce th<span class="_ _3"/>e ma<span class="_ _3"/>jo<span class="_ _3"/>ri<span class="_ _3"/>ty of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X as<span class="_ _3"/>soc<span class="_ _3"/>ia<span class="_ _3"/>ted wi<span class="_ _3"/>th th<span class="_ _3"/>e bi<span class="_ _3"/>om<span class="_ _3"/>as<span class="_ _3"/>s con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ve<span class="_ _3"/>rsi<span class="_ _3"/>on of t<span class="_ _3"/>he C<span class="_ _3"/>HP p<span class="_ _3"/>lan<span class="_ _3"/>t. T<span class="_ _3"/>he p<span class="_ _3"/>rep<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as a c<span class="_ _3"/>ontr<span class="_ _3"/>ac<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity, a<span class="_ _3"/>nd it i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>so r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as r<span class="_ _3"/>eve<span class="_ _3"/>nue i<span class="_ _3"/>n ste<span class="_ _3"/>p wi<span class="_ _3"/>th th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer of h<span class="_ _3"/>ea<span class="_ _3"/>t to th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pay<span class="_ _3"/>me<span class="_ _3"/>nt for t<span class="_ _3"/>he sa<span class="_ _3"/>le of h<span class="_ _3"/>ea<span class="_ _3"/>t con<span class="_ _3"/>si<span class="_ _3"/>sts o<span class="_ _3"/>f fi<span class="_ _3"/>xed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ate<span class="_ _3"/>d wit<span class="_ _3"/>h ope<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nte<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>nc<span class="_ _3"/>e of a CH<span class="_ _3"/>P pla<span class="_ _3"/>nt, f<span class="_ _3"/>ue<span class="_ _3"/>l cos<span class="_ _3"/>ts fo<span class="_ _3"/>r the g<span class="_ _3"/>e<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on of h<span class="_ _3"/>ea<span class="_ _3"/>t, a<span class="_ _3"/>nd a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l ret<span class="_ _3"/>urn<span class="_ _3"/>. T<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is d<span class="_ _3"/>ue wh<span class="_ _3"/>en d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>ere<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>a<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>le of g<span class="_ _3"/>as i<span class="_ _3"/>s our g<span class="_ _3"/>as s<span class="_ _3"/>ou<span class="_ _3"/>rce<span class="_ _3"/>d fro<span class="_ _3"/>m oth<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ce<span class="_ _3"/>rs<span class="_ _3"/>, an<span class="_ _3"/>d it is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed wh<span class="_ _3"/>en t<span class="_ _3"/>he g<span class="_ _3"/>as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to ou<span class="_ _3"/>r bu<span class="_ _3"/>yer. Th<span class="_ _3"/>e tra<span class="_ _3"/>ns<span class="_ _3"/>fer of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntro<span class="_ _3"/>l occ<span class="_ _3"/>ur<span class="_ _3"/>s eit<span class="_ _3"/>he<span class="_ _3"/>r wh<span class="_ _3"/>en th<span class="_ _3"/>e ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>to the d<span class="_ _3"/>is<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cus<span class="_ _3"/>tom<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sa<span class="_ _3"/>les c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts fo<span class="_ _3"/>r a fi<span class="_ _3"/>xe<span class="_ _3"/>d am<span class="_ _3"/>ou<span class="_ _3"/>nt of ga<span class="_ _3"/>s at a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e pr<span class="_ _3"/>ice<span class="_ _3"/>, or wh<span class="_ _3"/>er<span class="_ _3"/>e we ar<span class="_ _3"/>e exc<span class="_ _3"/>lus<span class="_ _3"/>ive s<span class="_ _3"/>up<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r at a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>, are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red o<span class="_ _3"/>ne p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rma<span class="_ _3"/>nc<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>n wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mu<span class="_ _3"/>lti<span class="_ _3"/>ple d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>eri<span class="_ _3"/>es to b<span class="_ _3"/>e sat<span class="_ _3"/>is<span class="_ _3"/>fi<span class="_ _3"/>ed ove<span class="_ _3"/>r ti<span class="_ _3"/>me<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r suc<span class="_ _3"/>h con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s, we r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt up to w<span class="_ _3"/>hi<span class="_ _3"/>ch we h<span class="_ _3"/>ave a r<span class="_ _3"/>ig<span class="_ _3"/>ht to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>oi<span class="_ _3"/>ce. S<span class="_ _3"/>om<span class="_ _3"/>e lon<span class="_ _3"/>g-te<span class="_ _3"/>rm g<span class="_ _3"/>as sa<span class="_ _3"/>le<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de c<span class="_ _3"/>lau<span class="_ _3"/>se<span class="_ _3"/>s whi<span class="_ _3"/>ch g<span class="_ _3"/>ive t<span class="_ _3"/>he r<span class="_ _3"/>ig<span class="_ _3"/>ht to ren<span class="_ _3"/>e<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">got<span class="_ _3"/>ia<span class="_ _3"/>te the f<span class="_ _3"/>ix<span class="_ _3"/>ed s<span class="_ _3"/>ale<span class="_ _3"/>s pr<span class="_ _3"/>ice<span class="_ _3"/>s. E<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tat<span class="_ _3"/>ion<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he o<span class="_ _3"/>utco<span class="_ _3"/>mes o<span class="_ _3"/>f ren<span class="_ _3"/>eg<span class="_ _3"/>oti<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in r<span class="_ _3"/>eve<span class="_ _3"/>nue b<span class="_ _3"/>efo<span class="_ _3"/>re we k<span class="_ _3"/>now th<span class="_ _3"/>e ou<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>me of t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ne<span class="_ _3"/>go<span class="_ _3"/>tia<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e ga<span class="_ _3"/>s is d<span class="_ _3"/>ue wh<span class="_ _3"/>en t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s is i<span class="_ _3"/>nj<span class="_ _3"/>ec<span class="_ _3"/>ted i<span class="_ _3"/>nto th<span class="_ _3"/>e dis<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on sy<span class="_ _3"/>ste<span class="_ _3"/>m or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Distribution<span class="_ _0"/> and transmission</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for d<span class="_ _3"/>is<span class="_ _3"/>tr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on a<span class="_ _3"/>nd tr<span class="_ _3"/>an<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oi<span class="_ _3"/>l is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e oi<span class="_ _3"/>l is d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>re<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e buy<span class="_ _3"/>er, or w<span class="_ _3"/>he<span class="_ _3"/>n the c<span class="_ _3"/>apa<span class="_ _3"/>ci<span class="_ _3"/>ty is m<span class="_ _3"/>ad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">avail<span class="_ _0"/>able.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e is c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>ted a<span class="_ _3"/>s the a<span class="_ _3"/>mo<span class="_ _3"/>unt to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h we are e<span class="_ _3"/>nt<span class="_ _3"/>itle<span class="_ _3"/>d wh<span class="_ _3"/>en th<span class="_ _3"/>e se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to t<span class="_ _3"/>he cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>r<span class="_ _0"/>, an<span class="_ _3"/>d co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is pay<span class="_ _0"/>able when<span class="_ _0"/> invoic<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">O&amp;M a<span class="_ _3"/>n<span class="_ _3"/>d oth<span class="_ _3"/>er s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>nu<span class="_ _3"/>e fro<span class="_ _3"/>m pr<span class="_ _3"/>ovi<span class="_ _3"/>di<span class="_ _3"/>ng se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d over t<span class="_ _3"/>im<span class="_ _3"/>e as o<span class="_ _3"/>ur cu<span class="_ _3"/>sto<span class="_ _3"/>me<span class="_ _3"/>rs s<span class="_ _3"/>im<span class="_ _3"/>ulta<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">neousl<span class="_ _0"/>y r<span class="_ _0"/>eceive<span class="_ _0"/> and c<span class="_ _0"/>onsume th<span class="_ _0"/>e benefits<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _0"/>vided. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r fi<span class="_ _3"/>xed<span class="_ _3"/>-<span class="_ _3"/>pri<span class="_ _3"/>ce<span class="_ _3"/>d cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, rev<span class="_ _3"/>en<span class="_ _3"/>ue i<span class="_ _3"/>s reco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d bas<span class="_ _3"/>ed o<span class="_ _3"/>n the a<span class="_ _3"/>ct<span class="_ _3"/>ua<span class="_ _3"/>l ser<span class="_ _3"/>v<span class="_ _3"/>ice re<span class="_ _3"/>nd<span class="_ _3"/>e<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he e<span class="_ _3"/>nd of t<span class="_ _3"/>he re<span class="_ _3"/>po<span class="_ _3"/>rt<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>rio<span class="_ _3"/>d as a p<span class="_ _3"/>ro<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e total s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces to b<span class="_ _3"/>e re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is i<span class="_ _3"/>s dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al l<span class="_ _3"/>ab<span class="_ _3"/>our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ho<span class="_ _3"/>ur<span class="_ _3"/>s sp<span class="_ _3"/>ent r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to the to<span class="_ _3"/>tal la<span class="_ _3"/>bo<span class="_ _3"/>ur h<span class="_ _3"/>ou<span class="_ _3"/>rs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expected.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>pr<span class="_ _3"/>ice c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts a<span class="_ _3"/>re in<span class="_ _3"/>voi<span class="_ _3"/>ced o<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>nth<span class="_ _3"/>ly bas<span class="_ _3"/>is<span class="_ _3"/>, an<span class="_ _3"/>d con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>ion i<span class="_ _3"/>s pa<span class="_ _3"/>yab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>nvoi<span class="_ _3"/>ce<span class="_ _3"/>d. Va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e fee se<span class="_ _3"/>r<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re du<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter t<span class="_ _3"/>he s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces a<span class="_ _3"/>re re<span class="_ _3"/>nd<span class="_ _3"/>ere<span class="_ _3"/>d<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se a co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>t wh<span class="_ _3"/>en we p<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>m a se<span class="_ _3"/>rv<span class="_ _3"/>ice o<span class="_ _3"/>r tra<span class="_ _3"/>ns<span class="_ _3"/>fer g<span class="_ _3"/>oo<span class="_ _3"/>ds i<span class="_ _3"/>n ad<span class="_ _3"/>van<span class="_ _3"/>ce of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>vi<span class="_ _3"/>ng co<span class="_ _3"/>ns<span class="_ _3"/>ide<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n, a<span class="_ _3"/>nd t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is c<span class="_ _3"/>ond<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l. W<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s un<span class="_ _3"/>con<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ti<span class="_ _3"/>ona<span class="_ _3"/>l<span class="_ _3"/>, an<span class="_ _3"/>d the g<span class="_ _3"/>oo<span class="_ _3"/>ds o<span class="_ _3"/>r ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s are d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ed<span class="_ _3"/>, we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se a re<span class="_ _3"/>cei<span class="_ _3"/>va<span class="_ _3"/>ble<span class="_ _3"/>. A ri<span class="_ _3"/>ght to c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>de<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n is un<span class="_ _3"/>co<span class="_ _3"/>nd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>al i<span class="_ _3"/>f on<span class="_ _3"/>ly the pa<span class="_ _3"/>ss<span class="_ _3"/>ag<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ti<span class="_ _3"/>me i<span class="_ _3"/>s req<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d befo<span class="_ _3"/>re th<span class="_ _3"/>e pa<span class="_ _3"/>yme<span class="_ _3"/>nt i<span class="_ _3"/>s du<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d at t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e of th<span class="_ _3"/>e goo<span class="_ _3"/>ds d<span class="_ _3"/>el<span class="_ _3"/>iv<span class="_ _3"/>ere<span class="_ _3"/>d or s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>r<span class="_ _3"/>form<span class="_ _3"/>ed l<span class="_ _3"/>ess i<span class="_ _3"/>nvo<span class="_ _3"/>ici<span class="_ _3"/>ng o<span class="_ _3"/>n ac<span class="_ _3"/>cou<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>se a co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty wh<span class="_ _3"/>en t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>oi<span class="_ _3"/>cin<span class="_ _3"/>g on a<span class="_ _3"/>cco<span class="_ _3"/>unt a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted lo<span class="_ _3"/>sse<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>cee<span class="_ _3"/>d th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pri<span class="_ _3"/>ce of t<span class="_ _3"/>he g<span class="_ _3"/>ood<span class="_ _3"/>s or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red to o<span class="_ _3"/>ur c<span class="_ _3"/>us<span class="_ _3"/>tome<span class="_ _3"/>r.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cost of s<span class="_ _3"/>ale<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:162.015625px;"><span style="position: absolute; display: inline-block; left: 469.094px; top: 0.0078125px; width: 28.3242px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other </span><span style="position: absolute; display: inline-block; left: 859.5px; top: 0.0078125px; width: 28.3242px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 56.4258px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost of s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ales</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 12.0234px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 12.0078px; width: 24.6387px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 764.078px; top: 12.0078px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 841.875px; top: 12.0078px; width: 44.5957px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">activities/</span><span style="position: absolute; display: inline-block; left: 940.125px; top: 12.0078px; width: 24.6387px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 342.439px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Off<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 384.156px; top: 24.0234px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 440.422px; top: 24.0078px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0078px; width: 183.527px; white-space: pre; word-spacing: 0.225px; letter-spacing: -0.225px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">tota<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>l<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 774.922px; top: 24.0078px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 832.094px; top: 23.9922px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 941.656px; top: 23.9922px; width: 21.7148px; white-space: pre; word-spacing: 0.225px; letter-spacing: -0.225px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">tota<span style="word-spacing: 0.225px; letter-spacing: -0.225px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>l</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer incl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>uding certificat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 112.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">23,500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">686<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(134)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,052<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,172<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,014)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39,060</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 200.344px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of construction o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms and tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ans<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.7441px; width: 963.059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">mission asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 179.232px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,527<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,580<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,570<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,570</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 82.7441px; width: 963.082px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Biomass<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 226.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,753<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,753<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,323<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,323</span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 962.848px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coal<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,017<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,010<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,955<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,955</span><span style="position: absolute; display: inline-block; left: 0px; top: 110.744px; width: 963.152px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 245.806px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>5,640<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,639<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>19,676<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>19,676</span><span style="position: absolute; display: inline-block; left: 0px; top: 124.76px; width: 962.871px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Distribution and tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansmission costs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,527<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,408<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(59)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,913<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,066<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(50)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,550</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 138.76px; width: 963.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other cost o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 166.688px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">219<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,520<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(101)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,677<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">30<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.1482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 1,169</span><span style="position: absolute; display: inline-block; left: 0px; top: 152.273px; width: 962.924px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 212.683px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31,773<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>129<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(302)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>46,624<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>48,538<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>34,748<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4,040)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>79,303</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>t of sa<span class="_ _3"/>les de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>ed by 41 <span class="_ _15c"/>% to DK<span class="_ _3"/>K 46<span class="_ _3"/>,624 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>023<span class="_ _3"/>. The d<span class="_ _3"/>ec<span class="_ _3"/>rea<span class="_ _3"/>se wa<span class="_ _3"/>s pri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly due to th<span class="_ _3"/>e lower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r an<span class="_ _3"/>d ga<span class="_ _3"/>s pr<span class="_ _3"/>ice<span class="_ _3"/>s as we<span class="_ _3"/>ll as t<span class="_ _3"/>he lowe<span class="_ _3"/>r powe<span class="_ _3"/>r an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s volu<span class="_ _3"/>me<span class="_ _3"/>s sol<span class="_ _3"/>d acro<span class="_ _3"/>ss a<span class="_ _3"/>ll ma<span class="_ _3"/>rket<span class="_ _3"/>s<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Cos<span class="_ _3"/>ts of co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ion o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms an<span class="_ _3"/>d tra<span class="_ _3"/>ns<span class="_ _3"/>mis<span class="_ _3"/>si<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s’ was D<span class="_ _3"/>KK 6,<span class="_ _3"/>5<span class="_ _3"/>80 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n, m<span class="_ _3"/>ai<span class="_ _3"/>n<span class="_ _3"/>l<span class="_ _0"/>y <span class="_ _49"/>re<span class="_ _3"/>lati<span class="_ _3"/>ng to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on of B<span class="_ _3"/>orku<span class="_ _3"/>m Ri<span class="_ _3"/>f<span class="_ _3"/>fgru<span class="_ _3"/>nd 3 fo<span class="_ _3"/>r <span class="_ _49"/>p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s an<span class="_ _3"/>d the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of th<span class="_ _3"/>e re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>ing 5<span class="_ _3"/>0 <span class="_ _15c"/>% of t<span class="_ _3"/>he H<span class="_ _3"/>orn<span class="_ _3"/>sea 2 o<span class="_ _3"/>ff-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ore t<span class="_ _3"/>rans<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>t to an Ofg<span class="_ _3"/>em<span class="_ _3"/>-<span class="_ _3"/>ap<span class="_ _3"/>poi<span class="_ _3"/>nted b<span class="_ _3"/>uye<span class="_ _3"/>r<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>022, ‘Co<span class="_ _3"/>st<span class="_ _3"/>s of con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of wi<span class="_ _3"/>nd far<span class="_ _3"/>ms a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>nsm<span class="_ _3"/>is<span class="_ _3"/>si<span class="_ _3"/>on as<span class="_ _3"/>set<span class="_ _3"/>s’ was D<span class="_ _3"/>KK 9,570 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n, m<span class="_ _3"/>ai<span class="_ _3"/>nly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lati<span class="_ _3"/>ng to th<span class="_ _3"/>e con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of Gre<span class="_ _3"/>ate<span class="_ _3"/>r Cha<span class="_ _3"/>ng<span class="_ _3"/>hu<span class="_ _3"/>a 1 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>ers a<span class="_ _3"/>nd t<span class="_ _3"/>he <span class="_ _49"/>fa<span class="_ _3"/>rm<span class="_ _3"/>-d<span class="_ _3"/>own of th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t 50 <span class="_ _4"/>% of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>ore tr<span class="_ _3"/>ans<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>t at <span class="_ _49"/>H<span class="_ _3"/>orn<span class="_ _3"/>se<span class="_ _3"/>a 2 to par<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 1 J<span class="_ _3"/>an<span class="_ _3"/>ua<span class="_ _3"/>ry 2<span class="_ _3"/>023, w<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>ed o<span class="_ _3"/>ur a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th res<span class="_ _3"/>pe<span class="_ _3"/>ct to pr<span class="_ _3"/>ese<span class="_ _3"/>ntati<span class="_ _3"/>on of reve<span class="_ _3"/>nu<span class="_ _3"/>e an<span class="_ _3"/>d re<span class="_ _3"/>lated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts fr<span class="_ _3"/>om th<span class="_ _3"/>e sett<span class="_ _3"/>lem<span class="_ _3"/>ent of fa<span class="_ _3"/>ile<span class="_ _3"/>d own<span class="_ _3"/>-u<span class="_ _3"/>se powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>trac<span class="_ _3"/>ts<span class="_ _3"/>. Se<span class="_ _3"/>e mo<span class="_ _3"/>re in n<span class="_ _3"/>ote 1.2 ‘<span class="_ _3"/>Ba<span class="_ _3"/>si<span class="_ _3"/>s of pre<span class="_ _3"/>pa<span class="_ _3"/>rat<span class="_ _3"/>ion<span class="_ _3"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ts o<span class="_ _3"/>ff<span class="_ _3"/>sho<span class="_ _3"/>re tr<span class="_ _3"/>an<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>ets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he U<span class="_ _3"/>K wh<span class="_ _3"/>ich a<span class="_ _3"/>re re<span class="_ _3"/>qu<span class="_ _3"/>ir<span class="_ _3"/>ed to be d<span class="_ _3"/>iv<span class="_ _3"/>este<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ird p<span class="_ _3"/>ar<span class="_ _3"/>ti<span class="_ _3"/>es d<span class="_ _3"/>ue to E<span class="_ _3"/>U un<span class="_ _3"/>bu<span class="_ _3"/>nd<span class="_ _3"/>li<span class="_ _3"/>ng re<span class="_ _3"/>gu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e con<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>ted as i<span class="_ _3"/>nve<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tor<span class="_ _3"/>ie<span class="_ _3"/>s an<span class="_ _3"/>d tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed to co<span class="_ _3"/>st of s<span class="_ _3"/>ale<span class="_ _3"/>s whe<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set i<span class="_ _3"/>s di<span class="_ _3"/>ves<span class="_ _3"/>ted to e<span class="_ _3"/>ith<span class="_ _3"/>er a fa<span class="_ _3"/>rm<span class="_ _3"/>-<span class="_ _3"/>down p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or to t<span class="_ _3"/>he b<span class="_ _3"/>uye<span class="_ _3"/>r ap<span class="_ _3"/>poi<span class="_ _3"/>nte<span class="_ _3"/>d by Ofg<span class="_ _3"/>em<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _0"/>ern<span class="_ _3"/>ment gra<span class="_ _3"/>nts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 88.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Go<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vernment grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ernment gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ants r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecognised in pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ofit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear under re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 214.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,178<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,186</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.588px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ernment gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ants r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecognised in pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ofit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear under other oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 165.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>28</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ernment gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ants r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecognised in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance shee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 314.596px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(26)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(28)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2578px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Go<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vernment grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 333.445px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,178<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,186</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Energinet,<span class="_ _0"/> the<span class="_ _0"/> transmiss<span class="_ _0"/>ion s<span class="_ _0"/>yst<span class="_ _0"/>em operat<span class="_ _0"/>or<span class="_ _0"/> in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>D<span class="_ _3"/>en<span class="_ _3"/>ma<span class="_ _3"/>rk<span class="_ _3"/>, ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>ster<span class="_ _3"/>s su<span class="_ _3"/>bsi<span class="_ _3"/>die<span class="_ _3"/>s for e<span class="_ _3"/>nvi<span class="_ _3"/>ron<span class="_ _3"/>me<span class="_ _3"/>ntally </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sust<span class="_ _0"/>ainable po<span class="_ _0"/>wer<span class="_ _0"/> generation,<span class="_ _0"/> including bi<span class="_ _0"/>omass </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d of<span class="_ _3"/>fsh<span class="_ _3"/>ore wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>s. We tre<span class="_ _3"/>at th<span class="_ _3"/>e su<span class="_ _3"/>bsi<span class="_ _3"/>di<span class="_ _3"/>es as a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>g<span class="_ _3"/>over<span class="_ _3"/>nm<span class="_ _3"/>ent g<span class="_ _3"/>rant<span class="_ _3"/>, as i<span class="_ _3"/>t is pa<span class="_ _3"/>id by th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh sta<span class="_ _3"/>te.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In t<span class="_ _3"/>he U<span class="_ _3"/>K, we r<span class="_ _3"/>ece<span class="_ _3"/>ive s<span class="_ _3"/>ubs<span class="_ _3"/>id<span class="_ _3"/>ies u<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>wo sc<span class="_ _3"/>hem<span class="_ _3"/>es<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _0"/>tracts<span class="_ _0"/> for<span class="_ _0"/> differenc<span class="_ _0"/>e (<span class="_ _0"/>CfD<span class="_ _0"/>) and<span class="_ _0"/> the<span class="_ _0"/> Renew<span class="_ _0"/>able<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>Oblig<span class="_ _3"/>ation<span class="_ _0"/> scheme (<span class="_ _0"/>renew<span class="_ _0"/>able obligation<span class="_ _0"/> certificate<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(RO<span class="_ _3"/>C) reg<span class="_ _3"/>im<span class="_ _3"/>e). T<span class="_ _3"/>he B<span class="_ _3"/>ur<span class="_ _3"/>bo B<span class="_ _3"/>an<span class="_ _3"/>k Ex<span class="_ _3"/>ten<span class="_ _3"/>sio<span class="_ _3"/>n<span class="_ _3"/>, Waln<span class="_ _3"/>ey </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>te<span class="_ _3"/>nsi<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d Ho<span class="_ _3"/>rns<span class="_ _3"/>ea 1 of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r th<span class="_ _3"/>e CfD reg<span class="_ _3"/>im<span class="_ _3"/>e, w<span class="_ _3"/>hi<span class="_ _3"/>le ou<span class="_ _3"/>r othe<span class="_ _3"/>r UK w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _3"/>nti<span class="_ _3"/>tled to RO<span class="_ _3"/>Cs<span class="_ _3"/>. We trea<span class="_ _3"/>t th<span class="_ _3"/>e paym<span class="_ _3"/>en<span class="_ _3"/>ts fro<span class="_ _3"/>m th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sch<span class="_ _3"/>em<span class="_ _3"/>es a<span class="_ _3"/>s gove<span class="_ _3"/>rn<span class="_ _3"/>me<span class="_ _3"/>nt gra<span class="_ _3"/>nts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>ed<span class="_ _3"/>-i<span class="_ _3"/>n tari<span class="_ _3"/>ff<span class="_ _3"/>s from o<span class="_ _3"/>ur I<span class="_ _3"/>ri<span class="_ _3"/>sh<span class="_ _3"/>, Fren<span class="_ _3"/>ch<span class="_ _3"/>, Du<span class="_ _3"/>tch, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>G<span class="_ _3"/>erm<span class="_ _3"/>an w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s ar<span class="_ _3"/>e al<span class="_ _3"/>so re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s gove<span class="_ _3"/>rn<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt grant<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>ie<span class="_ _3"/>s in th<span class="_ _3"/>e US<span class="_ _3"/>, see n<span class="_ _3"/>ote 3.9 ‘T<span class="_ _4"/>a<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liabilities’<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>com<span class="_ _3"/>e fro<span class="_ _3"/>m gove<span class="_ _3"/>rn<span class="_ _3"/>me<span class="_ _3"/>nt gra<span class="_ _3"/>nts i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>sed i<span class="_ _3"/>n 202<span class="_ _3"/>3 du<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s bei<span class="_ _3"/>ng b<span class="_ _3"/>elow s<span class="_ _3"/>ub<span class="_ _3"/>sidy p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>, lea<span class="_ _3"/>di<span class="_ _3"/>ng to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a hi<span class="_ _3"/>gh<span class="_ _3"/>er s<span class="_ _3"/>ubs<span class="_ _3"/>idy p<span class="_ _3"/>er M<span class="_ _3"/>Wh p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>ent g<span class="_ _3"/>ran<span class="_ _3"/>ts co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se g<span class="_ _3"/>rant<span class="_ _3"/>s for e<span class="_ _3"/>nvi<span class="_ _3"/>ro<span class="_ _3"/>nm<span class="_ _3"/>enta<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>sta<span class="_ _3"/>in<span class="_ _3"/>ab<span class="_ _3"/>le powe<span class="_ _3"/>r g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n, g<span class="_ _3"/>ra<span class="_ _3"/>nts fo<span class="_ _3"/>r th<span class="_ _3"/>e fu<span class="_ _3"/>ndi<span class="_ _3"/>ng o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">develo<span class="_ _3"/>pme<span class="_ _3"/>nt projec<span class="_ _3"/>ts, inves<span class="_ _3"/>tment g<span class="_ _3"/>rants, etc<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>ent g<span class="_ _3"/>ran<span class="_ _3"/>ts a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>ere i<span class="_ _3"/>s rea<span class="_ _3"/>so<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le as<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce th<span class="_ _3"/>at t<span class="_ _3"/>he g<span class="_ _3"/>rant<span class="_ _3"/>s wi<span class="_ _3"/>ll b<span class="_ _3"/>e rec<span class="_ _3"/>ei<span class="_ _3"/>ved<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As g<span class="_ _3"/>ra<span class="_ _3"/>nts fo<span class="_ _3"/>r pow<span class="_ _3"/>er g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n ar<span class="_ _3"/>e inte<span class="_ _3"/>nd<span class="_ _3"/>ed a<span class="_ _3"/>s a com<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>ns<span class="_ _3"/>ati<span class="_ _3"/>on fo<span class="_ _3"/>r the p<span class="_ _3"/>ri<span class="_ _3"/>ce of p<span class="_ _3"/>ower, we sy<span class="_ _3"/>ste<span class="_ _3"/>ma<span class="_ _3"/>tic<span class="_ _3"/>ally re<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se th<span class="_ _3"/>e gr<span class="_ _3"/>ant<span class="_ _3"/>s un<span class="_ _3"/>de<span class="_ _3"/>r reve<span class="_ _3"/>nu<span class="_ _3"/>e in s<span class="_ _3"/>tep w<span class="_ _3"/>ith t<span class="_ _3"/>he p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d thu<span class="_ _3"/>s th<span class="_ _3"/>e rel<span class="_ _3"/>ated r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Research and dev<span class="_ _0"/>elopme<span class="_ _3"/>nt expenditures</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 246.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expensed re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>search and de<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>elopment e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenditur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es 2023</span><span style="position: absolute; display: inline-block; left: 508.906px; top: 0.0078125px; width: 47.4082px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 399.557px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 329.818px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshore </span></span><span style="position: absolute; display: inline-block; left: 397.562px; top: 12.9219px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 440.531px; top: 12.0078px; width: 37.5352px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onshore</span><span style="position: absolute; display: inline-block; left: 520.391px; top: 12.0078px; width: 110.443px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.172px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Res<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>earch<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>239<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>239</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.16px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dev<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elopment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 317.449px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,606<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>460<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,067</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.266px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 354.75px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,845<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>460<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>2,306</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:68.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 246.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expensed re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>search and de<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>elopment e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenditur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.172px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Res<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>earch<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>122</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.295px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dev<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elopment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 317.449px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,736<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>266<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,012</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2734px; width: 631.436px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 354.75px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>266<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,134</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>In 2023, devel<span class="_ _0"/>opment expendit<span class="_ _0"/>ures in Off<span class="_ _0"/>shor<span class="_ _0"/>e include P2X de<span class="_ _0"/>vel<span class="_ _0"/>opment costs o<span class="_ _0"/>f DKK 338 million (2022: DKK 159 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Res<span class="_ _3"/>ea<span class="_ _3"/>rch c<span class="_ _3"/>ost<span class="_ _3"/>s are c<span class="_ _3"/>ost<span class="_ _3"/>s in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d to fi<span class="_ _3"/>nd n<span class="_ _3"/>ew or i<span class="_ _3"/>mp<span class="_ _3"/>rove </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>is<span class="_ _3"/>tin<span class="_ _3"/>g tec<span class="_ _3"/>hn<span class="_ _3"/>olo<span class="_ _3"/>gi<span class="_ _3"/>es (e<span class="_ _3"/>.g<span class="_ _3"/>. im<span class="_ _3"/>prov<span class="_ _3"/>in<span class="_ _3"/>g of<span class="_ _3"/>fsh<span class="_ _3"/>ore fo<span class="_ _3"/>un<span class="_ _3"/>da<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opt<span class="_ _3"/>im<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g the b<span class="_ _3"/>la<span class="_ _3"/>de s<span class="_ _3"/>tabi<span class="_ _3"/>l<span class="_ _3"/>ity a<span class="_ _3"/>nd p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>velo<span class="_ _3"/>pi<span class="_ _3"/>ng n<span class="_ _3"/>ew way<span class="_ _3"/>s of co<span class="_ _3"/>nve<span class="_ _3"/>rt<span class="_ _3"/>in<span class="_ _3"/>g ren<span class="_ _3"/>ewa<span class="_ _3"/>ble e<span class="_ _3"/>le<span class="_ _3"/>ctr<span class="_ _3"/>ons </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to re<span class="_ _3"/>new<span class="_ _3"/>ab<span class="_ _3"/>le mo<span class="_ _3"/>lec<span class="_ _3"/>ule<span class="_ _3"/>s an<span class="_ _3"/>d syn<span class="_ _3"/>the<span class="_ _3"/>tic f<span class="_ _3"/>ue<span class="_ _3"/>ls)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Res<span class="_ _3"/>ea<span class="_ _3"/>rch c<span class="_ _3"/>ost<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the i<span class="_ _3"/>nc<span class="_ _3"/>ome s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as inc<span class="_ _0"/>urred.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ly com<span class="_ _3"/>pr<span class="_ _3"/>ise s<span class="_ _3"/>ala<span class="_ _3"/>ri<span class="_ _3"/>es (<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nted i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">No<span class="_ _3"/>te 2.7 ‘<span class="_ _3"/>Em<span class="_ _3"/>ploye<span class="_ _3"/>e cos<span class="_ _3"/>ts’<span class="_ _3"/>) as w<span class="_ _3"/>el<span class="_ _3"/>l as i<span class="_ _3"/>nter<span class="_ _3"/>na<span class="_ _3"/>l an<span class="_ _3"/>d ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts<span class="_ _3"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e di<span class="_ _3"/>rec<span class="_ _3"/>tly or i<span class="_ _3"/>nd<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly attr<span class="_ _3"/>ib<span class="_ _3"/>ute<span class="_ _3"/>d to de<span class="_ _3"/>sig<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t of of<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>nd o<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, so<span class="_ _3"/>la<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, P2<span class="_ _3"/>X pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion fa<span class="_ _3"/>ci<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s, a<span class="_ _3"/>nd e<span class="_ _3"/>ne<span class="_ _3"/>rgy s<span class="_ _3"/>tor<span class="_ _3"/>age fa<span class="_ _3"/>ci<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts ar<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>d un<span class="_ _3"/>til t<span class="_ _3"/>he ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>is<span class="_ _3"/>ati<span class="_ _3"/>on <span class="_ _1"/>cri<span class="_ _3"/>ter<span class="_ _3"/>ia </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e met<span class="_ _3"/>. De<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts i<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>d af<span class="_ _3"/>ter t<span class="_ _3"/>ha<span class="_ _3"/>t are c<span class="_ _3"/>ap<span class="_ _3"/>ita<span class="_ _3"/>lis<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as ‘<span class="_ _3"/>Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt u<span class="_ _3"/>nd<span class="_ _3"/>er co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n’ (se<span class="_ _3"/>e note </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.1<span class="_ _0"/> ‘Intan<span class="_ _0"/>gible<span class="_ _0"/> assets,<span class="_ _0"/> and<span class="_ _0"/> property<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t and<span class="_ _0"/> equipment’).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>ent g<span class="_ _3"/>ran<span class="_ _3"/>ts co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se g<span class="_ _3"/>rant<span class="_ _3"/>s for e<span class="_ _3"/>nvi<span class="_ _3"/>ro<span class="_ _3"/>nm<span class="_ _3"/>enta<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>sta<span class="_ _3"/>in<span class="_ _3"/>ab<span class="_ _3"/>le powe<span class="_ _3"/>r g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n, g<span class="_ _3"/>ra<span class="_ _3"/>nts fo<span class="_ _3"/>r th<span class="_ _3"/>e fu<span class="_ _3"/>ndi<span class="_ _3"/>ng o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">develo<span class="_ _3"/>pme<span class="_ _3"/>nt projec<span class="_ _3"/>ts, inves<span class="_ _3"/>tment g<span class="_ _3"/>rants, etc<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>ent g<span class="_ _3"/>ran<span class="_ _3"/>ts a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>ere i<span class="_ _3"/>s rea<span class="_ _3"/>so<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le as<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce th<span class="_ _3"/>at t<span class="_ _3"/>he g<span class="_ _3"/>rant<span class="_ _3"/>s wi<span class="_ _3"/>ll b<span class="_ _3"/>e rec<span class="_ _3"/>ei<span class="_ _3"/>ved<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As g<span class="_ _3"/>ra<span class="_ _3"/>nts fo<span class="_ _3"/>r pow<span class="_ _3"/>er g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n ar<span class="_ _3"/>e inte<span class="_ _3"/>nd<span class="_ _3"/>ed a<span class="_ _3"/>s a com<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>ns<span class="_ _3"/>ati<span class="_ _3"/>on fo<span class="_ _3"/>r the p<span class="_ _3"/>ri<span class="_ _3"/>ce of p<span class="_ _3"/>ower, we sy<span class="_ _3"/>ste<span class="_ _3"/>ma<span class="_ _3"/>tic<span class="_ _3"/>ally re<span class="_ _3"/>c-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se th<span class="_ _3"/>e gr<span class="_ _3"/>ant<span class="_ _3"/>s un<span class="_ _3"/>de<span class="_ _3"/>r reve<span class="_ _3"/>nu<span class="_ _3"/>e in s<span class="_ _3"/>tep w<span class="_ _3"/>ith t<span class="_ _3"/>he p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d thu<span class="_ _3"/>s th<span class="_ _3"/>e rel<span class="_ _3"/>ated r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Res<span class="_ _3"/>ea<span class="_ _3"/>rch c<span class="_ _3"/>ost<span class="_ _3"/>s are c<span class="_ _3"/>ost<span class="_ _3"/>s in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d to fi<span class="_ _3"/>nd n<span class="_ _3"/>ew or i<span class="_ _3"/>mp<span class="_ _3"/>rove </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>is<span class="_ _3"/>tin<span class="_ _3"/>g tec<span class="_ _3"/>hn<span class="_ _3"/>olo<span class="_ _3"/>gi<span class="_ _3"/>es (e<span class="_ _3"/>.g<span class="_ _3"/>. im<span class="_ _3"/>prov<span class="_ _3"/>in<span class="_ _3"/>g of<span class="_ _3"/>fsh<span class="_ _3"/>ore fo<span class="_ _3"/>un<span class="_ _3"/>da<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opt<span class="_ _3"/>im<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g the b<span class="_ _3"/>la<span class="_ _3"/>de s<span class="_ _3"/>tabi<span class="_ _3"/>l<span class="_ _3"/>ity a<span class="_ _3"/>nd p<span class="_ _3"/>er<span class="_ _3"/>for<span class="_ _3"/>ma<span class="_ _3"/>nce o<span class="_ _3"/>f win<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>velo<span class="_ _3"/>pi<span class="_ _3"/>ng n<span class="_ _3"/>ew way<span class="_ _3"/>s of co<span class="_ _3"/>nve<span class="_ _3"/>rt<span class="_ _3"/>in<span class="_ _3"/>g ren<span class="_ _3"/>ewa<span class="_ _3"/>ble e<span class="_ _3"/>le<span class="_ _3"/>ctr<span class="_ _3"/>ons </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to re<span class="_ _3"/>new<span class="_ _3"/>ab<span class="_ _3"/>le mo<span class="_ _3"/>lec<span class="_ _3"/>ule<span class="_ _3"/>s an<span class="_ _3"/>d syn<span class="_ _3"/>the<span class="_ _3"/>tic f<span class="_ _3"/>ue<span class="_ _3"/>ls)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Res<span class="_ _3"/>ea<span class="_ _3"/>rch c<span class="_ _3"/>ost<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the i<span class="_ _3"/>nc<span class="_ _3"/>ome s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as inc<span class="_ _0"/>urred.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ly com<span class="_ _3"/>pr<span class="_ _3"/>ise s<span class="_ _3"/>ala<span class="_ _3"/>ri<span class="_ _3"/>es (<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nted i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">No<span class="_ _3"/>te 2.7 ‘<span class="_ _3"/>Em<span class="_ _3"/>ploye<span class="_ _3"/>e cos<span class="_ _3"/>ts’<span class="_ _3"/>) as w<span class="_ _3"/>el<span class="_ _3"/>l as i<span class="_ _3"/>nter<span class="_ _3"/>na<span class="_ _3"/>l an<span class="_ _3"/>d ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts<span class="_ _3"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e di<span class="_ _3"/>rec<span class="_ _3"/>tly or i<span class="_ _3"/>nd<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly attr<span class="_ _3"/>ib<span class="_ _3"/>ute<span class="_ _3"/>d to de<span class="_ _3"/>sig<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t of of<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>nd o<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, so<span class="_ _3"/>la<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, P2<span class="_ _3"/>X pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion fa<span class="_ _3"/>ci<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s, a<span class="_ _3"/>nd e<span class="_ _3"/>ne<span class="_ _3"/>rgy s<span class="_ _3"/>tor<span class="_ _3"/>age fa<span class="_ _3"/>ci<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts ar<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>d un<span class="_ _3"/>til t<span class="_ _3"/>he ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>is<span class="_ _3"/>ati<span class="_ _3"/>on <span class="_ _1"/>cri<span class="_ _3"/>ter<span class="_ _3"/>ia </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e met<span class="_ _3"/>. De<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts i<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>d af<span class="_ _3"/>ter t<span class="_ _3"/>ha<span class="_ _3"/>t are c<span class="_ _3"/>ap<span class="_ _3"/>ita<span class="_ _3"/>lis<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as ‘<span class="_ _3"/>Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt u<span class="_ _3"/>nd<span class="_ _3"/>er co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n’ (se<span class="_ _3"/>e note </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.1<span class="_ _0"/> ‘Intan<span class="_ _0"/>gible<span class="_ _0"/> assets,<span class="_ _0"/> and<span class="_ _0"/> property<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t and<span class="_ _0"/> equipment’).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other oper<span class="_ _0"/>ating income<span class="_ _0"/> and expense<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.734375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 106.125px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 299.496px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.75px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gain on divestment o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,018</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.8848px; width: 299.789px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Insuranc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e compens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">116<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 57.041px; width: 299.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US tax cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>edits and t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tribut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,577<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,556</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.1816px; width: 299.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other compensation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">800<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>175</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 83.3379px; width: 299.777px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Miscel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>laneous oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">941<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>370</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 95.9922px; width: 192.457px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 192.457px; top: 95.9922px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,329</span><span style="position: absolute; display: inline-block; left: 223.6px; top: 95.9922px; width: 44.9355px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 268.535px; top: 95.9922px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14,119</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.734375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 114.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other operating e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 299.496px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.75px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.572px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lation f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ees<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 122.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,621<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.8848px; width: 302.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ineff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ectiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e hedges, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 106.74px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">512<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.1482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 4,591 </span><span style="position: absolute; display: inline-block; left: 0px; top: 57.041px; width: 299.508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Loss on div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estment of ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">150<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>133</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3379px; width: 108.217px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Miscel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>laneous oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating </span><span style="position: absolute; display: inline-block; left: 0px; top: 83.3379px; width: 299.537px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">expenses<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 165.773px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>239</span><span style="position: absolute; display: inline-block; left: 0px; top: 95.9922px; width: 192.457px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 192.457px; top: 95.9922px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,408</span><span style="position: absolute; display: inline-block; left: 223.6px; top: 95.9922px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 274.594px; top: 95.9922px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,963</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other operat<span class="_ _0"/>ing income</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, ‘<span class="_ _3"/>Oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g inc<span class="_ _3"/>ome<span class="_ _3"/>’ was D<span class="_ _3"/>KK 10,<span class="_ _3"/>329 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n, wh<span class="_ _3"/>ic<span class="_ _3"/>h was D<span class="_ _3"/>KK 3,79<span class="_ _3"/>0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n lower t<span class="_ _3"/>ha<span class="_ _3"/>n in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">20<span class="_ _3"/>22<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, ‘<span class="_ _3"/>Ga<span class="_ _3"/>in o<span class="_ _3"/>n div<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nt of as<span class="_ _3"/>sets<span class="_ _3"/>’ pri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lated to th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of Lo<span class="_ _3"/>ndo<span class="_ _3"/>n Ar<span class="_ _3"/>ray, the 5<span class="_ _3"/>0 <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>n of God<span class="_ _3"/>e Wi<span class="_ _3"/>nd 3<span class="_ _3"/>, an<span class="_ _3"/>d othe<span class="_ _3"/>r mi<span class="_ _3"/>no<span class="_ _3"/>r ad<span class="_ _3"/>ju<span class="_ _3"/>st<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts to f<span class="_ _3"/>in<span class="_ _3"/>al<span class="_ _3"/>ise<span class="_ _3"/>d pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s. I<span class="_ _3"/>n 2022, ‘<span class="_ _3"/>Ga<span class="_ _3"/>in o<span class="_ _3"/>n di<span class="_ _3"/>vest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts of a<span class="_ _3"/>sse<span class="_ _3"/>ts’ re<span class="_ _3"/>late<span class="_ _3"/>d to the 5<span class="_ _3"/>0 <span class="_ _15c"/>% far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>ns of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ho<span class="_ _3"/>rn<span class="_ _3"/>sea 2 a<span class="_ _3"/>nd B<span class="_ _3"/>or<span class="_ _3"/>kum R<span class="_ _3"/>if<span class="_ _3"/>fgr<span class="_ _3"/>und 3<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Other<span class="_ _0"/> compensation<span class="_ _0"/>’ w<span class="_ _0"/>as primaril<span class="_ _0"/>y<span class="_ _0"/> compensat<span class="_ _0"/>ions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reg<span class="_ _3"/>ar<span class="_ _3"/>di<span class="_ _3"/>ng ou<span class="_ _3"/>tag<span class="_ _3"/>es an<span class="_ _3"/>d cu<span class="_ _3"/>rta<span class="_ _3"/>il<span class="_ _3"/>me<span class="_ _3"/>nts f<span class="_ _3"/>rom T<span class="_ _0"/>enn<span class="_ _3"/>e<span class="_ _0"/>T<span class="_ _4"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">German grid<span class="_ _0"/> operat<span class="_ _0"/>or<span class="_ _0"/>,<span class="_ _0"/> and c<span class="_ _0"/>ompensations<span class="_ _0"/> from<span class="_ _0"/> US<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operating<span class="_ _0"/> asset<span class="_ _0"/> performanc<span class="_ _0"/>e guaran<span class="_ _0"/>tee<span class="_ _0"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Miscell<span class="_ _0"/>aneous opera<span class="_ _0"/>ting inc<span class="_ _0"/>ome’ primaril<span class="_ _0"/>y<span class="_ _0"/> rel<span class="_ _0"/>ated<span class="_ _0"/> t<span class="_ _0"/>o<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">adjustment o<span class="_ _0"/>f pro<span class="_ _0"/>visions<span class="_ _0"/> to<span class="_ _0"/>war<span class="_ _0"/>d partners.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other operati<span class="_ _3"/>ng expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>nce<span class="_ _3"/>lla<span class="_ _3"/>tio<span class="_ _3"/>n fees’ a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to DKK 9,621 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d rel<span class="_ _3"/>ated to th<span class="_ _3"/>e de<span class="_ _3"/>cis<span class="_ _3"/>io<span class="_ _3"/>n to ceas<span class="_ _3"/>e the d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Costs<span class="_ _0"/> rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o ful<span class="_ _0"/>filling and<span class="_ _0"/> cancelling<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 we<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as ‘C<span class="_ _3"/>an<span class="_ _3"/>cel<span class="_ _3"/>lati<span class="_ _3"/>on fee<span class="_ _3"/>s’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>n aros<span class="_ _3"/>e, a<span class="_ _3"/>nd to th<span class="_ _3"/>e ex<span class="_ _3"/>tent th<span class="_ _3"/>ese </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ee<span class="_ _3"/>de<span class="_ _3"/>d the p<span class="_ _3"/>rovis<span class="_ _3"/>io<span class="_ _3"/>n for on<span class="_ _3"/>ero<span class="_ _3"/>us co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>de a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t of the i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent lo<span class="_ _3"/>sse<span class="_ _3"/>s reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in o<span class="_ _3"/>ur i<span class="_ _3"/>nter<span class="_ _3"/>im </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>t for t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st ni<span class="_ _3"/>ne m<span class="_ _3"/>ont<span class="_ _3"/>hs of 20<span class="_ _3"/>23. Ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to thi<span class="_ _3"/>s prov<span class="_ _3"/>isi<span class="_ _3"/>on w<span class="_ _3"/>ill b<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n ‘Ot<span class="_ _3"/>he<span class="_ _3"/>r ope<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses’ as<span class="_ _0"/> ‘Cancellation<span class="_ _0"/> fees<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e note 3.<span class="_ _3"/>10 ‘P<span class="_ _3"/>rovis<span class="_ _3"/>ion<span class="_ _3"/>s an<span class="_ _3"/>d cont<span class="_ _3"/>in<span class="_ _3"/>ge<span class="_ _3"/>nt li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’ for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>re in<span class="_ _3"/>form<span class="_ _3"/>ati<span class="_ _3"/>on a<span class="_ _3"/>bou<span class="_ _3"/>t the c<span class="_ _3"/>an<span class="_ _3"/>cel<span class="_ _3"/>lati<span class="_ _3"/>on fee<span class="_ _3"/>s an<span class="_ _3"/>d pro<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vi<span class="_ _3"/>sio<span class="_ _3"/>ns m<span class="_ _3"/>ad<span class="_ _3"/>e in re<span class="_ _3"/>lati<span class="_ _3"/>on to th<span class="_ _3"/>is<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘I<span class="_ _3"/>ne<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>ive he<span class="_ _3"/>dg<span class="_ _3"/>es’ i<span class="_ _3"/>n 202<span class="_ _3"/>3 ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to h<span class="_ _3"/>ed<span class="_ _3"/>ges<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>e can<span class="_ _3"/>not d<span class="_ _3"/>ocu<span class="_ _3"/>me<span class="_ _3"/>nt as b<span class="_ _3"/>ei<span class="_ _3"/>ng ‘ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e’ fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a he<span class="_ _3"/>dg<span class="_ _3"/>e acco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>rsp<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve. I<span class="_ _3"/>n 2022, w<span class="_ _3"/>e al<span class="_ _3"/>so ha<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vol<span class="_ _0"/>ume-inef<span class="_ _3"/>f<span class="_ _0"/>ective<span class="_ _0"/> hedges.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>in<span class="_ _3"/>s fro<span class="_ _3"/>m far<span class="_ _3"/>m-<span class="_ _3"/>do<span class="_ _3"/>wns of o<span class="_ _3"/>wne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p inte<span class="_ _3"/>re<span class="_ _3"/>sts i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d on t<span class="_ _3"/>he d<span class="_ _3"/>ive<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t da<span class="_ _3"/>te </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as ot<span class="_ _3"/>he<span class="_ _3"/>r op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng i<span class="_ _3"/>nco<span class="_ _3"/>me<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>in<span class="_ _3"/>s fro<span class="_ _3"/>m fu<span class="_ _3"/>ture c<span class="_ _3"/>ons<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r'<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>are o<span class="_ _3"/>f the w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d ove<span class="_ _3"/>r ti<span class="_ _3"/>me i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>ent i<span class="_ _3"/>n ste<span class="_ _3"/>p wi<span class="_ _3"/>th co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e note<span class="_ _3"/>s 2.<span class="_ _3"/>2 ‘Re<span class="_ _3"/>ven<span class="_ _3"/>ue<span class="_ _3"/>’ and 3<span class="_ _3"/>.<span class="_ _3"/>5 ‘Co<span class="_ _3"/>ntra<span class="_ _3"/>ct a<span class="_ _3"/>sse<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>ici<span class="_ _3"/>es fo<span class="_ _3"/>r the i<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e fro<span class="_ _3"/>m ‘U<span class="_ _3"/>S </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax c<span class="_ _3"/>red<span class="_ _3"/>it<span class="_ _3"/>s an<span class="_ _3"/>d tax a<span class="_ _3"/>ttr<span class="_ _3"/>ib<span class="_ _3"/>ute<span class="_ _3"/>s’ are d<span class="_ _3"/>es<span class="_ _3"/>cri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.9 ‘Tax eq<span class="_ _3"/>ui<span class="_ _3"/>ty li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Los<span class="_ _3"/>ses f<span class="_ _3"/>rom o<span class="_ _3"/>ur m<span class="_ _3"/>ar<span class="_ _3"/>ket t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies a<span class="_ _3"/>re p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s un<span class="_ _3"/>de<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ineffecive<span class="_ _0"/> hedges, e<span class="_ _0"/>tc.<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>tm<span class="_ _3"/>en<span class="_ _3"/>t of ow<span class="_ _3"/>ne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p in<span class="_ _3"/>ter<span class="_ _3"/>es<span class="_ _3"/>ts i<span class="_ _3"/>n ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>offshore<span class="_ _0"/> wind<span class="_ _0"/> farms</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>t an ow<span class="_ _3"/>ne<span class="_ _3"/>rsh<span class="_ _3"/>ip i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t in a<span class="_ _3"/>n of<span class="_ _3"/>f-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m to a pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r<span class="_ _0"/>, we t<span class="_ _3"/>ypi<span class="_ _3"/>ca<span class="_ _3"/>lly al<span class="_ _3"/>so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ter i<span class="_ _3"/>nto ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s on t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ion a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>ture o<span class="_ _3"/>pe<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on wi<span class="_ _3"/>th a d<span class="_ _3"/>ive<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nt are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>typicall<span class="_ _0"/>y agreemen<span class="_ _0"/>ts on:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span>t<span class="_ _3"/>he s<span class="_ _3"/>ale of s<span class="_ _3"/>ha<span class="_ _3"/>res (d<span class="_ _3"/>iv<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nt of a<span class="_ _3"/>sse<span class="_ _3"/>ts) (S<span class="_ _3"/>PA)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e fu<span class="_ _3"/>ture c<span class="_ _3"/>ons<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(const<span class="_ _0"/>ruction agreements<span class="_ _0"/> or construction<span class="_ _0"/> man<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s, if n<span class="_ _3"/>ot i<span class="_ _3"/>n op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e fu<span class="_ _3"/>ture o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e off<span class="_ _3"/>sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(O&amp;<span class="_ _0"/>M agreemen<span class="_ _0"/>ts).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble s<span class="_ _3"/>el<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce re<span class="_ _3"/>lat<span class="_ _3"/>ed to d<span class="_ _3"/>ive<span class="_ _3"/>st-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments o<span class="_ _0"/>f offshor<span class="_ _0"/>e wind<span class="_ _0"/> farms<span class="_ _0"/> and o<span class="_ _0"/>ffshore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">transmission asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>t an ow<span class="_ _3"/>ne<span class="_ _3"/>rsh<span class="_ _3"/>ip i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t in a<span class="_ _3"/>n of<span class="_ _3"/>f-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>m an<span class="_ _3"/>d an of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to a pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r, we con<span class="_ _3"/>sid<span class="_ _3"/>e<span class="_ _3"/>r all te<span class="_ _3"/>rm<span class="_ _3"/>s an<span class="_ _3"/>d ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>ts i<span class="_ _3"/>n ord<span class="_ _3"/>er to d<span class="_ _3"/>ete<span class="_ _3"/>rmi<span class="_ _3"/>ne t<span class="_ _3"/>he t<span class="_ _3"/>ran<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">action price.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s a var<span class="_ _3"/>ia<span class="_ _3"/>ble a<span class="_ _3"/>mo<span class="_ _3"/>un<span class="_ _3"/>t, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate t<span class="_ _3"/>he co<span class="_ _3"/>ns<span class="_ _3"/>id<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n to wh<span class="_ _3"/>ic<span class="_ _3"/>h we ar<span class="_ _3"/>e ent<span class="_ _3"/>itle<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge fo<span class="_ _3"/>r tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e as<span class="_ _3"/>set<span class="_ _3"/>, th<span class="_ _3"/>e win<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>m, a<span class="_ _3"/>nd t<span class="_ _3"/>he t<span class="_ _3"/>ran<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et to ou<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e var<span class="_ _3"/>ia<span class="_ _3"/>bl<span class="_ _3"/>e con<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ated a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct i<span class="_ _3"/>nce<span class="_ _3"/>pt<span class="_ _3"/>ion b<span class="_ _3"/>as<span class="_ _3"/>ed o<span class="_ _3"/>n futu<span class="_ _3"/>re o<span class="_ _3"/>utco<span class="_ _3"/>me of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eve<span class="_ _3"/>nts<span class="_ _3"/>, e.<span class="_ _3"/>g.<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>the d<span class="_ _3"/>iv<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nt p<span class="_ _3"/>ric<span class="_ _3"/>e of th<span class="_ _3"/>e off<span class="_ _3"/>sh<span class="_ _3"/>ore t<span class="_ _3"/>ran<span class="_ _3"/>sm<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h a com<span class="_ _3"/>pe<span class="_ _3"/>tit<span class="_ _3"/>ive te<span class="_ _3"/>nd<span class="_ _3"/>er p<span class="_ _3"/>roc<span class="_ _3"/>ess</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>the i<span class="_ _3"/>m<span class="_ _3"/>pac<span class="_ _3"/>t on p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on f<span class="_ _3"/>rom f<span class="_ _3"/>utu<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>s</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e wi<span class="_ _3"/>nn<span class="_ _3"/>in<span class="_ _3"/>g bi<span class="_ _3"/>d of the te<span class="_ _3"/>nd<span class="_ _3"/>er r<span class="_ _3"/>eve<span class="_ _3"/>nu<span class="_ _3"/>e str<span class="_ _3"/>ea<span class="_ _3"/>m </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh a c<span class="_ _3"/>om<span class="_ _3"/>pet<span class="_ _3"/>iti<span class="_ _3"/>ve ten<span class="_ _3"/>de<span class="_ _3"/>r pr<span class="_ _3"/>oce<span class="_ _3"/>ss<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>r ‘t<span class="_ _3"/>he m<span class="_ _3"/>ost l<span class="_ _3"/>ike<span class="_ _3"/>ly am<span class="_ _3"/>ou<span class="_ _3"/>nt’ to p<span class="_ _3"/>rovi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e mos<span class="_ _3"/>t ap<span class="_ _3"/>pr<span class="_ _3"/>op<span class="_ _3"/>ria<span class="_ _3"/>te es<span class="_ _3"/>tim<span class="_ _3"/>ate of t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">variable<span class="_ _0"/> consideration.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> judgement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Classific<span class="_ _0"/>ation o<span class="_ _0"/>f div<span class="_ _0"/>estment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>t owne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s in a<span class="_ _3"/>n of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>, we ca<span class="_ _3"/>rr<span class="_ _3"/>y ou<span class="_ _3"/>t an i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al a<span class="_ _3"/>ss<span class="_ _3"/>ess<span class="_ _3"/>me<span class="_ _3"/>nt, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>ng wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he d<span class="_ _3"/>ive<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nt qu<span class="_ _3"/>al<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>s as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a di<span class="_ _3"/>ves<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f an e<span class="_ _3"/>nter<span class="_ _3"/>pr<span class="_ _3"/>ise o<span class="_ _3"/>r a di<span class="_ _3"/>ves<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s. We h<span class="_ _3"/>ave t<span class="_ _3"/>yp<span class="_ _3"/>ica<span class="_ _3"/>lly as<span class="_ _3"/>ses<span class="_ _3"/>sed t<span class="_ _3"/>ha<span class="_ _3"/>t the o<span class="_ _3"/>ff-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d far<span class="_ _3"/>ms d<span class="_ _3"/>o not co<span class="_ _3"/>ns<span class="_ _3"/>tit<span class="_ _3"/>ute an e<span class="_ _3"/>nte<span class="_ _3"/>rp<span class="_ _3"/>ris<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as n<span class="_ _3"/>o em<span class="_ _3"/>pl<span class="_ _3"/>oyee<span class="_ _3"/>s are t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d, a<span class="_ _3"/>nd p<span class="_ _3"/>ro<span class="_ _3"/>ces<span class="_ _3"/>ses </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed to a l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d ex<span class="_ _3"/>tent o<span class="_ _3"/>nly.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Consolidation<span class="_ _0"/> method<span class="_ _0"/> for<span class="_ _0"/> partnerships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On e<span class="_ _3"/>sta<span class="_ _3"/>bl<span class="_ _3"/>is<span class="_ _3"/>hm<span class="_ _3"/>ent of p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip<span class="_ _3"/>s an<span class="_ _3"/>d in co<span class="_ _3"/>nn<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th a<span class="_ _3"/>ny res<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>uri<span class="_ _3"/>ng o<span class="_ _3"/>f exi<span class="_ _3"/>st<span class="_ _3"/>in<span class="_ _3"/>g pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>rsh<span class="_ _3"/>ip<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he s<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ure i<span class="_ _3"/>s a jo<span class="_ _3"/>int a<span class="_ _3"/>rra<span class="_ _3"/>ng<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt u<span class="_ _3"/>nd<span class="_ _3"/>er sh<span class="_ _3"/>ar<span class="_ _3"/>ed co<span class="_ _3"/>ntr<span class="_ _3"/>ol<span class="_ _3"/>. Fo<span class="_ _3"/>r joi<span class="_ _3"/>nt a<span class="_ _3"/>rra<span class="_ _3"/>ng<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we su<span class="_ _3"/>bs<span class="_ _3"/>eq<span class="_ _3"/>ue<span class="_ _3"/>ntly ass<span class="_ _3"/>es<span class="_ _3"/>s whe<span class="_ _3"/>the<span class="_ _3"/>r th<span class="_ _3"/>ey ar<span class="_ _3"/>e joi<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>v<span class="_ _3"/>entu<span class="_ _3"/>re<span class="_ _3"/>s or j<span class="_ _3"/>oin<span class="_ _3"/>t op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>ss<span class="_ _3"/>ess<span class="_ _3"/>in<span class="_ _3"/>g jo<span class="_ _3"/>int o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>ion<span class="_ _3"/>s, w<span class="_ _3"/>e loo<span class="_ _3"/>k at<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e cor<span class="_ _3"/>po<span class="_ _3"/>rate fo<span class="_ _3"/>rm of t<span class="_ _3"/>he o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>wh<span class="_ _3"/>eth<span class="_ _3"/>er w<span class="_ _3"/>e are o<span class="_ _3"/>nly e<span class="_ _3"/>ntit<span class="_ _3"/>led to t<span class="_ _3"/>he n<span class="_ _3"/>et pro<span class="_ _3"/>fi<span class="_ _3"/>t </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lo<span class="_ _3"/>ss) o<span class="_ _3"/>r to in<span class="_ _3"/>com<span class="_ _3"/>e an<span class="_ _3"/>d ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s res<span class="_ _3"/>ulti<span class="_ _3"/>ng f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the operation<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>dd<span class="_ _3"/>it<span class="_ _3"/>ion<span class="_ _3"/>, th<span class="_ _3"/>e fac<span class="_ _3"/>t th<span class="_ _3"/>at th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ie<span class="_ _3"/>s buy o<span class="_ _3"/>r ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>si<span class="_ _3"/>gne<span class="_ _3"/>d al<span class="_ _3"/>l ou<span class="_ _3"/>tpu<span class="_ _3"/>t, fo<span class="_ _3"/>r exa<span class="_ _3"/>m<span class="_ _3"/>ple t<span class="_ _3"/>he po<span class="_ _3"/>wer g<span class="_ _3"/>en<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d, w<span class="_ _3"/>il<span class="_ _3"/>l lea<span class="_ _3"/>d to the s<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>ture b<span class="_ _3"/>ei<span class="_ _3"/>ng c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er<span class="_ _3"/>ed a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n if we h<span class="_ _3"/>ave j<span class="_ _3"/>oi<span class="_ _3"/>nt co<span class="_ _3"/>ntro<span class="_ _3"/>l<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.734375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 106.125px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 299.496px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.75px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gain on divestment o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,018</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.8848px; width: 299.789px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Insuranc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e compens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">116<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 57.041px; width: 299.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US tax cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>edits and t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tribut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,577<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,556</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.1816px; width: 299.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other compensation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">800<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>175</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 83.3379px; width: 299.777px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Miscel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>laneous oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">941<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>370</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 95.9922px; width: 192.457px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 192.457px; top: 95.9922px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,329</span><span style="position: absolute; display: inline-block; left: 223.6px; top: 95.9922px; width: 44.9355px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 268.535px; top: 95.9922px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14,119</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other operat<span class="_ _0"/>ing income</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, ‘<span class="_ _3"/>Oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g inc<span class="_ _3"/>ome<span class="_ _3"/>’ was D<span class="_ _3"/>KK 10,<span class="_ _3"/>329 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n, wh<span class="_ _3"/>ic<span class="_ _3"/>h was D<span class="_ _3"/>KK 3,79<span class="_ _3"/>0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n lower t<span class="_ _3"/>ha<span class="_ _3"/>n in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">20<span class="_ _3"/>22<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, ‘<span class="_ _3"/>Ga<span class="_ _3"/>in o<span class="_ _3"/>n div<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nt of as<span class="_ _3"/>sets<span class="_ _3"/>’ pri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lated to th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of Lo<span class="_ _3"/>ndo<span class="_ _3"/>n Ar<span class="_ _3"/>ray, the 5<span class="_ _3"/>0 <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>n of God<span class="_ _3"/>e Wi<span class="_ _3"/>nd 3<span class="_ _3"/>, an<span class="_ _3"/>d othe<span class="_ _3"/>r mi<span class="_ _3"/>no<span class="_ _3"/>r ad<span class="_ _3"/>ju<span class="_ _3"/>st<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts to f<span class="_ _3"/>in<span class="_ _3"/>al<span class="_ _3"/>ise<span class="_ _3"/>d pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s. I<span class="_ _3"/>n 2022, ‘<span class="_ _3"/>Ga<span class="_ _3"/>in o<span class="_ _3"/>n di<span class="_ _3"/>vest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts of a<span class="_ _3"/>sse<span class="_ _3"/>ts’ re<span class="_ _3"/>late<span class="_ _3"/>d to the 5<span class="_ _3"/>0 <span class="_ _15c"/>% far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>ns of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ho<span class="_ _3"/>rn<span class="_ _3"/>sea 2 a<span class="_ _3"/>nd B<span class="_ _3"/>or<span class="_ _3"/>kum R<span class="_ _3"/>if<span class="_ _3"/>fgr<span class="_ _3"/>und 3<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Other<span class="_ _0"/> compensation<span class="_ _0"/>’ w<span class="_ _0"/>as primaril<span class="_ _0"/>y<span class="_ _0"/> compensat<span class="_ _0"/>ions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reg<span class="_ _3"/>ar<span class="_ _3"/>di<span class="_ _3"/>ng ou<span class="_ _3"/>tag<span class="_ _3"/>es an<span class="_ _3"/>d cu<span class="_ _3"/>rta<span class="_ _3"/>il<span class="_ _3"/>me<span class="_ _3"/>nts f<span class="_ _3"/>rom T<span class="_ _0"/>enn<span class="_ _3"/>e<span class="_ _0"/>T<span class="_ _4"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">German grid<span class="_ _0"/> operat<span class="_ _0"/>or<span class="_ _0"/>,<span class="_ _0"/> and c<span class="_ _0"/>ompensations<span class="_ _0"/> from<span class="_ _0"/> US<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operating<span class="_ _0"/> asset<span class="_ _0"/> performanc<span class="_ _0"/>e guaran<span class="_ _0"/>tee<span class="_ _0"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Miscell<span class="_ _0"/>aneous opera<span class="_ _0"/>ting inc<span class="_ _0"/>ome’ primaril<span class="_ _0"/>y<span class="_ _0"/> rel<span class="_ _0"/>ated<span class="_ _0"/> t<span class="_ _0"/>o<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">adjustment o<span class="_ _0"/>f pro<span class="_ _0"/>visions<span class="_ _0"/> to<span class="_ _0"/>war<span class="_ _0"/>d partners.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:105.734375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 114.545px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other operating e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 299.496px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.75px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.572px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lation f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ees<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 122.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,621<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.8848px; width: 302.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ineff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ectiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e hedges, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 106.74px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">512<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.1482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 4,591 </span><span style="position: absolute; display: inline-block; left: 0px; top: 57.041px; width: 299.508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Loss on div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estment of ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">150<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>133</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 71.3379px; width: 108.217px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Miscel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>laneous oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating </span><span style="position: absolute; display: inline-block; left: 0px; top: 83.3379px; width: 299.537px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">expenses<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 165.773px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>239</span><span style="position: absolute; display: inline-block; left: 0px; top: 95.9922px; width: 192.457px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 192.457px; top: 95.9922px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,408</span><span style="position: absolute; display: inline-block; left: 223.6px; top: 95.9922px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 274.594px; top: 95.9922px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,963</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other operati<span class="_ _3"/>ng expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>nce<span class="_ _3"/>lla<span class="_ _3"/>tio<span class="_ _3"/>n fees’ a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to DKK 9,621 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d rel<span class="_ _3"/>ated to th<span class="_ _3"/>e de<span class="_ _3"/>cis<span class="_ _3"/>io<span class="_ _3"/>n to ceas<span class="_ _3"/>e the d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Costs<span class="_ _0"/> rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o ful<span class="_ _0"/>filling and<span class="_ _0"/> cancelling<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 we<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as ‘C<span class="_ _3"/>an<span class="_ _3"/>cel<span class="_ _3"/>lati<span class="_ _3"/>on fee<span class="_ _3"/>s’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>n aros<span class="_ _3"/>e, a<span class="_ _3"/>nd to th<span class="_ _3"/>e ex<span class="_ _3"/>tent th<span class="_ _3"/>ese </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ee<span class="_ _3"/>de<span class="_ _3"/>d the p<span class="_ _3"/>rovis<span class="_ _3"/>io<span class="_ _3"/>n for on<span class="_ _3"/>ero<span class="_ _3"/>us co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>de a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t of the i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent lo<span class="_ _3"/>sse<span class="_ _3"/>s reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in o<span class="_ _3"/>ur i<span class="_ _3"/>nter<span class="_ _3"/>im </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>t for t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st ni<span class="_ _3"/>ne m<span class="_ _3"/>ont<span class="_ _3"/>hs of 20<span class="_ _3"/>23. Ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to thi<span class="_ _3"/>s prov<span class="_ _3"/>isi<span class="_ _3"/>on w<span class="_ _3"/>ill b<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n ‘Ot<span class="_ _3"/>he<span class="_ _3"/>r ope<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses’ as<span class="_ _0"/> ‘Cancellation<span class="_ _0"/> fees<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e note 3.<span class="_ _3"/>10 ‘P<span class="_ _3"/>rovis<span class="_ _3"/>ion<span class="_ _3"/>s an<span class="_ _3"/>d cont<span class="_ _3"/>in<span class="_ _3"/>ge<span class="_ _3"/>nt li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’ for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>re in<span class="_ _3"/>form<span class="_ _3"/>ati<span class="_ _3"/>on a<span class="_ _3"/>bou<span class="_ _3"/>t the c<span class="_ _3"/>an<span class="_ _3"/>cel<span class="_ _3"/>lati<span class="_ _3"/>on fee<span class="_ _3"/>s an<span class="_ _3"/>d pro<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vi<span class="_ _3"/>sio<span class="_ _3"/>ns m<span class="_ _3"/>ad<span class="_ _3"/>e in re<span class="_ _3"/>lati<span class="_ _3"/>on to th<span class="_ _3"/>is<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘I<span class="_ _3"/>ne<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>ive he<span class="_ _3"/>dg<span class="_ _3"/>es’ i<span class="_ _3"/>n 202<span class="_ _3"/>3 ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to h<span class="_ _3"/>ed<span class="_ _3"/>ges<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>e can<span class="_ _3"/>not d<span class="_ _3"/>ocu<span class="_ _3"/>me<span class="_ _3"/>nt as b<span class="_ _3"/>ei<span class="_ _3"/>ng ‘ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e’ fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a he<span class="_ _3"/>dg<span class="_ _3"/>e acco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>rsp<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve. I<span class="_ _3"/>n 2022, w<span class="_ _3"/>e al<span class="_ _3"/>so ha<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vol<span class="_ _0"/>ume-inef<span class="_ _3"/>f<span class="_ _0"/>ective<span class="_ _0"/> hedges.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Emplo<span class="_ _4"/>yee c<span class="_ _0"/>ost<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 68.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 962.924px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 835.178px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ages,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aries, and r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>emuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 713.321px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,550<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,510</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 963.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share-bas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 778.946px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>32</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 962.807px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pensions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 831.364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>536<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>430</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 962.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other social securit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y cos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 754.575px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">268<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 963.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 772.822px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">185<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 963.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e transf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 683.085px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,571<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,297</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 963.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 780.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,019)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.523px; width: 963.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 767.513px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,374<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,278</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 252.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Salarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s and remuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation for the Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oup Executiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 541.281px; top: 0.0078125px; width: 98.3203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other members of the</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 476.133px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and the Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.188px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Executive Boar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>d </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 537.188px; top: 12.0078px; width: 99.75px; white-space: pre; word-spacing: -0.387px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Group Executive T<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam </span><span style="position: absolute; display: inline-block; left: 635.891px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 721.219px; top: 12.0078px; width: 240.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.99px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.6328px; width: 962.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKK 000<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 339.445px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.9941px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 319.775px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">27,849<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,632<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,337<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>71,034<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,776</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 63.0098px; width: 963.094px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Short-term c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ash-based inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>entive scheme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.15px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,711<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,454<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,046<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,402<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,757<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,856</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 403.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share-bas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 281.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,270</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 77.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 77.0098px; width: 509.695px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,989<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,622<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,338<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,327</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0254px; width: 963.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pension,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> incl. social securit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y and benefit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>860<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,650<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,521<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,508<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,381</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.025px; width: 403.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Salary in no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tice period<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 280.916px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,443</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 105.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">4</span><span style="position: absolute; display: inline-block; left: 447.578px; top: 105.025px; width: 30.7441px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,553</span><span style="position: absolute; display: inline-block; left: 478.266px; top: 105.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 5</span><span style="position: absolute; display: inline-block; left: 532.797px; top: 105.025px; width: 430.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">12,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>21,293<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,246</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.025px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,270<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,793<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,519<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,063</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.539px; width: 963.064px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 346.6px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">53,341<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>65,758<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>80,755<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>37,084<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>141,003<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>109,649</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The Executive Boar<span class="_ _0"/>d in 2023 consis<span class="_ _0"/>ted o<span class="_ _0"/>f: Mads Nipper<span class="_ _0"/>, R<span class="_ _0"/>asmus <span class="_ _6"/>Errboe<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(joined on 14 Nov<span class="_ _0"/>ember 2023), Daniel L<span class="_ _0"/>erup (le<span class="_ _0"/>ft on 14 No<span class="_ _0"/>vember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023), and Henriet<span class="_ _0"/>t<span class="_ _0"/>e Fenger El<span class="_ _0"/>lekr<span class="_ _0"/>og. <span class="_ _0"/>The decr<span class="_ _0"/>ease is due t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change in composition o<span class="_ _0"/>f the executiv<span class="_ _0"/>e board.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Other members of the Group Ex<span class="_ _0"/>ecutive <span class="_ _0"/>T<span class="_ _15c"/>eam in 2023 wer<span class="_ _0"/>e: Olivia </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bree<span class="_ _0"/>se<span class="_ _0"/>, <span class="_ _0"/>Andre<span class="_ _0"/>w Br<span class="_ _0"/>own (joined on 14 No<span class="_ _0"/>vember 2023),<span class="_ _0"/> Rasmus </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>Errboe (until 14 November 2023 when he joined the Ex<span class="_ _0"/>ecutive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board),<span class="_ _0"/> Anders Z<span class="_ _0"/>oëga Hansen,<span class="_ _0"/> David Hardy<span class="_ _4"/>, Richard Hunt<span class="_ _0"/>er (l<span class="_ _0"/>eft on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">14 Nov<span class="_ _0"/>ember 2023), P<span class="_ _0"/>er Mejnert Krist<span class="_ _0"/>ensen, Neil O'Dono<span class="_ _0"/>v<span class="_ _0"/>an (lef<span class="_ _0"/>t on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 Jul<span class="_ _0"/>y 2023), Ingrid R<span class="_ _0"/>eumert, and V<span class="_ _4"/>arun Sivaram (joined on 1 <span class="_ _0"/>August<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023). <span class="_ _0"/>The incr<span class="_ _0"/>ease is due t<span class="_ _0"/>o number of members incr<span class="_ _0"/>easing from<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">three in 2022 t<span class="_ _0"/>o s<span class="_ _0"/>ev<span class="_ _0"/>en at the end of 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The expens<span class="_ _0"/>ed remuner<span class="_ _0"/>ation f<span class="_ _0"/>or Mads Nipper includes an e<span class="_ _0"/>xpense </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o the cancel<span class="_ _0"/>lation o<span class="_ _0"/>f tw<span class="_ _0"/>o L<span class="_ _15c"/>TI grants due t<span class="_ _0"/>o not mee<span class="_ _0"/>ting the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sharehol<span class="_ _0"/>ding r<span class="_ _0"/>equirement.<span class="_ _0"/> Despit<span class="_ _0"/>e his increas<span class="_ _0"/>e in sharehol<span class="_ _0"/>ding, the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/>t<span class="_ _0"/>al value of his shar<span class="_ _0"/>es w<span class="_ _0"/>as not sufficient t<span class="_ _0"/>o satisfy the buil<span class="_ _0"/>d-up </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the shar<span class="_ _0"/>eholding r<span class="_ _0"/>equir<span class="_ _0"/>ement f<span class="_ _0"/>or continued participation in the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">share pr<span class="_ _0"/>ogr<span class="_ _0"/>am. In ac<span class="_ _0"/>cor<span class="_ _0"/>dance with IFRS 2, the 2023 and fut<span class="_ _0"/>ure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expense r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o the t<span class="_ _0"/>wo gr<span class="_ _0"/>ants fr<span class="_ _0"/>om 2021 and 2022 have been<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>eler<span class="_ _0"/>at<span class="_ _0"/>ed, and DKK 4.5 million hav<span class="_ _0"/>e been expensed and r<span class="_ _0"/>eport<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as share-bas<span class="_ _0"/>ed remuner<span class="_ _0"/>ation t<span class="_ _0"/>o Mads in 2023 despit<span class="_ _0"/>e him not </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eiving any r<span class="_ _0"/>emuner<span class="_ _0"/>ation fr<span class="_ _0"/>om the tw<span class="_ _0"/>o grant<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 1,373 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as, in ac<span class="_ _0"/>cor<span class="_ _0"/>dance with the pr<span class="_ _0"/>ogr<span class="_ _0"/>amme t<span class="_ _0"/>erms, Daniel L<span class="_ _0"/>erup k<span class="_ _0"/>ept his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2021, 2022, and 2023 gr<span class="_ _0"/>ants<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 3,147 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s as,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with the progr<span class="_ _0"/>amme t<span class="_ _0"/>erms,<span class="_ _0"/> Martin Neubert kep<span class="_ _0"/>t his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2020, 2021, and 2022 gr<span class="_ _0"/>ants<span class="_ _0"/>. <span class="_ _0"/>As Martin has enter<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">into a ne<span class="_ _0"/>w position in 2023 during the no<span class="_ _0"/>tice period, w<span class="_ _0"/>e have the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">right to o<span class="_ _0"/>ffs<span class="_ _0"/>et his ne<span class="_ _0"/>w sal<span class="_ _0"/>ary</span></span><span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pe<span class="_ _3"/>ns<span class="_ _3"/>ion p<span class="_ _3"/>la<span class="_ _3"/>ns a<span class="_ _3"/>nd n<span class="_ _3"/>u<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f em<span class="_ _3"/>ploye<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pen<span class="_ _3"/>si<span class="_ _3"/>on p<span class="_ _3"/>lan<span class="_ _3"/>s are d<span class="_ _3"/>efi<span class="_ _3"/>ne<span class="_ _3"/>d-<span class="_ _3"/>co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n pla<span class="_ _3"/>ns th<span class="_ _3"/>at d<span class="_ _3"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not<span class="_ _0"/> commit<span class="_ _0"/> Ørsted<span class="_ _0"/> bey<span class="_ _0"/>ond t<span class="_ _0"/>he amounts<span class="_ _0"/> con<span class="_ _0"/>tribut<span class="_ _0"/>ed. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, o<span class="_ _3"/>ur a<span class="_ _3"/>ver<span class="_ _3"/>age n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of e<span class="_ _3"/>mp<span class="_ _3"/>loyees w<span class="_ _3"/>as 8,666 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: 7,428). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he G<span class="_ _3"/>ro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>ut<span class="_ _3"/>ive T<span class="_ _0"/>eam</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e rem<span class="_ _3"/>un<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based<span class="_ _0"/> on a<span class="_ _0"/> fixed sal<span class="_ _0"/>ary<span class="_ _0"/>, incl<span class="_ _0"/>uding personal<span class="_ _0"/> benefits, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>ch as a co<span class="_ _3"/>mp<span class="_ _3"/>any ca<span class="_ _3"/>r<span class="_ _0"/>, fre<span class="_ _3"/>e tele<span class="_ _3"/>ph<span class="_ _3"/>on<span class="_ _3"/>e, etc<span class="_ _3"/>., a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salary<span class="_ _0"/>,<span class="_ _0"/> and shar<span class="_ _0"/>e-based paymen<span class="_ _0"/>t. The<span class="_ _0"/> non-executiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>uti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>ls<span class="_ _3"/>o rece<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pension.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of the B<span class="_ _3"/>oa<span class="_ _3"/>rd of D<span class="_ _3"/>ire<span class="_ _3"/>ctor<span class="_ _3"/>s ar<span class="_ _3"/>e pai<span class="_ _3"/>d a fi<span class="_ _3"/>xe<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>mu<span class="_ _3"/>ner<span class="_ _3"/>ati<span class="_ _3"/>on on<span class="_ _3"/>ly for the<span class="_ _3"/>ir w<span class="_ _3"/>ork i<span class="_ _3"/>n Ør<span class="_ _3"/>ste<span class="_ _3"/>d. I<span class="_ _3"/>n ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d rei<span class="_ _3"/>mb<span class="_ _3"/>ur<span class="_ _3"/>ses a<span class="_ _3"/>ny trave<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For m<span class="_ _3"/>or<span class="_ _3"/>e deta<span class="_ _3"/>il<span class="_ _3"/>s on th<span class="_ _3"/>e re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on of th<span class="_ _3"/>e <span class="_ _49"/>E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>ard<span class="_ _3"/>, pl<span class="_ _3"/>eas<span class="_ _3"/>e refer to t<span class="_ _3"/>he re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on re<span class="_ _3"/>po<span class="_ _3"/>rt <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">orst<span class="_ _0"/>ed.com/<span class="_ _0"/>remuneration<span class="_ _0"/>202<span class="_ _0"/>3<span class="ls0 ws0">.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sha<span class="_ _3"/>re-<span class="_ _3"/>based payment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.8</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:124.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 193.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f PSUs and k<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ey assump<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tions <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 444.859px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 521.406px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 598.5px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 192.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">for v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aluation in e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xecutiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ogramme</span><span style="position: absolute; display: inline-block; left: 415.156px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023</span><span style="position: absolute; display: inline-block; left: 491.5px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 567.656px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2021</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f 1 PSU<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 364.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">729<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>909<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,246</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.2578px; width: 74.6836px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y assumptions</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.98px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">583<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>835<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,025</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>verage v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olatilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.711px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">30.6 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30.2 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>28.8 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olatilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, Ørsted<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">36.2 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34.8 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29.6 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Risk-<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>free int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.785px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2.5 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.9 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.1 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Expected t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erm at time o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f granting<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 298.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.5312px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:70.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 265.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Requir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed number of lock<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed-up shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es rel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed salary</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 547.471px; white-space: pre; word-spacing: 0.162px; letter-spacing: -0.162px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">CEO<span style="word-spacing: 0.162px; letter-spacing: -0.162px; display: inline-block; margin-left: 0px; width: 528.622px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 547.471px; top: 18.7441px; width: 84.2227px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">75 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 631.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">CFO<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, Chief HR Offic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 454.009px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7598px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other members of the Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oup Executiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eam<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 320.185px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% – 50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other participants<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.289px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% – 25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The figure sho<span class="_ _0"/>ws the shar<span class="_ _0"/>ehol<span class="_ _0"/>ding requir<span class="_ _0"/>ement in per<span class="_ _0"/>cent<span class="_ _0"/>age of the participant<span class="_ _0"/>s' fixed sal<span class="_ _0"/>ary<span class="_ _4"/>. A<span class="_ _0"/> build-up period o<span class="_ _0"/>f up to fiv<span class="_ _0"/>e years is al<span class="_ _0"/>lo<span class="_ _0"/>wed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exe<span class="_ _0"/>cut<span class="_ _0"/>ive<span class="_ _0"/> shar<span class="_ _0"/>e p<span class="_ _0"/>rogr<span class="_ _0"/>amme</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>nd a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of oth<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ni<span class="_ _3"/>or ex<span class="_ _3"/>ecu<span class="_ _3"/>tive<span class="_ _3"/>s pa<span class="_ _3"/>rt<span class="_ _3"/>ici<span class="_ _3"/>pa<span class="_ _3"/>te in th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(ap<span class="_ _3"/>pro<span class="_ _3"/>x<span class="_ _3"/>. 150<span class="_ _3"/>). A<span class="_ _3"/>s a con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n for th<span class="_ _3"/>e gra<span class="_ _3"/>nti<span class="_ _3"/>ng of p<span class="_ _3"/>er<span class="_ _3"/>for-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>nce s<span class="_ _3"/>ha<span class="_ _3"/>re un<span class="_ _3"/>it<span class="_ _3"/>s (PS<span class="_ _3"/>Us), t<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant m<span class="_ _3"/>us<span class="_ _3"/>t own a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nu<span class="_ _3"/>mb<span class="_ _3"/>er of s<span class="_ _3"/>ha<span class="_ _3"/>res i<span class="_ _3"/>n Ør<span class="_ _3"/>sted c<span class="_ _3"/>orre<span class="_ _3"/>sp<span class="_ _3"/>ond<span class="_ _3"/>i<span class="_ _3"/>ng to a po<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of th<span class="_ _3"/>e in<span class="_ _3"/>di<span class="_ _3"/>vid<span class="_ _3"/>ua<span class="_ _3"/>l pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>'s an<span class="_ _3"/>nu<span class="_ _3"/>al f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The portion<span class="_ _0"/> depends on<span class="_ _0"/> the emplo<span class="_ _0"/>y<span class="_ _0"/>ee c<span class="_ _0"/>ategory<span class="_ _4"/>, and it<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>kes u<span class="_ _3"/>p 75 <span class="_ _1"/>% of o<span class="_ _3"/>ur C<span class="_ _3"/>EO's f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y. See t<span class="_ _3"/>he tab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>ove for m<span class="_ _3"/>ore i<span class="_ _3"/>nform<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>. T<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s in th<span class="_ _3"/>e pro<span class="_ _3"/><span class="ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>m<span class="_ _3"/>me mu<span class="_ _3"/>st i<span class="_ _3"/>nves<span class="_ _3"/>t in Ø<span class="_ _3"/>rs<span class="_ _3"/>ted sh<span class="_ _3"/>are<span class="_ _3"/>s pr<span class="_ _3"/>ior to th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">grant<span class="_ _0"/>ing. A buil<span class="_ _0"/>d-up period f<span class="_ _0"/>or<span class="_ _0"/> the s<span class="_ _0"/>hareholding<span class="_ _0"/> require<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts of u<span class="_ _3"/>p to fi<span class="_ _3"/>ve ye<span class="_ _3"/>ars i<span class="_ _3"/>s al<span class="_ _3"/>lowed<span class="_ _3"/>. If t<span class="_ _3"/>he p<span class="_ _3"/>ar<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/> <span class="_ _49"/>a<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>lfi<span class="_ _3"/>l th<span class="_ _3"/>e sha<span class="_ _3"/>re<span class="_ _3"/>hol<span class="_ _3"/>di<span class="_ _3"/>ng re<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>me<span class="_ _3"/>nt at t<span class="_ _3"/>he ti<span class="_ _3"/>me of g<span class="_ _3"/>ran<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g, t<span class="_ _3"/>hey wi<span class="_ _3"/>ll b<span class="_ _3"/>e gra<span class="_ _3"/>nted a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of PSU<span class="_ _3"/>s eac<span class="_ _3"/>h yea<span class="_ _3"/>r, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pres<span class="_ _3"/>ent<span class="_ _3"/>in<span class="_ _3"/>g a valu<span class="_ _3"/>e of 15<span class="_ _3"/>-<span class="_ _0"/>20 <span class="_ _15c"/>% (15<span class="_ _3"/>-4<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n the U<span class="_ _3"/>S) of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e an<span class="_ _3"/>nua<span class="_ _3"/>l f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y on t<span class="_ _3"/>he da<span class="_ _3"/>te of gra<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e gra<span class="_ _3"/>nted P<span class="_ _3"/>SUs h<span class="_ _3"/>ave a ve<span class="_ _3"/>sti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>iod of a<span class="_ _3"/>pp<span class="_ _3"/>rox<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tely thre<span class="_ _3"/>e yea<span class="_ _3"/>rs<span class="_ _3"/>. Th<span class="_ _3"/>en<span class="_ _3"/>, e<span class="_ _3"/>ach P<span class="_ _3"/>SU e<span class="_ _3"/>ntitle<span class="_ _3"/>s the h<span class="_ _3"/>old<span class="_ _3"/>er, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>tho<span class="_ _3"/>ut pa<span class="_ _3"/>yme<span class="_ _3"/>nt, to re<span class="_ _3"/>ce<span class="_ _3"/>ive a nu<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r of sha<span class="_ _3"/>res c<span class="_ _3"/>or<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>po<span class="_ _3"/>nd<span class="_ _3"/>ing to 0<span class="_ _3"/>-<span class="_ _0"/>20<span class="_ _3"/>0 <span class="_ _4"/>% of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SUs g<span class="_ _3"/>rante<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The v<span class="_ _0"/>esting<span class="_ _0"/> is co<span class="_ _0"/>nditional upon<span class="_ _0"/> con<span class="_ _0"/>tinued emplo<span class="_ _0"/>y<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>. Ass<span class="_ _3"/>um<span class="_ _3"/>in<span class="_ _3"/>g no s<span class="_ _3"/>har<span class="_ _3"/>e pri<span class="_ _3"/>ce de<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>ent s<span class="_ _3"/>in<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e gra<span class="_ _3"/>nt, th<span class="_ _3"/>e va<span class="_ _3"/>lue wo<span class="_ _3"/>uld co<span class="_ _3"/>rre<span class="_ _3"/>sp<span class="_ _3"/>ond to 0<span class="_ _3"/>-3<span class="_ _3"/>0 <span class="_ _15c"/>% or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">0<span class="_ _3"/>-4<span class="_ _3"/>0 <span class="_ _15c"/>% (<span class="_ _3"/>0<span class="_ _3"/>-8<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n th<span class="_ _3"/>e US) of th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d sal<span class="_ _3"/>ar<span class="_ _3"/>y on th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te of gra<span class="_ _3"/>nt. T<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>al n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of sh<span class="_ _3"/>are<span class="_ _3"/>s for ea<span class="_ _3"/>ch p<span class="_ _3"/>ar<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>cip<span class="_ _3"/>ant w<span class="_ _3"/>il<span class="_ _3"/>l be de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>e bas<span class="_ _3"/>is of th<span class="_ _3"/>e total </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>are<span class="_ _3"/>ho<span class="_ _3"/>lde<span class="_ _3"/>r retu<span class="_ _3"/>rn d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red by Ø<span class="_ _3"/>rste<span class="_ _3"/>d, b<span class="_ _3"/>en<span class="_ _3"/>ch<span class="_ _3"/>ma<span class="_ _3"/>rked </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">against<span class="_ _0"/> ten<span class="_ _0"/> c<span class="_ _0"/>omparabl<span class="_ _0"/>e E<span class="_ _0"/>uropean<span class="_ _0"/> ener<span class="_ _0"/>gy<span class="_ _0"/> companies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>est ra<span class="_ _3"/>te (20<span class="_ _3"/>0 <span class="_ _15c"/>%) w<span class="_ _3"/>il<span class="_ _3"/>l be tr<span class="_ _3"/>igg<span class="_ _3"/>e<span class="_ _3"/>red if Ø<span class="_ _3"/>rs<span class="_ _3"/>ted<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ults<span class="_ _3"/>, me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d as th<span class="_ _3"/>e total retu<span class="_ _3"/>rn to sh<span class="_ _3"/>ar<span class="_ _3"/>eho<span class="_ _3"/>ld<span class="_ _3"/>ers<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">outperform<span class="_ _0"/> thos<span class="_ _0"/>e o<span class="_ _0"/>f the<span class="_ _0"/> compar<span class="_ _0"/>able c<span class="_ _0"/>ompanies. For<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ea<span class="_ _3"/>ch lowe<span class="_ _3"/>r ran<span class="_ _3"/>ki<span class="_ _3"/>ng<span class="_ _3"/>, th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of s<span class="_ _3"/>ha<span class="_ _3"/>res g<span class="_ _3"/>rante<span class="_ _3"/>d wil<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fal<span class="_ _3"/>l by 20 pe<span class="_ _3"/>rcen<span class="_ _3"/>tage p<span class="_ _3"/>oi<span class="_ _3"/>nts<span class="_ _3"/>. If, for e<span class="_ _3"/>xam<span class="_ _3"/>ple<span class="_ _3"/>, Ør<span class="_ _3"/>ste<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ran<span class="_ _3"/>ks t<span class="_ _3"/>hi<span class="_ _3"/>rd, t<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s wi<span class="_ _3"/>ll be e<span class="_ _3"/>nti<span class="_ _3"/>tled to 16<span class="_ _3"/>0 <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e targ<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If Ø<span class="_ _3"/>rs<span class="_ _3"/>ted ran<span class="_ _3"/>ks 1<span class="_ _3"/>1 in th<span class="_ _3"/>e com<span class="_ _3"/>pa<span class="_ _3"/>ri<span class="_ _3"/>son<span class="_ _3"/>, no s<span class="_ _3"/>ha<span class="_ _3"/>res w<span class="_ _3"/>ill b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>nted to th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s. T<span class="_ _3"/>he ri<span class="_ _3"/>gh<span class="_ _3"/>t to sha<span class="_ _3"/>res i<span class="_ _3"/>s con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ditional upon<span class="_ _0"/> con<span class="_ _0"/>tinued empl<span class="_ _0"/>oy<span class="_ _0"/>ment. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ret<span class="_ _0"/>ent<span class="_ _0"/>ion<span class="_ _0"/> share<span class="_ _0"/> pr<span class="_ _0"/>ogramme</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e targ<span class="_ _3"/>et gro<span class="_ _3"/>up fo<span class="_ _3"/>r the s<span class="_ _3"/>ha<span class="_ _3"/>re<span class="_ _3"/>-ba<span class="_ _3"/>se<span class="_ _3"/>d retent<span class="_ _3"/>io<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts w<span class="_ _3"/>il<span class="_ _3"/>l typ<span class="_ _3"/>ica<span class="_ _3"/>lly be em<span class="_ _3"/>pl<span class="_ _3"/>oyees re<span class="_ _3"/>sp<span class="_ _3"/>ons<span class="_ _3"/>ib<span class="_ _3"/>le for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vita<span class="_ _3"/>l<span class="_ _3"/>, lon<span class="_ _3"/>g-ter<span class="_ _3"/>m pro<span class="_ _3"/>jec<span class="_ _3"/>ts<span class="_ _3"/>. T<span class="_ _3"/>he us<span class="_ _3"/>e of the<span class="_ _3"/>se sh<span class="_ _3"/>are<span class="_ _3"/>-<span class="_ _3"/>bas<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rete<span class="_ _3"/>ntio<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts w<span class="_ _3"/>il<span class="_ _3"/>l be l<span class="_ _3"/>im<span class="_ _3"/>ited to 25 co<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s with a<span class="_ _3"/>n in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al ti<span class="_ _3"/>me f<span class="_ _3"/>ram<span class="_ _3"/>e of up to f<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yea<span class="_ _3"/>rs<span class="_ _3"/>. M<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>rs of th<span class="_ _3"/>e Ex<span class="_ _3"/>ecu<span class="_ _3"/>tive B<span class="_ _3"/>oa<span class="_ _3"/>rd (CEO, CF<span class="_ _3"/>O, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>ief H<span class="_ _3"/>R Of<span class="_ _3"/>f<span class="_ _3"/>ice<span class="_ _3"/>r) can<span class="_ _3"/>not b<span class="_ _3"/>e gr<span class="_ _3"/>anted s<span class="_ _3"/>uc<span class="_ _3"/>h retent<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>reem<span class="_ _3"/>ents<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of re<span class="_ _3"/>tenti<span class="_ _3"/>on s<span class="_ _3"/>ha<span class="_ _3"/>re un<span class="_ _3"/>its (<span class="_ _3"/>RS<span class="_ _3"/>Us) to be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>nted w<span class="_ _3"/>il<span class="_ _3"/>l be de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>n the b<span class="_ _3"/>as<span class="_ _3"/>is of th<span class="_ _3"/>e pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of Ør<span class="_ _3"/>ste<span class="_ _3"/>d's s<span class="_ _3"/>har<span class="_ _3"/>es at t<span class="_ _3"/>he ti<span class="_ _3"/>me of t<span class="_ _3"/>he g<span class="_ _3"/>rant a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">limit<span class="_ _0"/>ed t<span class="_ _0"/>o<span class="_ _0"/> an amo<span class="_ _0"/>unt<span class="_ _0"/> corr<span class="_ _0"/>espondin<span class="_ _0"/>g t<span class="_ _0"/>o<span class="_ _0"/> a maximum<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of si<span class="_ _3"/>x mo<span class="_ _3"/>nths' b<span class="_ _3"/>ase p<span class="_ _3"/>ay for t<span class="_ _3"/>he e<span class="_ _3"/>mp<span class="_ _3"/>loyee i<span class="_ _3"/>n qu<span class="_ _3"/>est<span class="_ _3"/>ion<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At vest<span class="_ _3"/>in<span class="_ _3"/>g, e<span class="_ _3"/>ac<span class="_ _3"/>h RSU w<span class="_ _3"/>il<span class="_ _3"/>l enti<span class="_ _3"/>tle th<span class="_ _3"/>e em<span class="_ _3"/>ploye<span class="_ _3"/>e to one </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d sha<span class="_ _3"/>re fre<span class="_ _3"/>e of ch<span class="_ _3"/>arg<span class="_ _3"/>e. H<span class="_ _3"/>oweve<span class="_ _3"/>r<span class="_ _0"/>, the tota<span class="_ _3"/>l valu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e sha<span class="_ _3"/>res to b<span class="_ _3"/>e rece<span class="_ _3"/>ive<span class="_ _3"/>d at ve<span class="_ _3"/>sti<span class="_ _3"/>ng w<span class="_ _3"/>il<span class="_ _3"/>l be ca<span class="_ _3"/>pp<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a m<span class="_ _3"/>ax<span class="_ _3"/>im<span class="_ _3"/>um of t<span class="_ _3"/>welve m<span class="_ _3"/>onth<span class="_ _3"/>s' bas<span class="_ _3"/>e pay fo<span class="_ _3"/>r the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">em<span class="_ _3"/>pl<span class="_ _3"/>oyee in q<span class="_ _3"/>ue<span class="_ _3"/>sti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ra<span class="_ _3"/>mm<span class="_ _3"/>e is c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as a<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d pro<span class="_ _3"/>gra<span class="_ _3"/>mm<span class="_ _3"/>e as t<span class="_ _3"/>he p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me i<span class="_ _3"/>s set<span class="_ _3"/>tle<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in s<span class="_ _3"/>ha<span class="_ _3"/>res<span class="_ _3"/>. Th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of t<span class="_ _3"/>he P<span class="_ _3"/>SUs a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>d nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f PSU<span class="_ _3"/>s gra<span class="_ _3"/>nted a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ur<span class="_ _3"/>ed at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of gra<span class="_ _3"/>nti<span class="_ _3"/>ng a<span class="_ _3"/>nd r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>in th<span class="_ _3"/>e in<span class="_ _3"/>co<span class="_ _3"/>me sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r em<span class="_ _3"/>ploy<span class="_ _3"/>ee </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts ov<span class="_ _3"/>er th<span class="_ _3"/>e ves<span class="_ _3"/>ti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>as a<span class="_ _3"/>n off<span class="_ _3"/>set i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>ee<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r eq<span class="_ _3"/>uit<span class="_ _3"/>y </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the v<span class="_ _3"/>est<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>ri<span class="_ _3"/>od<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e PS<span class="_ _3"/>Us an<span class="_ _3"/>d th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SU<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to b<span class="_ _3"/>e gr<span class="_ _3"/>ante<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed o<span class="_ _3"/>ut as a p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y sim<span class="_ _3"/>ul<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on Ø<span class="_ _3"/>rste<span class="_ _3"/>d'<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to<span class="_ _3"/>tal sh<span class="_ _3"/>ar<span class="_ _3"/>eh<span class="_ _3"/>old<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">retu<span class="_ _3"/>rn r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to ten co<span class="_ _3"/>mp<span class="_ _3"/>ar<span class="_ _3"/>ab<span class="_ _3"/>le Eur<span class="_ _3"/>op<span class="_ _3"/>ea<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>er<span class="_ _3"/>gy co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ies<span class="_ _3"/>. Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fac<span class="_ _3"/>tor<span class="_ _3"/>ed i<span class="_ _3"/>nto th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>d are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d sub<span class="_ _3"/>se<span class="_ _3"/>qu<span class="_ _3"/>ent<span class="_ _3"/>l<span class="_ _0"/>y. Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ic<span class="_ _3"/>ipa<span class="_ _3"/>nt<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>ens<span class="_ _3"/>ate<span class="_ _3"/>d for a<span class="_ _3"/>ny di<span class="_ _3"/>vid<span class="_ _3"/>en<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">receiving<span class="_ _0"/> additional<span class="_ _0"/> PSUs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:134px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0234375px; width: 251.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December</span><span style="position: absolute; display: inline-block; left: 829.125px; top: 0.0078125px; width: 60.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.5098px; width: 19.0137px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">'000</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 12.0234px; width: 69.7969px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other members</span><span style="position: absolute; display: inline-block; left: 777.359px; top: 12.0078px; width: 34.6582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 834.656px; top: 12.0078px; width: 53.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at </span><span style="position: absolute; display: inline-block; left: 938.984px; top: 11.9922px; width: 26.0508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ears <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 304.438px; top: 24.0234px; width: 42.7383px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Executiv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 371.719px; top: 24.0234px; width: 57.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 476.172px; top: 24.0234px; width: 27.75px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Senior</span><span style="position: absolute; display: inline-block; left: 554px; top: 24.0234px; width: 26.2676px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other</span><span style="position: absolute; display: inline-block; left: 764.078px; top: 24.0078px; width: 48.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">% of share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 849.234px; top: 24.0078px; width: 40.3887px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">granting </span><span style="position: absolute; display: inline-block; left: 902.109px; top: 23.9922px; width: 64.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">until expiry as </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.0234px; width: 74.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of granting</span><span style="position: absolute; display: inline-block; left: 317.406px; top: 36.0234px; width: 29.2324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> Board</span><span style="position: absolute; display: inline-block; left: 347px; top: 36.9375px; width: 4.01367px; white-space: pre; word-spacing: -0.445995px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 36.0078px; width: 68.6484px; white-space: pre; word-spacing: -0.387px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Executiv<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e T<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 36.9375px; width: 4.01367px; white-space: pre; word-spacing: -0.445995px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 457px; top: 36.0234px; width: 47.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">ex<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecutives</span><span style="position: absolute; display: inline-block; left: 532.797px; top: 36.0234px; width: 200.607px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">emplo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 779.094px; top: 36.0078px; width: 31.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">capit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al</span><span style="position: absolute; display: inline-block; left: 857.969px; top: 35.9922px; width: 28.9102px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 928.766px; top: 35.9922px; width: 34.4707px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of 2023</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.7285px; width: 53.2207px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2020</span><span style="position: absolute; display: inline-block; left: 53.2207px; top: 54.7285px; width: 668.766px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 721.986px; top: 54.7285px; width: 240.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.7285px; width: 963.17px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2021<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>47<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.01 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 82.7285px; width: 963.188px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2022<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">78<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>89<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>102<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.02 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 963.164px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2023<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.6915px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>116<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>136<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.03 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>50<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.744px; width: 119.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ention pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme</span><span style="position: absolute; display: inline-block; left: 119.889px; top: 110.744px; width: 602.115px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 223.723px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 722.004px; top: 110.744px; width: 59.3613px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 781.365px; top: 110.744px; width: 28.4707px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.00 %</span><span style="position: absolute; display: inline-block; left: 809.836px; top: 110.744px; width: 70.7344px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 880.57px; top: 110.744px; width: 5.67188px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5</span><span style="position: absolute; display: inline-block; left: 0px; top: 124.258px; width: 886.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 69.3105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>234<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>233<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0.06 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>125</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:285.173828125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 252.393px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">De<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>opment in maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding shares<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 19.0137px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">'000</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 733.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anding shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">36<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>160<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>234</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 246.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Compensation f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or dividends paid (2020, 2021, and 2022 </span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 733.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">progr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ammes)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 733.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er bet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een cat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>egories<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 125.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cised (2020 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme) </span><span style="position: absolute; display: inline-block; left: 123.781px; top: 85.3164px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 127.766px; top: 84.7598px; width: 605.479px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(53)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(65)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 733.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cised (2019 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 224.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(84)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 733.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed (2023 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 225.603px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>135<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">167<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 733.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed (2022 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">101</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.775px; width: 733.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2023 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(28)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.775px; width: 347.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2022 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)</span></span><span style="position: absolute; display: inline-block; left: 347px; top: 155.203px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 423.812px; top: 154.775px; width: 309.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 136.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 168.775px; width: 347.156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2021 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)</span></span><span style="position: absolute; display: inline-block; left: 347px; top: 169.203px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 423.812px; top: 168.775px; width: 309.229px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 182.775px; width: 733.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2020 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(11)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 196.775px; width: 733.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ention pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.035px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 210.305px; width: 733.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>234<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 241.791px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.057px; width: 733.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme at the time of gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anting<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.6602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.807px; width: 733.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maximum mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">88<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">105<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>147</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>At v<span class="_ _0"/>esting, Ørs<span class="_ _0"/>ted did no<span class="_ _0"/>t outperf<span class="_ _0"/>orm any o<span class="_ _0"/>f the 10 compe<span class="_ _0"/>titors<span class="_ _0"/>, and, as a r<span class="_ _0"/>esul<span class="_ _0"/>t, no shar<span class="_ _0"/>es wer<span class="_ _0"/>e gr<span class="_ _0"/>ant<span class="_ _0"/>ed to the participant<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Members as of 31 Dec. 2023 are incl<span class="_ _0"/>uded in this cat<span class="_ _0"/>egory<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Cancell<span class="_ _0"/>ation of Mads Nipper'<span class="_ _4"/>s L<span class="_ _15c"/>TI grants f<span class="_ _0"/>or 2021 and 2022. D<span class="_ _0"/>espite his incr<span class="_ _0"/>ease in shar<span class="_ _0"/>ehol<span class="_ _0"/>ding, the t<span class="_ _0"/>ot<span class="_ _0"/>al value o<span class="_ _0"/>f his shares w<span class="_ _0"/>as not sufficient t<span class="_ _0"/>o satisfy<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the build-up o<span class="_ _0"/>f the sharehol<span class="_ _0"/>ding r<span class="_ _0"/>equirement f<span class="_ _4"/>or continued participation in the share pr<span class="_ _0"/>ogr<span class="_ _0"/>amme,<span class="_ _0"/> and consequent<span class="_ _0"/>l<span class="_ _0"/>y<span class="_ _0"/>, the aw<span class="_ _0"/>arded PSUs w<span class="_ _0"/>er<span class="_ _0"/>e cancel<span class="_ _0"/>led.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The maximum mark<span class="_ _0"/>et value o<span class="_ _0"/>f the share pr<span class="_ _0"/>ogr<span class="_ _0"/>amme at 31 December<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is based on the assumption that the participant<span class="_ _0"/>s rec<span class="_ _0"/>eive the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">number of shar<span class="_ _0"/>es (i.e<span class="_ _0"/>. 200 <span class="_ _15c"/>% of the grant<span class="_ _0"/>ed PSUs/RSUs). <span class="_ _0"/>This r<span class="_ _0"/>equir<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ørst<span class="_ _0"/>ed to deliv<span class="_ _0"/>er the highest shar<span class="_ _0"/>eholder r<span class="_ _0"/>et<span class="_ _0"/>urn, benchmark<span class="_ _0"/>ed against </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ten c<span class="_ _0"/>ompar<span class="_ _0"/>able c<span class="_ _0"/>ompanies.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The share pric<span class="_ _0"/>e at the time of ex<span class="_ _0"/>er<span class="_ _0"/>cising in 2023 was DKK 583.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Related-pa<span class="_ _3"/>rty <span class="_ _181"> </span>tra<span class="_ _3"/>nsactions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 7.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 62.0156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Joint ventur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 299.496px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.75px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dividends rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eived<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">86<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 299.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al trans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>actions, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(222)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(92)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 299.613px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sales o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f goods and service<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">64<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 217.758px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 165.773px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 217.758px; top: 72.7598px; width: 5.67188px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9</span><span style="position: absolute; display: inline-block; left: 223.43px; top: 72.7598px; width: 73.0605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 296.49px; top: 72.7598px; width: 2.94727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 47.4375px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Associat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al trans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>actions, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(37)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 299.789px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f goods and services<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 299.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Purchas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e of goods and servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(186)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(180)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 299.654px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 168.275px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 299.848px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pay<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 166.688px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(25)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(44)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rel<span class="_ _3"/>ated p<span class="_ _3"/>ar<span class="_ _3"/>ti<span class="_ _3"/>es th<span class="_ _3"/>at ha<span class="_ _3"/>ve co<span class="_ _3"/>ntrol ov<span class="_ _3"/>er th<span class="_ _3"/>e Gro<span class="_ _3"/>up </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>pr<span class="_ _3"/>ise t<span class="_ _3"/>he D<span class="_ _3"/>an<span class="_ _3"/>ish s<span class="_ _3"/>tate, re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nted by the D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ministry<span class="_ _0"/> of<span class="_ _0"/> Finance.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ot<span class="_ _3"/>he<span class="_ _3"/>r rela<span class="_ _3"/>ted pa<span class="_ _3"/>r<span class="_ _3"/>tie<span class="_ _3"/>s are t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p<span class="_ _0"/>'s ass<span class="_ _3"/>oci<span class="_ _3"/>ates a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int ve<span class="_ _3"/>ntu<span class="_ _3"/>res<span class="_ _3"/>, me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of the B<span class="_ _3"/>oa<span class="_ _3"/>rd of Di<span class="_ _3"/>re<span class="_ _3"/>ctor<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Exe<span class="_ _3"/>cut<span class="_ _3"/>ive B<span class="_ _3"/>oa<span class="_ _3"/>rd, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r sen<span class="_ _3"/>io<span class="_ _3"/>r exe<span class="_ _3"/>cut<span class="_ _3"/>ive<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e note 7<span class="_ _4"/>.<span class="_ _3"/>4 ‘Co<span class="_ _3"/>mp<span class="_ _3"/>any ove<span class="_ _3"/>rv<span class="_ _3"/>iew<span class="_ _3"/>’ for a<span class="_ _3"/>n over<span class="_ _3"/>vi<span class="_ _3"/>ew of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r jo<span class="_ _3"/>int ve<span class="_ _3"/>ntur<span class="_ _3"/>es an<span class="_ _3"/>d as<span class="_ _3"/>soc<span class="_ _3"/>iate<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rel<span class="_ _3"/>ated<span class="_ _3"/>-p<span class="_ _3"/>ar<span class="_ _3"/>ty t<span class="_ _3"/>rans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re ma<span class="_ _3"/>de o<span class="_ _3"/>n ar<span class="_ _3"/>m's len<span class="_ _3"/>gth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">t<span class="_ _0"/>erms. In<span class="_ _0"/>tra-gr<span class="_ _0"/>oup t<span class="_ _0"/>rans<span class="_ _0"/>actions<span class="_ _0"/> hav<span class="_ _0"/>e been<span class="_ _0"/> eliminat<span class="_ _0"/>ed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in the<span class="_ _0"/> cons<span class="_ _0"/>olidat<span class="_ _0"/>ed financial st<span class="_ _0"/>at<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The r<span class="_ _0"/>emuneration<span class="_ _0"/> and share<span class="_ _0"/> progr<span class="_ _0"/>ammes f<span class="_ _0"/>or<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>nd t<span class="_ _3"/>he B<span class="_ _3"/>oa<span class="_ _3"/>rd of Di<span class="_ _3"/>rec<span class="_ _3"/>tor<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>scr<span class="_ _3"/>ib<span class="_ _3"/>ed i<span class="_ _3"/>n notes 2<span class="_ _3"/>.7 ‘E<span class="_ _3"/>mp<span class="_ _3"/>loyee cos<span class="_ _3"/>ts’ a<span class="_ _3"/>nd 2<span class="_ _3"/>.8 ‘<span class="_ _3"/>Sh<span class="_ _3"/>are<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based pa<span class="_ _0"/>yment’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use t<span class="_ _3"/>he ex<span class="_ _3"/>em<span class="_ _3"/>ptio<span class="_ _3"/>n set o<span class="_ _3"/>ut i<span class="_ _3"/>n IA<span class="_ _3"/>S 24.<span class="_ _3"/>25 con<span class="_ _3"/>ce<span class="_ _3"/>rni<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>titi<span class="_ _3"/>es i<span class="_ _3"/>n whi<span class="_ _3"/>ch th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh sta<span class="_ _3"/>te is a re<span class="_ _3"/>lated p<span class="_ _3"/>ar<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>erefo<span class="_ _3"/>re tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s wit<span class="_ _3"/>h gove<span class="_ _3"/>rn<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _0"/>-re<span class="_ _3"/>late<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es a<span class="_ _3"/>re not d<span class="_ _3"/>isc<span class="_ _3"/>lose<span class="_ _3"/>d<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ere w<span class="_ _3"/>ere n<span class="_ _3"/>o othe<span class="_ _3"/>r re<span class="_ _3"/>lated<span class="_ _3"/>-p<span class="_ _3"/>ar<span class="_ _3"/>ty t<span class="_ _3"/>ran<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>ons d<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the period.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Emplo<span class="_ _4"/>yee c<span class="_ _0"/>ost<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 68.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 962.924px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 835.178px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ages,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aries, and r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>emuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 713.321px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,550<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,510</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 963.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share-bas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 778.946px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>32</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 962.807px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pensions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 831.364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>536<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>430</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 962.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other social securit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y cos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 754.575px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">268<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 963.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 772.822px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">185<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 963.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e transf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 683.085px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,571<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,297</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 963.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 780.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,019)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.523px; width: 963.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 767.513px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,374<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,278</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 252.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Salarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s and remuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation for the Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oup Executiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 541.281px; top: 0.0078125px; width: 98.3203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other members of the</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 476.133px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and the Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.188px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Executive Boar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>d </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 537.188px; top: 12.0078px; width: 99.75px; white-space: pre; word-spacing: -0.387px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Group Executive T<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam </span><span style="position: absolute; display: inline-block; left: 635.891px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 721.219px; top: 12.0078px; width: 240.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.99px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.6328px; width: 962.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKK 000<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 339.445px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.9941px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 319.775px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">27,849<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,632<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,337<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>71,034<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,776</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 63.0098px; width: 963.094px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Short-term c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ash-based inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>entive scheme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.15px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,711<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,454<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,046<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,402<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,757<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,856</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 403.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share-bas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 281.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,270</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 77.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 77.0098px; width: 509.695px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,989<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,622<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,338<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,327</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0254px; width: 963.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pension,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> incl. social securit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y and benefit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>860<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,650<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,521<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,508<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,381</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.025px; width: 403.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Salary in no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tice period<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 280.916px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,443</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 105.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">4</span><span style="position: absolute; display: inline-block; left: 447.578px; top: 105.025px; width: 30.7441px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,553</span><span style="position: absolute; display: inline-block; left: 478.266px; top: 105.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 5</span><span style="position: absolute; display: inline-block; left: 532.797px; top: 105.025px; width: 430.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">12,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>21,293<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,246</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.025px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,270<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,793<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,519<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,063</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.539px; width: 963.064px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 346.6px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">53,341<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>65,758<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>80,755<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>37,084<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>141,003<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>109,649</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The Executive Boar<span class="_ _0"/>d in 2023 consis<span class="_ _0"/>ted o<span class="_ _0"/>f: Mads Nipper<span class="_ _0"/>, R<span class="_ _0"/>asmus <span class="_ _6"/>Errboe<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(joined on 14 Nov<span class="_ _0"/>ember 2023), Daniel L<span class="_ _0"/>erup (le<span class="_ _0"/>ft on 14 No<span class="_ _0"/>vember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023), and Henriet<span class="_ _0"/>t<span class="_ _0"/>e Fenger El<span class="_ _0"/>lekr<span class="_ _0"/>og. <span class="_ _0"/>The decr<span class="_ _0"/>ease is due t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change in composition o<span class="_ _0"/>f the executiv<span class="_ _0"/>e board.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Other members of the Group Ex<span class="_ _0"/>ecutive <span class="_ _0"/>T<span class="_ _15c"/>eam in 2023 wer<span class="_ _0"/>e: Olivia </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bree<span class="_ _0"/>se<span class="_ _0"/>, <span class="_ _0"/>Andre<span class="_ _0"/>w Br<span class="_ _0"/>own (joined on 14 No<span class="_ _0"/>vember 2023),<span class="_ _0"/> Rasmus </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>Errboe (until 14 November 2023 when he joined the Ex<span class="_ _0"/>ecutive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board),<span class="_ _0"/> Anders Z<span class="_ _0"/>oëga Hansen,<span class="_ _0"/> David Hardy<span class="_ _4"/>, Richard Hunt<span class="_ _0"/>er (l<span class="_ _0"/>eft on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">14 Nov<span class="_ _0"/>ember 2023), P<span class="_ _0"/>er Mejnert Krist<span class="_ _0"/>ensen, Neil O'Dono<span class="_ _0"/>v<span class="_ _0"/>an (lef<span class="_ _0"/>t on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 Jul<span class="_ _0"/>y 2023), Ingrid R<span class="_ _0"/>eumert, and V<span class="_ _4"/>arun Sivaram (joined on 1 <span class="_ _0"/>August<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023). <span class="_ _0"/>The incr<span class="_ _0"/>ease is due t<span class="_ _0"/>o number of members incr<span class="_ _0"/>easing from<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">three in 2022 t<span class="_ _0"/>o s<span class="_ _0"/>ev<span class="_ _0"/>en at the end of 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The expens<span class="_ _0"/>ed remuner<span class="_ _0"/>ation f<span class="_ _0"/>or Mads Nipper includes an e<span class="_ _0"/>xpense </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o the cancel<span class="_ _0"/>lation o<span class="_ _0"/>f tw<span class="_ _0"/>o L<span class="_ _15c"/>TI grants due t<span class="_ _0"/>o not mee<span class="_ _0"/>ting the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sharehol<span class="_ _0"/>ding r<span class="_ _0"/>equirement.<span class="_ _0"/> Despit<span class="_ _0"/>e his increas<span class="_ _0"/>e in sharehol<span class="_ _0"/>ding, the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/>t<span class="_ _0"/>al value of his shar<span class="_ _0"/>es w<span class="_ _0"/>as not sufficient t<span class="_ _0"/>o satisfy the buil<span class="_ _0"/>d-up </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the shar<span class="_ _0"/>eholding r<span class="_ _0"/>equir<span class="_ _0"/>ement f<span class="_ _0"/>or continued participation in the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">share pr<span class="_ _0"/>ogr<span class="_ _0"/>am. In ac<span class="_ _0"/>cor<span class="_ _0"/>dance with IFRS 2, the 2023 and fut<span class="_ _0"/>ure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expense r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o the t<span class="_ _0"/>wo gr<span class="_ _0"/>ants fr<span class="_ _0"/>om 2021 and 2022 have been<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>eler<span class="_ _0"/>at<span class="_ _0"/>ed, and DKK 4.5 million hav<span class="_ _0"/>e been expensed and r<span class="_ _0"/>eport<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as share-bas<span class="_ _0"/>ed remuner<span class="_ _0"/>ation t<span class="_ _0"/>o Mads in 2023 despit<span class="_ _0"/>e him not </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eiving any r<span class="_ _0"/>emuner<span class="_ _0"/>ation fr<span class="_ _0"/>om the tw<span class="_ _0"/>o grant<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 1,373 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as, in ac<span class="_ _0"/>cor<span class="_ _0"/>dance with the pr<span class="_ _0"/>ogr<span class="_ _0"/>amme t<span class="_ _0"/>erms, Daniel L<span class="_ _0"/>erup k<span class="_ _0"/>ept his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2021, 2022, and 2023 gr<span class="_ _0"/>ants<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 3,147 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s as,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with the progr<span class="_ _0"/>amme t<span class="_ _0"/>erms,<span class="_ _0"/> Martin Neubert kep<span class="_ _0"/>t his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2020, 2021, and 2022 gr<span class="_ _0"/>ants<span class="_ _0"/>. <span class="_ _0"/>As Martin has enter<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">into a ne<span class="_ _0"/>w position in 2023 during the no<span class="_ _0"/>tice period, w<span class="_ _0"/>e have the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">right to o<span class="_ _0"/>ffs<span class="_ _0"/>et his ne<span class="_ _0"/>w sal<span class="_ _0"/>ary</span></span><span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pe<span class="_ _3"/>ns<span class="_ _3"/>ion p<span class="_ _3"/>la<span class="_ _3"/>ns a<span class="_ _3"/>nd n<span class="_ _3"/>u<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f em<span class="_ _3"/>ploye<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pen<span class="_ _3"/>si<span class="_ _3"/>on p<span class="_ _3"/>lan<span class="_ _3"/>s are d<span class="_ _3"/>efi<span class="_ _3"/>ne<span class="_ _3"/>d-<span class="_ _3"/>co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n pla<span class="_ _3"/>ns th<span class="_ _3"/>at d<span class="_ _3"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not<span class="_ _0"/> commit<span class="_ _0"/> Ørsted<span class="_ _0"/> bey<span class="_ _0"/>ond t<span class="_ _0"/>he amounts<span class="_ _0"/> con<span class="_ _0"/>tribut<span class="_ _0"/>ed. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, o<span class="_ _3"/>ur a<span class="_ _3"/>ver<span class="_ _3"/>age n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of e<span class="_ _3"/>mp<span class="_ _3"/>loyees w<span class="_ _3"/>as 8,666 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: 7,428). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he G<span class="_ _3"/>ro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>ut<span class="_ _3"/>ive T<span class="_ _0"/>eam</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e rem<span class="_ _3"/>un<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based<span class="_ _0"/> on a<span class="_ _0"/> fixed sal<span class="_ _0"/>ary<span class="_ _0"/>, incl<span class="_ _0"/>uding personal<span class="_ _0"/> benefits, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>ch as a co<span class="_ _3"/>mp<span class="_ _3"/>any ca<span class="_ _3"/>r<span class="_ _0"/>, fre<span class="_ _3"/>e tele<span class="_ _3"/>ph<span class="_ _3"/>on<span class="_ _3"/>e, etc<span class="_ _3"/>., a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salary<span class="_ _0"/>,<span class="_ _0"/> and shar<span class="_ _0"/>e-based paymen<span class="_ _0"/>t. The<span class="_ _0"/> non-executiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>uti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>ls<span class="_ _3"/>o rece<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pension.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of the B<span class="_ _3"/>oa<span class="_ _3"/>rd of D<span class="_ _3"/>ire<span class="_ _3"/>ctor<span class="_ _3"/>s ar<span class="_ _3"/>e pai<span class="_ _3"/>d a fi<span class="_ _3"/>xe<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>mu<span class="_ _3"/>ner<span class="_ _3"/>ati<span class="_ _3"/>on on<span class="_ _3"/>ly for the<span class="_ _3"/>ir w<span class="_ _3"/>ork i<span class="_ _3"/>n Ør<span class="_ _3"/>ste<span class="_ _3"/>d. I<span class="_ _3"/>n ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d rei<span class="_ _3"/>mb<span class="_ _3"/>ur<span class="_ _3"/>ses a<span class="_ _3"/>ny trave<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For m<span class="_ _3"/>or<span class="_ _3"/>e deta<span class="_ _3"/>il<span class="_ _3"/>s on th<span class="_ _3"/>e re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on of th<span class="_ _3"/>e <span class="_ _49"/>E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>ard<span class="_ _3"/>, pl<span class="_ _3"/>eas<span class="_ _3"/>e refer to t<span class="_ _3"/>he re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on re<span class="_ _3"/>po<span class="_ _3"/>rt <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">orst<span class="_ _0"/>ed.com/<span class="_ _0"/>remuneration<span class="_ _0"/>202<span class="_ _0"/>3<span class="ls0 ws0">.</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Emplo<span class="_ _4"/>yee c<span class="_ _0"/>ost<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 68.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 962.924px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 835.178px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ages,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aries, and r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>emuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 713.321px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,550<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,510</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 963.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share-bas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 778.946px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>32</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 962.807px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pensions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 831.364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>536<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>430</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 962.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other social securit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y cos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 754.575px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">268<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 963.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 772.822px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">185<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 963.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Emplo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e transf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 683.085px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,571<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,297</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 963.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 780.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,019)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.523px; width: 963.035px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 767.513px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,374<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,278</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 252.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Salarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s and remuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation for the Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oup Executiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 541.281px; top: 0.0078125px; width: 98.3203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other members of the</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 476.133px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and the Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.188px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Executive Boar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>d </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 537.188px; top: 12.0078px; width: 99.75px; white-space: pre; word-spacing: -0.387px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Group Executive T<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam </span><span style="position: absolute; display: inline-block; left: 635.891px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 721.219px; top: 12.0078px; width: 240.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.99px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.6328px; width: 962.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKK 000<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 339.445px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.9941px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 319.775px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">27,849<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,632<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,337<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>71,034<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,776</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 63.0098px; width: 963.094px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Short-term c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ash-based inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>entive scheme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.15px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,711<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,454<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,046<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,402<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,757<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,856</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 403.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share-bas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 281.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,270</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 77.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 77.0098px; width: 509.695px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,989<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,622<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,338<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,327</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0254px; width: 963.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pension,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> incl. social securit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y and benefit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>860<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,650<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,521<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,508<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,381</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.025px; width: 403.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Salary in no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tice period<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 280.916px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,443</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 105.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">4</span><span style="position: absolute; display: inline-block; left: 447.578px; top: 105.025px; width: 30.7441px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,553</span><span style="position: absolute; display: inline-block; left: 478.266px; top: 105.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 5</span><span style="position: absolute; display: inline-block; left: 532.797px; top: 105.025px; width: 430.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">12,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>21,293<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,246</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.025px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,270<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,793<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,519<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,063</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.539px; width: 963.064px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 346.6px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">53,341<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>65,758<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>80,755<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>37,084<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>141,003<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>109,649</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The Executive Boar<span class="_ _0"/>d in 2023 consis<span class="_ _0"/>ted o<span class="_ _0"/>f: Mads Nipper<span class="_ _0"/>, R<span class="_ _0"/>asmus <span class="_ _6"/>Errboe<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(joined on 14 Nov<span class="_ _0"/>ember 2023), Daniel L<span class="_ _0"/>erup (le<span class="_ _0"/>ft on 14 No<span class="_ _0"/>vember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023), and Henriet<span class="_ _0"/>t<span class="_ _0"/>e Fenger El<span class="_ _0"/>lekr<span class="_ _0"/>og. <span class="_ _0"/>The decr<span class="_ _0"/>ease is due t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change in composition o<span class="_ _0"/>f the executiv<span class="_ _0"/>e board.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Other members of the Group Ex<span class="_ _0"/>ecutive <span class="_ _0"/>T<span class="_ _15c"/>eam in 2023 wer<span class="_ _0"/>e: Olivia </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bree<span class="_ _0"/>se<span class="_ _0"/>, <span class="_ _0"/>Andre<span class="_ _0"/>w Br<span class="_ _0"/>own (joined on 14 No<span class="_ _0"/>vember 2023),<span class="_ _0"/> Rasmus </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>Errboe (until 14 November 2023 when he joined the Ex<span class="_ _0"/>ecutive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board),<span class="_ _0"/> Anders Z<span class="_ _0"/>oëga Hansen,<span class="_ _0"/> David Hardy<span class="_ _4"/>, Richard Hunt<span class="_ _0"/>er (l<span class="_ _0"/>eft on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">14 Nov<span class="_ _0"/>ember 2023), P<span class="_ _0"/>er Mejnert Krist<span class="_ _0"/>ensen, Neil O'Dono<span class="_ _0"/>v<span class="_ _0"/>an (lef<span class="_ _0"/>t on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 Jul<span class="_ _0"/>y 2023), Ingrid R<span class="_ _0"/>eumert, and V<span class="_ _4"/>arun Sivaram (joined on 1 <span class="_ _0"/>August<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023). <span class="_ _0"/>The incr<span class="_ _0"/>ease is due t<span class="_ _0"/>o number of members incr<span class="_ _0"/>easing from<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">three in 2022 t<span class="_ _0"/>o s<span class="_ _0"/>ev<span class="_ _0"/>en at the end of 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The expens<span class="_ _0"/>ed remuner<span class="_ _0"/>ation f<span class="_ _0"/>or Mads Nipper includes an e<span class="_ _0"/>xpense </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o the cancel<span class="_ _0"/>lation o<span class="_ _0"/>f tw<span class="_ _0"/>o L<span class="_ _15c"/>TI grants due t<span class="_ _0"/>o not mee<span class="_ _0"/>ting the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sharehol<span class="_ _0"/>ding r<span class="_ _0"/>equirement.<span class="_ _0"/> Despit<span class="_ _0"/>e his increas<span class="_ _0"/>e in sharehol<span class="_ _0"/>ding, the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/>t<span class="_ _0"/>al value of his shar<span class="_ _0"/>es w<span class="_ _0"/>as not sufficient t<span class="_ _0"/>o satisfy the buil<span class="_ _0"/>d-up </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the shar<span class="_ _0"/>eholding r<span class="_ _0"/>equir<span class="_ _0"/>ement f<span class="_ _0"/>or continued participation in the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">share pr<span class="_ _0"/>ogr<span class="_ _0"/>am. In ac<span class="_ _0"/>cor<span class="_ _0"/>dance with IFRS 2, the 2023 and fut<span class="_ _0"/>ure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expense r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o the t<span class="_ _0"/>wo gr<span class="_ _0"/>ants fr<span class="_ _0"/>om 2021 and 2022 have been<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>eler<span class="_ _0"/>at<span class="_ _0"/>ed, and DKK 4.5 million hav<span class="_ _0"/>e been expensed and r<span class="_ _0"/>eport<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as share-bas<span class="_ _0"/>ed remuner<span class="_ _0"/>ation t<span class="_ _0"/>o Mads in 2023 despit<span class="_ _0"/>e him not </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eiving any r<span class="_ _0"/>emuner<span class="_ _0"/>ation fr<span class="_ _0"/>om the tw<span class="_ _0"/>o grant<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 1,373 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as, in ac<span class="_ _0"/>cor<span class="_ _0"/>dance with the pr<span class="_ _0"/>ogr<span class="_ _0"/>amme t<span class="_ _0"/>erms, Daniel L<span class="_ _0"/>erup k<span class="_ _0"/>ept his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2021, 2022, and 2023 gr<span class="_ _0"/>ants<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 3,147 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s as,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with the progr<span class="_ _0"/>amme t<span class="_ _0"/>erms,<span class="_ _0"/> Martin Neubert kep<span class="_ _0"/>t his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2020, 2021, and 2022 gr<span class="_ _0"/>ants<span class="_ _0"/>. <span class="_ _0"/>As Martin has enter<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">into a ne<span class="_ _0"/>w position in 2023 during the no<span class="_ _0"/>tice period, w<span class="_ _0"/>e have the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">right to o<span class="_ _0"/>ffs<span class="_ _0"/>et his ne<span class="_ _0"/>w sal<span class="_ _0"/>ary</span></span><span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pe<span class="_ _3"/>ns<span class="_ _3"/>ion p<span class="_ _3"/>la<span class="_ _3"/>ns a<span class="_ _3"/>nd n<span class="_ _3"/>u<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f em<span class="_ _3"/>ploye<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pen<span class="_ _3"/>si<span class="_ _3"/>on p<span class="_ _3"/>lan<span class="_ _3"/>s are d<span class="_ _3"/>efi<span class="_ _3"/>ne<span class="_ _3"/>d-<span class="_ _3"/>co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n pla<span class="_ _3"/>ns th<span class="_ _3"/>at d<span class="_ _3"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not<span class="_ _0"/> commit<span class="_ _0"/> Ørsted<span class="_ _0"/> bey<span class="_ _0"/>ond t<span class="_ _0"/>he amounts<span class="_ _0"/> con<span class="_ _0"/>tribut<span class="_ _0"/>ed. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, o<span class="_ _3"/>ur a<span class="_ _3"/>ver<span class="_ _3"/>age n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of e<span class="_ _3"/>mp<span class="_ _3"/>loyees w<span class="_ _3"/>as 8,666 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: 7,428). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he G<span class="_ _3"/>ro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>ut<span class="_ _3"/>ive T<span class="_ _0"/>eam</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e rem<span class="_ _3"/>un<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based<span class="_ _0"/> on a<span class="_ _0"/> fixed sal<span class="_ _0"/>ary<span class="_ _0"/>, incl<span class="_ _0"/>uding personal<span class="_ _0"/> benefits, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>ch as a co<span class="_ _3"/>mp<span class="_ _3"/>any ca<span class="_ _3"/>r<span class="_ _0"/>, fre<span class="_ _3"/>e tele<span class="_ _3"/>ph<span class="_ _3"/>on<span class="_ _3"/>e, etc<span class="_ _3"/>., a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salary<span class="_ _0"/>,<span class="_ _0"/> and shar<span class="_ _0"/>e-based paymen<span class="_ _0"/>t. The<span class="_ _0"/> non-executiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>uti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>ls<span class="_ _3"/>o rece<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pension.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of the B<span class="_ _3"/>oa<span class="_ _3"/>rd of D<span class="_ _3"/>ire<span class="_ _3"/>ctor<span class="_ _3"/>s ar<span class="_ _3"/>e pai<span class="_ _3"/>d a fi<span class="_ _3"/>xe<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>mu<span class="_ _3"/>ner<span class="_ _3"/>ati<span class="_ _3"/>on on<span class="_ _3"/>ly for the<span class="_ _3"/>ir w<span class="_ _3"/>ork i<span class="_ _3"/>n Ør<span class="_ _3"/>ste<span class="_ _3"/>d. I<span class="_ _3"/>n ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d rei<span class="_ _3"/>mb<span class="_ _3"/>ur<span class="_ _3"/>ses a<span class="_ _3"/>ny trave<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For m<span class="_ _3"/>or<span class="_ _3"/>e deta<span class="_ _3"/>il<span class="_ _3"/>s on th<span class="_ _3"/>e re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on of th<span class="_ _3"/>e <span class="_ _49"/>E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>ard<span class="_ _3"/>, pl<span class="_ _3"/>eas<span class="_ _3"/>e refer to t<span class="_ _3"/>he re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on re<span class="_ _3"/>po<span class="_ _3"/>rt <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">orst<span class="_ _0"/>ed.com/<span class="_ _0"/>remuneration<span class="_ _0"/>202<span class="_ _0"/>3<span class="ls0 ws0">.</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 252.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Salarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s and remuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation for the Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oup Executiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 541.281px; top: 0.0078125px; width: 98.3203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other members of the</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 476.133px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and the Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.188px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Executive Boar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>d </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 537.188px; top: 12.0078px; width: 99.75px; white-space: pre; word-spacing: -0.387px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Group Executive T<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam </span><span style="position: absolute; display: inline-block; left: 635.891px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 721.219px; top: 12.0078px; width: 240.996px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Board of Dir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ect<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ors<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.99px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.6328px; width: 962.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKK 000<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 339.445px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.9941px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 319.775px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">27,849<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,632<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,337<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>71,034<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,776</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 63.0098px; width: 963.094px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Short-term c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ash-based inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>entive scheme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.15px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,711<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,454<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,046<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,402<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,757<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,856</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 403.113px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share-bas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 281.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,270</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 77.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 77.0098px; width: 509.695px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,989<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,622<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,338<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,327</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0254px; width: 963.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pension,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> incl. social securit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y and benefit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>860<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,650<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,521<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,508<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,381</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.025px; width: 403.037px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Salary in no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tice period<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 280.916px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,443</span></span><span style="position: absolute; display: inline-block; left: 403.422px; top: 105.582px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">4</span><span style="position: absolute; display: inline-block; left: 447.578px; top: 105.025px; width: 30.7441px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,553</span><span style="position: absolute; display: inline-block; left: 478.266px; top: 105.582px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 5</span><span style="position: absolute; display: inline-block; left: 532.797px; top: 105.025px; width: 430.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">12,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>21,293<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,246</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.025px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,270<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,793<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,519<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,063</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.539px; width: 963.064px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 346.6px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">53,341<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>65,758<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>80,755<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>37,084<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,907<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,807<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>141,003<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>109,649</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The Executive Boar<span class="_ _0"/>d in 2023 consis<span class="_ _0"/>ted o<span class="_ _0"/>f: Mads Nipper<span class="_ _0"/>, R<span class="_ _0"/>asmus <span class="_ _6"/>Errboe<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(joined on 14 Nov<span class="_ _0"/>ember 2023), Daniel L<span class="_ _0"/>erup (le<span class="_ _0"/>ft on 14 No<span class="_ _0"/>vember </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023), and Henriet<span class="_ _0"/>t<span class="_ _0"/>e Fenger El<span class="_ _0"/>lekr<span class="_ _0"/>og. <span class="_ _0"/>The decr<span class="_ _0"/>ease is due t<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">change in composition o<span class="_ _0"/>f the executiv<span class="_ _0"/>e board.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Other members of the Group Ex<span class="_ _0"/>ecutive <span class="_ _0"/>T<span class="_ _15c"/>eam in 2023 wer<span class="_ _0"/>e: Olivia </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bree<span class="_ _0"/>se<span class="_ _0"/>, <span class="_ _0"/>Andre<span class="_ _0"/>w Br<span class="_ _0"/>own (joined on 14 No<span class="_ _0"/>vember 2023),<span class="_ _0"/> Rasmus </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>Errboe (until 14 November 2023 when he joined the Ex<span class="_ _0"/>ecutive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board),<span class="_ _0"/> Anders Z<span class="_ _0"/>oëga Hansen,<span class="_ _0"/> David Hardy<span class="_ _4"/>, Richard Hunt<span class="_ _0"/>er (l<span class="_ _0"/>eft on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">14 Nov<span class="_ _0"/>ember 2023), P<span class="_ _0"/>er Mejnert Krist<span class="_ _0"/>ensen, Neil O'Dono<span class="_ _0"/>v<span class="_ _0"/>an (lef<span class="_ _0"/>t on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 Jul<span class="_ _0"/>y 2023), Ingrid R<span class="_ _0"/>eumert, and V<span class="_ _4"/>arun Sivaram (joined on 1 <span class="_ _0"/>August<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023). <span class="_ _0"/>The incr<span class="_ _0"/>ease is due t<span class="_ _0"/>o number of members incr<span class="_ _0"/>easing from<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">three in 2022 t<span class="_ _0"/>o s<span class="_ _0"/>ev<span class="_ _0"/>en at the end of 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The expens<span class="_ _0"/>ed remuner<span class="_ _0"/>ation f<span class="_ _0"/>or Mads Nipper includes an e<span class="_ _0"/>xpense </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o the cancel<span class="_ _0"/>lation o<span class="_ _0"/>f tw<span class="_ _0"/>o L<span class="_ _15c"/>TI grants due t<span class="_ _0"/>o not mee<span class="_ _0"/>ting the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sharehol<span class="_ _0"/>ding r<span class="_ _0"/>equirement.<span class="_ _0"/> Despit<span class="_ _0"/>e his increas<span class="_ _0"/>e in sharehol<span class="_ _0"/>ding, the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/>t<span class="_ _0"/>al value of his shar<span class="_ _0"/>es w<span class="_ _0"/>as not sufficient t<span class="_ _0"/>o satisfy the buil<span class="_ _0"/>d-up </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the shar<span class="_ _0"/>eholding r<span class="_ _0"/>equir<span class="_ _0"/>ement f<span class="_ _0"/>or continued participation in the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">share pr<span class="_ _0"/>ogr<span class="_ _0"/>am. In ac<span class="_ _0"/>cor<span class="_ _0"/>dance with IFRS 2, the 2023 and fut<span class="_ _0"/>ure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expense r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o the t<span class="_ _0"/>wo gr<span class="_ _0"/>ants fr<span class="_ _0"/>om 2021 and 2022 have been<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _0"/>eler<span class="_ _0"/>at<span class="_ _0"/>ed, and DKK 4.5 million hav<span class="_ _0"/>e been expensed and r<span class="_ _0"/>eport<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as share-bas<span class="_ _0"/>ed remuner<span class="_ _0"/>ation t<span class="_ _0"/>o Mads in 2023 despit<span class="_ _0"/>e him not </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eiving any r<span class="_ _0"/>emuner<span class="_ _0"/>ation fr<span class="_ _0"/>om the tw<span class="_ _0"/>o grant<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 1,373 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as, in ac<span class="_ _0"/>cor<span class="_ _0"/>dance with the pr<span class="_ _0"/>ogr<span class="_ _0"/>amme t<span class="_ _0"/>erms, Daniel L<span class="_ _0"/>erup k<span class="_ _0"/>ept his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2021, 2022, and 2023 gr<span class="_ _0"/>ants<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Including DKK 3,147 thousand rel<span class="_ _0"/>at<span class="_ _0"/>ed to shar<span class="_ _0"/>e-based payment<span class="_ _0"/>s as,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in acc<span class="_ _0"/>ordanc<span class="_ _0"/>e with the progr<span class="_ _0"/>amme t<span class="_ _0"/>erms,<span class="_ _0"/> Martin Neubert kep<span class="_ _0"/>t his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rights t<span class="_ _0"/>o the 2020, 2021, and 2022 gr<span class="_ _0"/>ants<span class="_ _0"/>. <span class="_ _0"/>As Martin has enter<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">into a ne<span class="_ _0"/>w position in 2023 during the no<span class="_ _0"/>tice period, w<span class="_ _0"/>e have the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">right to o<span class="_ _0"/>ffs<span class="_ _0"/>et his ne<span class="_ _0"/>w sal<span class="_ _0"/>ary</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he G<span class="_ _3"/>ro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>ut<span class="_ _3"/>ive T<span class="_ _0"/>eam</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e rem<span class="_ _3"/>un<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">based<span class="_ _0"/> on a<span class="_ _0"/> fixed sal<span class="_ _0"/>ary<span class="_ _0"/>, incl<span class="_ _0"/>uding personal<span class="_ _0"/> benefits, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>ch as a co<span class="_ _3"/>mp<span class="_ _3"/>any ca<span class="_ _3"/>r<span class="_ _0"/>, fre<span class="_ _3"/>e tele<span class="_ _3"/>ph<span class="_ _3"/>on<span class="_ _3"/>e, etc<span class="_ _3"/>., a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">salary<span class="_ _0"/>,<span class="_ _0"/> and shar<span class="_ _0"/>e-based paymen<span class="_ _0"/>t. The<span class="_ _0"/> non-executiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xec<span class="_ _3"/>uti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>ls<span class="_ _3"/>o rece<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pension.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of the B<span class="_ _3"/>oa<span class="_ _3"/>rd of D<span class="_ _3"/>ire<span class="_ _3"/>ctor<span class="_ _3"/>s ar<span class="_ _3"/>e pai<span class="_ _3"/>d a fi<span class="_ _3"/>xe<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>mu<span class="_ _3"/>ner<span class="_ _3"/>ati<span class="_ _3"/>on on<span class="_ _3"/>ly for the<span class="_ _3"/>ir w<span class="_ _3"/>ork i<span class="_ _3"/>n Ør<span class="_ _3"/>ste<span class="_ _3"/>d. I<span class="_ _3"/>n ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d rei<span class="_ _3"/>mb<span class="_ _3"/>ur<span class="_ _3"/>ses a<span class="_ _3"/>ny trave<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For m<span class="_ _3"/>or<span class="_ _3"/>e deta<span class="_ _3"/>il<span class="_ _3"/>s on th<span class="_ _3"/>e re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on of th<span class="_ _3"/>e <span class="_ _49"/>E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>ard<span class="_ _3"/>, pl<span class="_ _3"/>eas<span class="_ _3"/>e refer to t<span class="_ _3"/>he re<span class="_ _3"/>mu<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>on re<span class="_ _3"/>po<span class="_ _3"/>rt <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">orst<span class="_ _0"/>ed.com/<span class="_ _0"/>remuneration<span class="_ _0"/>202<span class="_ _0"/>3<span class="ls0 ws0">.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sha<span class="_ _3"/>re-<span class="_ _3"/>based payment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.8</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:124.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 193.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f PSUs and k<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ey assump<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tions <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 444.859px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 521.406px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 598.5px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 192.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">for v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aluation in e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xecutiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ogramme</span><span style="position: absolute; display: inline-block; left: 415.156px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023</span><span style="position: absolute; display: inline-block; left: 491.5px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 567.656px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2021</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f 1 PSU<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 364.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">729<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>909<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,246</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.2578px; width: 74.6836px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y assumptions</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.98px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">583<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>835<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,025</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>verage v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olatilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.711px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">30.6 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30.2 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>28.8 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olatilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, Ørsted<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">36.2 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34.8 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29.6 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Risk-<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>free int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.785px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2.5 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.9 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.1 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Expected t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erm at time o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f granting<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 298.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.5312px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:70.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 265.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Requir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed number of lock<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed-up shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es rel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed salary</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 547.471px; white-space: pre; word-spacing: 0.162px; letter-spacing: -0.162px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">CEO<span style="word-spacing: 0.162px; letter-spacing: -0.162px; display: inline-block; margin-left: 0px; width: 528.622px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 547.471px; top: 18.7441px; width: 84.2227px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">75 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 631.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">CFO<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, Chief HR Offic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 454.009px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7598px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other members of the Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oup Executiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eam<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 320.185px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% – 50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other participants<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.289px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% – 25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The figure sho<span class="_ _0"/>ws the shar<span class="_ _0"/>ehol<span class="_ _0"/>ding requir<span class="_ _0"/>ement in per<span class="_ _0"/>cent<span class="_ _0"/>age of the participant<span class="_ _0"/>s' fixed sal<span class="_ _0"/>ary<span class="_ _4"/>. A<span class="_ _0"/> build-up period o<span class="_ _0"/>f up to fiv<span class="_ _0"/>e years is al<span class="_ _0"/>lo<span class="_ _0"/>wed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exe<span class="_ _0"/>cut<span class="_ _0"/>ive<span class="_ _0"/> shar<span class="_ _0"/>e p<span class="_ _0"/>rogr<span class="_ _0"/>amme</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>nd a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of oth<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ni<span class="_ _3"/>or ex<span class="_ _3"/>ecu<span class="_ _3"/>tive<span class="_ _3"/>s pa<span class="_ _3"/>rt<span class="_ _3"/>ici<span class="_ _3"/>pa<span class="_ _3"/>te in th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(ap<span class="_ _3"/>pro<span class="_ _3"/>x<span class="_ _3"/>. 150<span class="_ _3"/>). A<span class="_ _3"/>s a con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n for th<span class="_ _3"/>e gra<span class="_ _3"/>nti<span class="_ _3"/>ng of p<span class="_ _3"/>er<span class="_ _3"/>for-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>nce s<span class="_ _3"/>ha<span class="_ _3"/>re un<span class="_ _3"/>it<span class="_ _3"/>s (PS<span class="_ _3"/>Us), t<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant m<span class="_ _3"/>us<span class="_ _3"/>t own a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nu<span class="_ _3"/>mb<span class="_ _3"/>er of s<span class="_ _3"/>ha<span class="_ _3"/>res i<span class="_ _3"/>n Ør<span class="_ _3"/>sted c<span class="_ _3"/>orre<span class="_ _3"/>sp<span class="_ _3"/>ond<span class="_ _3"/>i<span class="_ _3"/>ng to a po<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of th<span class="_ _3"/>e in<span class="_ _3"/>di<span class="_ _3"/>vid<span class="_ _3"/>ua<span class="_ _3"/>l pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>'s an<span class="_ _3"/>nu<span class="_ _3"/>al f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The portion<span class="_ _0"/> depends on<span class="_ _0"/> the emplo<span class="_ _0"/>y<span class="_ _0"/>ee c<span class="_ _0"/>ategory<span class="_ _4"/>, and it<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>kes u<span class="_ _3"/>p 75 <span class="_ _1"/>% of o<span class="_ _3"/>ur C<span class="_ _3"/>EO's f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y. See t<span class="_ _3"/>he tab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>ove for m<span class="_ _3"/>ore i<span class="_ _3"/>nform<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>. T<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s in th<span class="_ _3"/>e pro<span class="_ _3"/><span class="ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>m<span class="_ _3"/>me mu<span class="_ _3"/>st i<span class="_ _3"/>nves<span class="_ _3"/>t in Ø<span class="_ _3"/>rs<span class="_ _3"/>ted sh<span class="_ _3"/>are<span class="_ _3"/>s pr<span class="_ _3"/>ior to th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">grant<span class="_ _0"/>ing. A buil<span class="_ _0"/>d-up period f<span class="_ _0"/>or<span class="_ _0"/> the s<span class="_ _0"/>hareholding<span class="_ _0"/> require<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts of u<span class="_ _3"/>p to fi<span class="_ _3"/>ve ye<span class="_ _3"/>ars i<span class="_ _3"/>s al<span class="_ _3"/>lowed<span class="_ _3"/>. If t<span class="_ _3"/>he p<span class="_ _3"/>ar<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/> <span class="_ _49"/>a<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>lfi<span class="_ _3"/>l th<span class="_ _3"/>e sha<span class="_ _3"/>re<span class="_ _3"/>hol<span class="_ _3"/>di<span class="_ _3"/>ng re<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>me<span class="_ _3"/>nt at t<span class="_ _3"/>he ti<span class="_ _3"/>me of g<span class="_ _3"/>ran<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g, t<span class="_ _3"/>hey wi<span class="_ _3"/>ll b<span class="_ _3"/>e gra<span class="_ _3"/>nted a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of PSU<span class="_ _3"/>s eac<span class="_ _3"/>h yea<span class="_ _3"/>r, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pres<span class="_ _3"/>ent<span class="_ _3"/>in<span class="_ _3"/>g a valu<span class="_ _3"/>e of 15<span class="_ _3"/>-<span class="_ _0"/>20 <span class="_ _15c"/>% (15<span class="_ _3"/>-4<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n the U<span class="_ _3"/>S) of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e an<span class="_ _3"/>nua<span class="_ _3"/>l f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y on t<span class="_ _3"/>he da<span class="_ _3"/>te of gra<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e gra<span class="_ _3"/>nted P<span class="_ _3"/>SUs h<span class="_ _3"/>ave a ve<span class="_ _3"/>sti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>iod of a<span class="_ _3"/>pp<span class="_ _3"/>rox<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tely thre<span class="_ _3"/>e yea<span class="_ _3"/>rs<span class="_ _3"/>. Th<span class="_ _3"/>en<span class="_ _3"/>, e<span class="_ _3"/>ach P<span class="_ _3"/>SU e<span class="_ _3"/>ntitle<span class="_ _3"/>s the h<span class="_ _3"/>old<span class="_ _3"/>er, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>tho<span class="_ _3"/>ut pa<span class="_ _3"/>yme<span class="_ _3"/>nt, to re<span class="_ _3"/>ce<span class="_ _3"/>ive a nu<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r of sha<span class="_ _3"/>res c<span class="_ _3"/>or<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>po<span class="_ _3"/>nd<span class="_ _3"/>ing to 0<span class="_ _3"/>-<span class="_ _0"/>20<span class="_ _3"/>0 <span class="_ _4"/>% of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SUs g<span class="_ _3"/>rante<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The v<span class="_ _0"/>esting<span class="_ _0"/> is co<span class="_ _0"/>nditional upon<span class="_ _0"/> con<span class="_ _0"/>tinued emplo<span class="_ _0"/>y<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>. Ass<span class="_ _3"/>um<span class="_ _3"/>in<span class="_ _3"/>g no s<span class="_ _3"/>har<span class="_ _3"/>e pri<span class="_ _3"/>ce de<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>ent s<span class="_ _3"/>in<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e gra<span class="_ _3"/>nt, th<span class="_ _3"/>e va<span class="_ _3"/>lue wo<span class="_ _3"/>uld co<span class="_ _3"/>rre<span class="_ _3"/>sp<span class="_ _3"/>ond to 0<span class="_ _3"/>-3<span class="_ _3"/>0 <span class="_ _15c"/>% or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">0<span class="_ _3"/>-4<span class="_ _3"/>0 <span class="_ _15c"/>% (<span class="_ _3"/>0<span class="_ _3"/>-8<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n th<span class="_ _3"/>e US) of th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d sal<span class="_ _3"/>ar<span class="_ _3"/>y on th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te of gra<span class="_ _3"/>nt. T<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>al n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of sh<span class="_ _3"/>are<span class="_ _3"/>s for ea<span class="_ _3"/>ch p<span class="_ _3"/>ar<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>cip<span class="_ _3"/>ant w<span class="_ _3"/>il<span class="_ _3"/>l be de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>e bas<span class="_ _3"/>is of th<span class="_ _3"/>e total </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>are<span class="_ _3"/>ho<span class="_ _3"/>lde<span class="_ _3"/>r retu<span class="_ _3"/>rn d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red by Ø<span class="_ _3"/>rste<span class="_ _3"/>d, b<span class="_ _3"/>en<span class="_ _3"/>ch<span class="_ _3"/>ma<span class="_ _3"/>rked </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">against<span class="_ _0"/> ten<span class="_ _0"/> c<span class="_ _0"/>omparabl<span class="_ _0"/>e E<span class="_ _0"/>uropean<span class="_ _0"/> ener<span class="_ _0"/>gy<span class="_ _0"/> companies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>est ra<span class="_ _3"/>te (20<span class="_ _3"/>0 <span class="_ _15c"/>%) w<span class="_ _3"/>il<span class="_ _3"/>l be tr<span class="_ _3"/>igg<span class="_ _3"/>e<span class="_ _3"/>red if Ø<span class="_ _3"/>rs<span class="_ _3"/>ted<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ults<span class="_ _3"/>, me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d as th<span class="_ _3"/>e total retu<span class="_ _3"/>rn to sh<span class="_ _3"/>ar<span class="_ _3"/>eho<span class="_ _3"/>ld<span class="_ _3"/>ers<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">outperform<span class="_ _0"/> thos<span class="_ _0"/>e o<span class="_ _0"/>f the<span class="_ _0"/> compar<span class="_ _0"/>able c<span class="_ _0"/>ompanies. For<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ea<span class="_ _3"/>ch lowe<span class="_ _3"/>r ran<span class="_ _3"/>ki<span class="_ _3"/>ng<span class="_ _3"/>, th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of s<span class="_ _3"/>ha<span class="_ _3"/>res g<span class="_ _3"/>rante<span class="_ _3"/>d wil<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fal<span class="_ _3"/>l by 20 pe<span class="_ _3"/>rcen<span class="_ _3"/>tage p<span class="_ _3"/>oi<span class="_ _3"/>nts<span class="_ _3"/>. If, for e<span class="_ _3"/>xam<span class="_ _3"/>ple<span class="_ _3"/>, Ør<span class="_ _3"/>ste<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ran<span class="_ _3"/>ks t<span class="_ _3"/>hi<span class="_ _3"/>rd, t<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s wi<span class="_ _3"/>ll be e<span class="_ _3"/>nti<span class="_ _3"/>tled to 16<span class="_ _3"/>0 <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e targ<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If Ø<span class="_ _3"/>rs<span class="_ _3"/>ted ran<span class="_ _3"/>ks 1<span class="_ _3"/>1 in th<span class="_ _3"/>e com<span class="_ _3"/>pa<span class="_ _3"/>ri<span class="_ _3"/>son<span class="_ _3"/>, no s<span class="_ _3"/>ha<span class="_ _3"/>res w<span class="_ _3"/>ill b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>nted to th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s. T<span class="_ _3"/>he ri<span class="_ _3"/>gh<span class="_ _3"/>t to sha<span class="_ _3"/>res i<span class="_ _3"/>s con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ditional upon<span class="_ _0"/> con<span class="_ _0"/>tinued empl<span class="_ _0"/>oy<span class="_ _0"/>ment. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ret<span class="_ _0"/>ent<span class="_ _0"/>ion<span class="_ _0"/> share<span class="_ _0"/> pr<span class="_ _0"/>ogramme</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e targ<span class="_ _3"/>et gro<span class="_ _3"/>up fo<span class="_ _3"/>r the s<span class="_ _3"/>ha<span class="_ _3"/>re<span class="_ _3"/>-ba<span class="_ _3"/>se<span class="_ _3"/>d retent<span class="_ _3"/>io<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts w<span class="_ _3"/>il<span class="_ _3"/>l typ<span class="_ _3"/>ica<span class="_ _3"/>lly be em<span class="_ _3"/>pl<span class="_ _3"/>oyees re<span class="_ _3"/>sp<span class="_ _3"/>ons<span class="_ _3"/>ib<span class="_ _3"/>le for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vita<span class="_ _3"/>l<span class="_ _3"/>, lon<span class="_ _3"/>g-ter<span class="_ _3"/>m pro<span class="_ _3"/>jec<span class="_ _3"/>ts<span class="_ _3"/>. T<span class="_ _3"/>he us<span class="_ _3"/>e of the<span class="_ _3"/>se sh<span class="_ _3"/>are<span class="_ _3"/>-<span class="_ _3"/>bas<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rete<span class="_ _3"/>ntio<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts w<span class="_ _3"/>il<span class="_ _3"/>l be l<span class="_ _3"/>im<span class="_ _3"/>ited to 25 co<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s with a<span class="_ _3"/>n in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al ti<span class="_ _3"/>me f<span class="_ _3"/>ram<span class="_ _3"/>e of up to f<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yea<span class="_ _3"/>rs<span class="_ _3"/>. M<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>rs of th<span class="_ _3"/>e Ex<span class="_ _3"/>ecu<span class="_ _3"/>tive B<span class="_ _3"/>oa<span class="_ _3"/>rd (CEO, CF<span class="_ _3"/>O, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>ief H<span class="_ _3"/>R Of<span class="_ _3"/>f<span class="_ _3"/>ice<span class="_ _3"/>r) can<span class="_ _3"/>not b<span class="_ _3"/>e gr<span class="_ _3"/>anted s<span class="_ _3"/>uc<span class="_ _3"/>h retent<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>reem<span class="_ _3"/>ents<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of re<span class="_ _3"/>tenti<span class="_ _3"/>on s<span class="_ _3"/>ha<span class="_ _3"/>re un<span class="_ _3"/>its (<span class="_ _3"/>RS<span class="_ _3"/>Us) to be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>nted w<span class="_ _3"/>il<span class="_ _3"/>l be de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>n the b<span class="_ _3"/>as<span class="_ _3"/>is of th<span class="_ _3"/>e pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of Ør<span class="_ _3"/>ste<span class="_ _3"/>d's s<span class="_ _3"/>har<span class="_ _3"/>es at t<span class="_ _3"/>he ti<span class="_ _3"/>me of t<span class="_ _3"/>he g<span class="_ _3"/>rant a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">limit<span class="_ _0"/>ed t<span class="_ _0"/>o<span class="_ _0"/> an amo<span class="_ _0"/>unt<span class="_ _0"/> corr<span class="_ _0"/>espondin<span class="_ _0"/>g t<span class="_ _0"/>o<span class="_ _0"/> a maximum<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of si<span class="_ _3"/>x mo<span class="_ _3"/>nths' b<span class="_ _3"/>ase p<span class="_ _3"/>ay for t<span class="_ _3"/>he e<span class="_ _3"/>mp<span class="_ _3"/>loyee i<span class="_ _3"/>n qu<span class="_ _3"/>est<span class="_ _3"/>ion<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At vest<span class="_ _3"/>in<span class="_ _3"/>g, e<span class="_ _3"/>ac<span class="_ _3"/>h RSU w<span class="_ _3"/>il<span class="_ _3"/>l enti<span class="_ _3"/>tle th<span class="_ _3"/>e em<span class="_ _3"/>ploye<span class="_ _3"/>e to one </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d sha<span class="_ _3"/>re fre<span class="_ _3"/>e of ch<span class="_ _3"/>arg<span class="_ _3"/>e. H<span class="_ _3"/>oweve<span class="_ _3"/>r<span class="_ _0"/>, the tota<span class="_ _3"/>l valu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e sha<span class="_ _3"/>res to b<span class="_ _3"/>e rece<span class="_ _3"/>ive<span class="_ _3"/>d at ve<span class="_ _3"/>sti<span class="_ _3"/>ng w<span class="_ _3"/>il<span class="_ _3"/>l be ca<span class="_ _3"/>pp<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a m<span class="_ _3"/>ax<span class="_ _3"/>im<span class="_ _3"/>um of t<span class="_ _3"/>welve m<span class="_ _3"/>onth<span class="_ _3"/>s' bas<span class="_ _3"/>e pay fo<span class="_ _3"/>r the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">em<span class="_ _3"/>pl<span class="_ _3"/>oyee in q<span class="_ _3"/>ue<span class="_ _3"/>sti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ra<span class="_ _3"/>mm<span class="_ _3"/>e is c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as a<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d pro<span class="_ _3"/>gra<span class="_ _3"/>mm<span class="_ _3"/>e as t<span class="_ _3"/>he p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me i<span class="_ _3"/>s set<span class="_ _3"/>tle<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in s<span class="_ _3"/>ha<span class="_ _3"/>res<span class="_ _3"/>. Th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of t<span class="_ _3"/>he P<span class="_ _3"/>SUs a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>d nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f PSU<span class="_ _3"/>s gra<span class="_ _3"/>nted a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ur<span class="_ _3"/>ed at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of gra<span class="_ _3"/>nti<span class="_ _3"/>ng a<span class="_ _3"/>nd r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>in th<span class="_ _3"/>e in<span class="_ _3"/>co<span class="_ _3"/>me sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r em<span class="_ _3"/>ploy<span class="_ _3"/>ee </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts ov<span class="_ _3"/>er th<span class="_ _3"/>e ves<span class="_ _3"/>ti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>as a<span class="_ _3"/>n off<span class="_ _3"/>set i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>ee<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r eq<span class="_ _3"/>uit<span class="_ _3"/>y </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the v<span class="_ _3"/>est<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>ri<span class="_ _3"/>od<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e PS<span class="_ _3"/>Us an<span class="_ _3"/>d th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SU<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to b<span class="_ _3"/>e gr<span class="_ _3"/>ante<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed o<span class="_ _3"/>ut as a p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y sim<span class="_ _3"/>ul<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on Ø<span class="_ _3"/>rste<span class="_ _3"/>d'<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to<span class="_ _3"/>tal sh<span class="_ _3"/>ar<span class="_ _3"/>eh<span class="_ _3"/>old<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">retu<span class="_ _3"/>rn r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to ten co<span class="_ _3"/>mp<span class="_ _3"/>ar<span class="_ _3"/>ab<span class="_ _3"/>le Eur<span class="_ _3"/>op<span class="_ _3"/>ea<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>er<span class="_ _3"/>gy co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ies<span class="_ _3"/>. Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fac<span class="_ _3"/>tor<span class="_ _3"/>ed i<span class="_ _3"/>nto th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>d are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d sub<span class="_ _3"/>se<span class="_ _3"/>qu<span class="_ _3"/>ent<span class="_ _3"/>l<span class="_ _0"/>y. Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ic<span class="_ _3"/>ipa<span class="_ _3"/>nt<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>ens<span class="_ _3"/>ate<span class="_ _3"/>d for a<span class="_ _3"/>ny di<span class="_ _3"/>vid<span class="_ _3"/>en<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">receiving<span class="_ _0"/> additional<span class="_ _0"/> PSUs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:134px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0234375px; width: 251.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December</span><span style="position: absolute; display: inline-block; left: 829.125px; top: 0.0078125px; width: 60.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.5098px; width: 19.0137px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">'000</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 12.0234px; width: 69.7969px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other members</span><span style="position: absolute; display: inline-block; left: 777.359px; top: 12.0078px; width: 34.6582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 834.656px; top: 12.0078px; width: 53.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at </span><span style="position: absolute; display: inline-block; left: 938.984px; top: 11.9922px; width: 26.0508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ears <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 304.438px; top: 24.0234px; width: 42.7383px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Executiv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 371.719px; top: 24.0234px; width: 57.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 476.172px; top: 24.0234px; width: 27.75px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Senior</span><span style="position: absolute; display: inline-block; left: 554px; top: 24.0234px; width: 26.2676px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other</span><span style="position: absolute; display: inline-block; left: 764.078px; top: 24.0078px; width: 48.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">% of share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 849.234px; top: 24.0078px; width: 40.3887px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">granting </span><span style="position: absolute; display: inline-block; left: 902.109px; top: 23.9922px; width: 64.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">until expiry as </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.0234px; width: 74.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of granting</span><span style="position: absolute; display: inline-block; left: 317.406px; top: 36.0234px; width: 29.2324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> Board</span><span style="position: absolute; display: inline-block; left: 347px; top: 36.9375px; width: 4.01367px; white-space: pre; word-spacing: -0.445995px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 36.0078px; width: 68.6484px; white-space: pre; word-spacing: -0.387px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Executiv<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e T<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 36.9375px; width: 4.01367px; white-space: pre; word-spacing: -0.445995px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 457px; top: 36.0234px; width: 47.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">ex<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecutives</span><span style="position: absolute; display: inline-block; left: 532.797px; top: 36.0234px; width: 200.607px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">emplo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 779.094px; top: 36.0078px; width: 31.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">capit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al</span><span style="position: absolute; display: inline-block; left: 857.969px; top: 35.9922px; width: 28.9102px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 928.766px; top: 35.9922px; width: 34.4707px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of 2023</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.7285px; width: 53.2207px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2020</span><span style="position: absolute; display: inline-block; left: 53.2207px; top: 54.7285px; width: 668.766px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 721.986px; top: 54.7285px; width: 240.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.7285px; width: 963.17px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2021<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>47<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.01 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 82.7285px; width: 963.188px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2022<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">78<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>89<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>102<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.02 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 963.164px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2023<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.6915px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>116<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>136<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.03 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>50<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.744px; width: 119.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ention pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme</span><span style="position: absolute; display: inline-block; left: 119.889px; top: 110.744px; width: 602.115px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 223.723px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 722.004px; top: 110.744px; width: 59.3613px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 781.365px; top: 110.744px; width: 28.4707px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.00 %</span><span style="position: absolute; display: inline-block; left: 809.836px; top: 110.744px; width: 70.7344px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 880.57px; top: 110.744px; width: 5.67188px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5</span><span style="position: absolute; display: inline-block; left: 0px; top: 124.258px; width: 886.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 69.3105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>234<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>233<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0.06 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>125</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:285.173828125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 252.393px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">De<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>opment in maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding shares<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 19.0137px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">'000</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 733.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anding shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">36<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>160<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>234</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 246.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Compensation f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or dividends paid (2020, 2021, and 2022 </span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 733.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">progr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ammes)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 733.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er bet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een cat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>egories<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 125.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cised (2020 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme) </span><span style="position: absolute; display: inline-block; left: 123.781px; top: 85.3164px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 127.766px; top: 84.7598px; width: 605.479px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(53)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(65)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 733.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cised (2019 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 224.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(84)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 733.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed (2023 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 225.603px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>135<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">167<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 733.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed (2022 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">101</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.775px; width: 733.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2023 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(28)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.775px; width: 347.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2022 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)</span></span><span style="position: absolute; display: inline-block; left: 347px; top: 155.203px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 423.812px; top: 154.775px; width: 309.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 136.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 168.775px; width: 347.156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2021 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)</span></span><span style="position: absolute; display: inline-block; left: 347px; top: 169.203px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 423.812px; top: 168.775px; width: 309.229px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 182.775px; width: 733.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2020 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(11)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 196.775px; width: 733.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ention pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.035px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 210.305px; width: 733.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>234<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 241.791px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.057px; width: 733.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme at the time of gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anting<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.6602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.807px; width: 733.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maximum mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">88<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">105<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>147</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>At v<span class="_ _0"/>esting, Ørs<span class="_ _0"/>ted did no<span class="_ _0"/>t outperf<span class="_ _0"/>orm any o<span class="_ _0"/>f the 10 compe<span class="_ _0"/>titors<span class="_ _0"/>, and, as a r<span class="_ _0"/>esul<span class="_ _0"/>t, no shar<span class="_ _0"/>es wer<span class="_ _0"/>e gr<span class="_ _0"/>ant<span class="_ _0"/>ed to the participant<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Members as of 31 Dec. 2023 are incl<span class="_ _0"/>uded in this cat<span class="_ _0"/>egory<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Cancell<span class="_ _0"/>ation of Mads Nipper'<span class="_ _4"/>s L<span class="_ _15c"/>TI grants f<span class="_ _0"/>or 2021 and 2022. D<span class="_ _0"/>espite his incr<span class="_ _0"/>ease in shar<span class="_ _0"/>ehol<span class="_ _0"/>ding, the t<span class="_ _0"/>ot<span class="_ _0"/>al value o<span class="_ _0"/>f his shares w<span class="_ _0"/>as not sufficient t<span class="_ _0"/>o satisfy<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the build-up o<span class="_ _0"/>f the sharehol<span class="_ _0"/>ding r<span class="_ _0"/>equirement f<span class="_ _4"/>or continued participation in the share pr<span class="_ _0"/>ogr<span class="_ _0"/>amme,<span class="_ _0"/> and consequent<span class="_ _0"/>l<span class="_ _0"/>y<span class="_ _0"/>, the aw<span class="_ _0"/>arded PSUs w<span class="_ _0"/>er<span class="_ _0"/>e cancel<span class="_ _0"/>led.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The maximum mark<span class="_ _0"/>et value o<span class="_ _0"/>f the share pr<span class="_ _0"/>ogr<span class="_ _0"/>amme at 31 December<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is based on the assumption that the participant<span class="_ _0"/>s rec<span class="_ _0"/>eive the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">number of shar<span class="_ _0"/>es (i.e<span class="_ _0"/>. 200 <span class="_ _15c"/>% of the grant<span class="_ _0"/>ed PSUs/RSUs). <span class="_ _0"/>This r<span class="_ _0"/>equir<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ørst<span class="_ _0"/>ed to deliv<span class="_ _0"/>er the highest shar<span class="_ _0"/>eholder r<span class="_ _0"/>et<span class="_ _0"/>urn, benchmark<span class="_ _0"/>ed against </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ten c<span class="_ _0"/>ompar<span class="_ _0"/>able c<span class="_ _0"/>ompanies.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The share pric<span class="_ _0"/>e at the time of ex<span class="_ _0"/>er<span class="_ _0"/>cising in 2023 was DKK 583.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ra<span class="_ _3"/>mm<span class="_ _3"/>e is c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as a<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d pro<span class="_ _3"/>gra<span class="_ _3"/>mm<span class="_ _3"/>e as t<span class="_ _3"/>he p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me i<span class="_ _3"/>s set<span class="_ _3"/>tle<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in s<span class="_ _3"/>ha<span class="_ _3"/>res<span class="_ _3"/>. Th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of t<span class="_ _3"/>he P<span class="_ _3"/>SUs a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>d nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f PSU<span class="_ _3"/>s gra<span class="_ _3"/>nted a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ur<span class="_ _3"/>ed at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of gra<span class="_ _3"/>nti<span class="_ _3"/>ng a<span class="_ _3"/>nd r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>in th<span class="_ _3"/>e in<span class="_ _3"/>co<span class="_ _3"/>me sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r em<span class="_ _3"/>ploy<span class="_ _3"/>ee </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts ov<span class="_ _3"/>er th<span class="_ _3"/>e ves<span class="_ _3"/>ti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>as a<span class="_ _3"/>n off<span class="_ _3"/>set i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>ee<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r eq<span class="_ _3"/>uit<span class="_ _3"/>y </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the v<span class="_ _3"/>est<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>ri<span class="_ _3"/>od<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e PS<span class="_ _3"/>Us an<span class="_ _3"/>d th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SU<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to b<span class="_ _3"/>e gr<span class="_ _3"/>ante<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed o<span class="_ _3"/>ut as a p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y sim<span class="_ _3"/>ul<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on Ø<span class="_ _3"/>rste<span class="_ _3"/>d'<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to<span class="_ _3"/>tal sh<span class="_ _3"/>ar<span class="_ _3"/>eh<span class="_ _3"/>old<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">retu<span class="_ _3"/>rn r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to ten co<span class="_ _3"/>mp<span class="_ _3"/>ar<span class="_ _3"/>ab<span class="_ _3"/>le Eur<span class="_ _3"/>op<span class="_ _3"/>ea<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>er<span class="_ _3"/>gy co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ies<span class="_ _3"/>. Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fac<span class="_ _3"/>tor<span class="_ _3"/>ed i<span class="_ _3"/>nto th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>d are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d sub<span class="_ _3"/>se<span class="_ _3"/>qu<span class="_ _3"/>ent<span class="_ _3"/>l<span class="_ _0"/>y. Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ic<span class="_ _3"/>ipa<span class="_ _3"/>nt<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>ens<span class="_ _3"/>ate<span class="_ _3"/>d for a<span class="_ _3"/>ny di<span class="_ _3"/>vid<span class="_ _3"/>en<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">receiving<span class="_ _0"/> additional<span class="_ _0"/> PSUs.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sha<span class="_ _3"/>re-<span class="_ _3"/>based payment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 2.8</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:124.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 193.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f PSUs and k<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ey assump<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tions <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 444.859px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 521.406px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 598.5px; top: 0.0078125px; width: 35.8301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 192.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">for v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aluation in e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xecutiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ogramme</span><span style="position: absolute; display: inline-block; left: 415.156px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023</span><span style="position: absolute; display: inline-block; left: 491.5px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 567.656px; top: 12.0078px; width: 63.0059px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> granting <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2021</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f 1 PSU<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 364.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">729<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>909<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,246</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.2578px; width: 74.6836px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y assumptions</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.98px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">583<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>835<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,025</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>verage v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olatilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.711px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">30.6 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30.2 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>28.8 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olatilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, Ørsted<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">36.2 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34.8 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29.6 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Risk-<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>free int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.785px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2.5 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.9 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.1 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Expected t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erm at time o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f granting<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 298.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.5312px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3 years</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:70.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 265.828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Requir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed number of lock<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed-up shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es rel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed salary</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 547.471px; white-space: pre; word-spacing: 0.162px; letter-spacing: -0.162px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">CEO<span style="word-spacing: 0.162px; letter-spacing: -0.162px; display: inline-block; margin-left: 0px; width: 528.622px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 547.471px; top: 18.7441px; width: 84.2227px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">75 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 631.711px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">CFO<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, Chief HR Offic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 454.009px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7598px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other members of the Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oup Executiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eam<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 320.185px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% – 50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other participants<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.289px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% – 25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of fixed sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ary</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The figure sho<span class="_ _0"/>ws the shar<span class="_ _0"/>ehol<span class="_ _0"/>ding requir<span class="_ _0"/>ement in per<span class="_ _0"/>cent<span class="_ _0"/>age of the participant<span class="_ _0"/>s' fixed sal<span class="_ _0"/>ary<span class="_ _4"/>. A<span class="_ _0"/> build-up period o<span class="_ _0"/>f up to fiv<span class="_ _0"/>e years is al<span class="_ _0"/>lo<span class="_ _0"/>wed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Exe<span class="_ _0"/>cut<span class="_ _0"/>ive<span class="_ _0"/> shar<span class="_ _0"/>e p<span class="_ _0"/>rogr<span class="_ _0"/>amme</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Gro<span class="_ _3"/>up E<span class="_ _3"/>xe<span class="_ _3"/>cuti<span class="_ _3"/>ve T<span class="_ _4"/>e<span class="_ _3"/>am a<span class="_ _3"/>nd a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of oth<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ni<span class="_ _3"/>or ex<span class="_ _3"/>ecu<span class="_ _3"/>tive<span class="_ _3"/>s pa<span class="_ _3"/>rt<span class="_ _3"/>ici<span class="_ _3"/>pa<span class="_ _3"/>te in th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(ap<span class="_ _3"/>pro<span class="_ _3"/>x<span class="_ _3"/>. 150<span class="_ _3"/>). A<span class="_ _3"/>s a con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n for th<span class="_ _3"/>e gra<span class="_ _3"/>nti<span class="_ _3"/>ng of p<span class="_ _3"/>er<span class="_ _3"/>for-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>nce s<span class="_ _3"/>ha<span class="_ _3"/>re un<span class="_ _3"/>it<span class="_ _3"/>s (PS<span class="_ _3"/>Us), t<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant m<span class="_ _3"/>us<span class="_ _3"/>t own a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nu<span class="_ _3"/>mb<span class="_ _3"/>er of s<span class="_ _3"/>ha<span class="_ _3"/>res i<span class="_ _3"/>n Ør<span class="_ _3"/>sted c<span class="_ _3"/>orre<span class="_ _3"/>sp<span class="_ _3"/>ond<span class="_ _3"/>i<span class="_ _3"/>ng to a po<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of th<span class="_ _3"/>e in<span class="_ _3"/>di<span class="_ _3"/>vid<span class="_ _3"/>ua<span class="_ _3"/>l pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>'s an<span class="_ _3"/>nu<span class="_ _3"/>al f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The portion<span class="_ _0"/> depends on<span class="_ _0"/> the emplo<span class="_ _0"/>y<span class="_ _0"/>ee c<span class="_ _0"/>ategory<span class="_ _4"/>, and it<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>kes u<span class="_ _3"/>p 75 <span class="_ _1"/>% of o<span class="_ _3"/>ur C<span class="_ _3"/>EO's f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y. See t<span class="_ _3"/>he tab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>ove for m<span class="_ _3"/>ore i<span class="_ _3"/>nform<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>. T<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s in th<span class="_ _3"/>e pro<span class="_ _3"/><span class="ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>m<span class="_ _3"/>me mu<span class="_ _3"/>st i<span class="_ _3"/>nves<span class="_ _3"/>t in Ø<span class="_ _3"/>rs<span class="_ _3"/>ted sh<span class="_ _3"/>are<span class="_ _3"/>s pr<span class="_ _3"/>ior to th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">grant<span class="_ _0"/>ing. A buil<span class="_ _0"/>d-up period f<span class="_ _0"/>or<span class="_ _0"/> the s<span class="_ _0"/>hareholding<span class="_ _0"/> require<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts of u<span class="_ _3"/>p to fi<span class="_ _3"/>ve ye<span class="_ _3"/>ars i<span class="_ _3"/>s al<span class="_ _3"/>lowed<span class="_ _3"/>. If t<span class="_ _3"/>he p<span class="_ _3"/>ar<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/> <span class="_ _49"/>a<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>lfi<span class="_ _3"/>l th<span class="_ _3"/>e sha<span class="_ _3"/>re<span class="_ _3"/>hol<span class="_ _3"/>di<span class="_ _3"/>ng re<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>me<span class="_ _3"/>nt at t<span class="_ _3"/>he ti<span class="_ _3"/>me of g<span class="_ _3"/>ran<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g, t<span class="_ _3"/>hey wi<span class="_ _3"/>ll b<span class="_ _3"/>e gra<span class="_ _3"/>nted a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of PSU<span class="_ _3"/>s eac<span class="_ _3"/>h yea<span class="_ _3"/>r, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pres<span class="_ _3"/>ent<span class="_ _3"/>in<span class="_ _3"/>g a valu<span class="_ _3"/>e of 15<span class="_ _3"/>-<span class="_ _0"/>20 <span class="_ _15c"/>% (15<span class="_ _3"/>-4<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n the U<span class="_ _3"/>S) of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e an<span class="_ _3"/>nua<span class="_ _3"/>l f<span class="_ _3"/>ixe<span class="_ _3"/>d sa<span class="_ _3"/>lar<span class="_ _3"/>y on t<span class="_ _3"/>he da<span class="_ _3"/>te of gra<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e gra<span class="_ _3"/>nted P<span class="_ _3"/>SUs h<span class="_ _3"/>ave a ve<span class="_ _3"/>sti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>iod of a<span class="_ _3"/>pp<span class="_ _3"/>rox<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tely thre<span class="_ _3"/>e yea<span class="_ _3"/>rs<span class="_ _3"/>. Th<span class="_ _3"/>en<span class="_ _3"/>, e<span class="_ _3"/>ach P<span class="_ _3"/>SU e<span class="_ _3"/>ntitle<span class="_ _3"/>s the h<span class="_ _3"/>old<span class="_ _3"/>er, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>tho<span class="_ _3"/>ut pa<span class="_ _3"/>yme<span class="_ _3"/>nt, to re<span class="_ _3"/>ce<span class="_ _3"/>ive a nu<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r of sha<span class="_ _3"/>res c<span class="_ _3"/>or<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>po<span class="_ _3"/>nd<span class="_ _3"/>ing to 0<span class="_ _3"/>-<span class="_ _0"/>20<span class="_ _3"/>0 <span class="_ _4"/>% of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SUs g<span class="_ _3"/>rante<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The v<span class="_ _0"/>esting<span class="_ _0"/> is co<span class="_ _0"/>nditional upon<span class="_ _0"/> con<span class="_ _0"/>tinued emplo<span class="_ _0"/>y<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>. Ass<span class="_ _3"/>um<span class="_ _3"/>in<span class="_ _3"/>g no s<span class="_ _3"/>har<span class="_ _3"/>e pri<span class="_ _3"/>ce de<span class="_ _3"/>velo<span class="_ _3"/>pm<span class="_ _3"/>ent s<span class="_ _3"/>in<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e gra<span class="_ _3"/>nt, th<span class="_ _3"/>e va<span class="_ _3"/>lue wo<span class="_ _3"/>uld co<span class="_ _3"/>rre<span class="_ _3"/>sp<span class="_ _3"/>ond to 0<span class="_ _3"/>-3<span class="_ _3"/>0 <span class="_ _15c"/>% or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">0<span class="_ _3"/>-4<span class="_ _3"/>0 <span class="_ _15c"/>% (<span class="_ _3"/>0<span class="_ _3"/>-8<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n th<span class="_ _3"/>e US) of th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d sal<span class="_ _3"/>ar<span class="_ _3"/>y on th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te of gra<span class="_ _3"/>nt. T<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>al n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of sh<span class="_ _3"/>are<span class="_ _3"/>s for ea<span class="_ _3"/>ch p<span class="_ _3"/>ar<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>cip<span class="_ _3"/>ant w<span class="_ _3"/>il<span class="_ _3"/>l be de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>e bas<span class="_ _3"/>is of th<span class="_ _3"/>e total </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>are<span class="_ _3"/>ho<span class="_ _3"/>lde<span class="_ _3"/>r retu<span class="_ _3"/>rn d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red by Ø<span class="_ _3"/>rste<span class="_ _3"/>d, b<span class="_ _3"/>en<span class="_ _3"/>ch<span class="_ _3"/>ma<span class="_ _3"/>rked </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">against<span class="_ _0"/> ten<span class="_ _0"/> c<span class="_ _0"/>omparabl<span class="_ _0"/>e E<span class="_ _0"/>uropean<span class="_ _0"/> ener<span class="_ _0"/>gy<span class="_ _0"/> companies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>est ra<span class="_ _3"/>te (20<span class="_ _3"/>0 <span class="_ _15c"/>%) w<span class="_ _3"/>il<span class="_ _3"/>l be tr<span class="_ _3"/>igg<span class="_ _3"/>e<span class="_ _3"/>red if Ø<span class="_ _3"/>rs<span class="_ _3"/>ted<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ults<span class="_ _3"/>, me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d as th<span class="_ _3"/>e total retu<span class="_ _3"/>rn to sh<span class="_ _3"/>ar<span class="_ _3"/>eho<span class="_ _3"/>ld<span class="_ _3"/>ers<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">outperform<span class="_ _0"/> thos<span class="_ _0"/>e o<span class="_ _0"/>f the<span class="_ _0"/> compar<span class="_ _0"/>able c<span class="_ _0"/>ompanies. For<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ea<span class="_ _3"/>ch lowe<span class="_ _3"/>r ran<span class="_ _3"/>ki<span class="_ _3"/>ng<span class="_ _3"/>, th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of s<span class="_ _3"/>ha<span class="_ _3"/>res g<span class="_ _3"/>rante<span class="_ _3"/>d wil<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fal<span class="_ _3"/>l by 20 pe<span class="_ _3"/>rcen<span class="_ _3"/>tage p<span class="_ _3"/>oi<span class="_ _3"/>nts<span class="_ _3"/>. If, for e<span class="_ _3"/>xam<span class="_ _3"/>ple<span class="_ _3"/>, Ør<span class="_ _3"/>ste<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ran<span class="_ _3"/>ks t<span class="_ _3"/>hi<span class="_ _3"/>rd, t<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s wi<span class="_ _3"/>ll be e<span class="_ _3"/>nti<span class="_ _3"/>tled to 16<span class="_ _3"/>0 <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e targ<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If Ø<span class="_ _3"/>rs<span class="_ _3"/>ted ran<span class="_ _3"/>ks 1<span class="_ _3"/>1 in th<span class="_ _3"/>e com<span class="_ _3"/>pa<span class="_ _3"/>ri<span class="_ _3"/>son<span class="_ _3"/>, no s<span class="_ _3"/>ha<span class="_ _3"/>res w<span class="_ _3"/>ill b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>nted to th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ant<span class="_ _3"/>s. T<span class="_ _3"/>he ri<span class="_ _3"/>gh<span class="_ _3"/>t to sha<span class="_ _3"/>res i<span class="_ _3"/>s con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ditional upon<span class="_ _0"/> con<span class="_ _0"/>tinued empl<span class="_ _0"/>oy<span class="_ _0"/>ment. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ret<span class="_ _0"/>ent<span class="_ _0"/>ion<span class="_ _0"/> share<span class="_ _0"/> pr<span class="_ _0"/>ogramme</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e targ<span class="_ _3"/>et gro<span class="_ _3"/>up fo<span class="_ _3"/>r the s<span class="_ _3"/>ha<span class="_ _3"/>re<span class="_ _3"/>-ba<span class="_ _3"/>se<span class="_ _3"/>d retent<span class="_ _3"/>io<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts w<span class="_ _3"/>il<span class="_ _3"/>l typ<span class="_ _3"/>ica<span class="_ _3"/>lly be em<span class="_ _3"/>pl<span class="_ _3"/>oyees re<span class="_ _3"/>sp<span class="_ _3"/>ons<span class="_ _3"/>ib<span class="_ _3"/>le for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vita<span class="_ _3"/>l<span class="_ _3"/>, lon<span class="_ _3"/>g-ter<span class="_ _3"/>m pro<span class="_ _3"/>jec<span class="_ _3"/>ts<span class="_ _3"/>. T<span class="_ _3"/>he us<span class="_ _3"/>e of the<span class="_ _3"/>se sh<span class="_ _3"/>are<span class="_ _3"/>-<span class="_ _3"/>bas<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rete<span class="_ _3"/>ntio<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts w<span class="_ _3"/>il<span class="_ _3"/>l be l<span class="_ _3"/>im<span class="_ _3"/>ited to 25 co<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s with a<span class="_ _3"/>n in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al ti<span class="_ _3"/>me f<span class="_ _3"/>ram<span class="_ _3"/>e of up to f<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yea<span class="_ _3"/>rs<span class="_ _3"/>. M<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>rs of th<span class="_ _3"/>e Ex<span class="_ _3"/>ecu<span class="_ _3"/>tive B<span class="_ _3"/>oa<span class="_ _3"/>rd (CEO, CF<span class="_ _3"/>O, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>ief H<span class="_ _3"/>R Of<span class="_ _3"/>f<span class="_ _3"/>ice<span class="_ _3"/>r) can<span class="_ _3"/>not b<span class="_ _3"/>e gr<span class="_ _3"/>anted s<span class="_ _3"/>uc<span class="_ _3"/>h retent<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>reem<span class="_ _3"/>ents<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of re<span class="_ _3"/>tenti<span class="_ _3"/>on s<span class="_ _3"/>ha<span class="_ _3"/>re un<span class="_ _3"/>its (<span class="_ _3"/>RS<span class="_ _3"/>Us) to be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gra<span class="_ _3"/>nted w<span class="_ _3"/>il<span class="_ _3"/>l be de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>n the b<span class="_ _3"/>as<span class="_ _3"/>is of th<span class="_ _3"/>e pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of Ør<span class="_ _3"/>ste<span class="_ _3"/>d's s<span class="_ _3"/>har<span class="_ _3"/>es at t<span class="_ _3"/>he ti<span class="_ _3"/>me of t<span class="_ _3"/>he g<span class="_ _3"/>rant a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">limit<span class="_ _0"/>ed t<span class="_ _0"/>o<span class="_ _0"/> an amo<span class="_ _0"/>unt<span class="_ _0"/> corr<span class="_ _0"/>espondin<span class="_ _0"/>g t<span class="_ _0"/>o<span class="_ _0"/> a maximum<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of si<span class="_ _3"/>x mo<span class="_ _3"/>nths' b<span class="_ _3"/>ase p<span class="_ _3"/>ay for t<span class="_ _3"/>he e<span class="_ _3"/>mp<span class="_ _3"/>loyee i<span class="_ _3"/>n qu<span class="_ _3"/>est<span class="_ _3"/>ion<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At vest<span class="_ _3"/>in<span class="_ _3"/>g, e<span class="_ _3"/>ac<span class="_ _3"/>h RSU w<span class="_ _3"/>il<span class="_ _3"/>l enti<span class="_ _3"/>tle th<span class="_ _3"/>e em<span class="_ _3"/>ploye<span class="_ _3"/>e to one </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d sha<span class="_ _3"/>re fre<span class="_ _3"/>e of ch<span class="_ _3"/>arg<span class="_ _3"/>e. H<span class="_ _3"/>oweve<span class="_ _3"/>r<span class="_ _0"/>, the tota<span class="_ _3"/>l valu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e sha<span class="_ _3"/>res to b<span class="_ _3"/>e rece<span class="_ _3"/>ive<span class="_ _3"/>d at ve<span class="_ _3"/>sti<span class="_ _3"/>ng w<span class="_ _3"/>il<span class="_ _3"/>l be ca<span class="_ _3"/>pp<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a m<span class="_ _3"/>ax<span class="_ _3"/>im<span class="_ _3"/>um of t<span class="_ _3"/>welve m<span class="_ _3"/>onth<span class="_ _3"/>s' bas<span class="_ _3"/>e pay fo<span class="_ _3"/>r the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">em<span class="_ _3"/>pl<span class="_ _3"/>oyee in q<span class="_ _3"/>ue<span class="_ _3"/>sti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ra<span class="_ _3"/>mm<span class="_ _3"/>e is c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as a<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d pro<span class="_ _3"/>gra<span class="_ _3"/>mm<span class="_ _3"/>e as t<span class="_ _3"/>he p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me i<span class="_ _3"/>s set<span class="_ _3"/>tle<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in s<span class="_ _3"/>ha<span class="_ _3"/>res<span class="_ _3"/>. Th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of t<span class="_ _3"/>he P<span class="_ _3"/>SUs a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>d nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f PSU<span class="_ _3"/>s gra<span class="_ _3"/>nted a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ur<span class="_ _3"/>ed at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of gra<span class="_ _3"/>nti<span class="_ _3"/>ng a<span class="_ _3"/>nd r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>in th<span class="_ _3"/>e in<span class="_ _3"/>co<span class="_ _3"/>me sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r em<span class="_ _3"/>ploy<span class="_ _3"/>ee </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts ov<span class="_ _3"/>er th<span class="_ _3"/>e ves<span class="_ _3"/>ti<span class="_ _3"/>ng p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_"> </span> <span class="_ _1"/>as a<span class="_ _3"/>n off<span class="_ _3"/>set i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>ee<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r eq<span class="_ _3"/>uit<span class="_ _3"/>y </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the v<span class="_ _3"/>est<span class="_ _3"/>in<span class="_ _3"/>g pe<span class="_ _3"/>ri<span class="_ _3"/>od<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e PS<span class="_ _3"/>Us an<span class="_ _3"/>d th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e nu<span class="_ _3"/>mb<span class="_ _3"/>er of P<span class="_ _3"/>SU<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to b<span class="_ _3"/>e gr<span class="_ _3"/>ante<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed o<span class="_ _3"/>ut as a p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y sim<span class="_ _3"/>ul<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on Ø<span class="_ _3"/>rste<span class="_ _3"/>d'<span class="_ _3"/>s exp<span class="_ _3"/>ec<span class="_ _3"/>ted to<span class="_ _3"/>tal sh<span class="_ _3"/>ar<span class="_ _3"/>eh<span class="_ _3"/>old<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">retu<span class="_ _3"/>rn r<span class="_ _3"/>ela<span class="_ _3"/>tiv<span class="_ _3"/>e to ten co<span class="_ _3"/>mp<span class="_ _3"/>ar<span class="_ _3"/>ab<span class="_ _3"/>le Eur<span class="_ _3"/>op<span class="_ _3"/>ea<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>er<span class="_ _3"/>gy co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ies<span class="_ _3"/>. Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fac<span class="_ _3"/>tor<span class="_ _3"/>ed i<span class="_ _3"/>nto th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>d are n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d sub<span class="_ _3"/>se<span class="_ _3"/>qu<span class="_ _3"/>ent<span class="_ _3"/>l<span class="_ _0"/>y. Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ic<span class="_ _3"/>ipa<span class="_ _3"/>nt<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>ens<span class="_ _3"/>ate<span class="_ _3"/>d for a<span class="_ _3"/>ny di<span class="_ _3"/>vid<span class="_ _3"/>en<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">receiving<span class="_ _0"/> additional<span class="_ _0"/> PSUs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:134px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0234375px; width: 251.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December</span><span style="position: absolute; display: inline-block; left: 829.125px; top: 0.0078125px; width: 60.5508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.5098px; width: 19.0137px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">'000</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 12.0234px; width: 69.7969px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other members</span><span style="position: absolute; display: inline-block; left: 777.359px; top: 12.0078px; width: 34.6582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 834.656px; top: 12.0078px; width: 53.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at </span><span style="position: absolute; display: inline-block; left: 938.984px; top: 11.9922px; width: 26.0508px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Y<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ears <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 304.438px; top: 24.0234px; width: 42.7383px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Executiv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 371.719px; top: 24.0234px; width: 57.709px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 476.172px; top: 24.0234px; width: 27.75px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Senior</span><span style="position: absolute; display: inline-block; left: 554px; top: 24.0234px; width: 26.2676px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other</span><span style="position: absolute; display: inline-block; left: 764.078px; top: 24.0078px; width: 48.0234px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">% of share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 849.234px; top: 24.0078px; width: 40.3887px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">granting </span><span style="position: absolute; display: inline-block; left: 902.109px; top: 23.9922px; width: 64.4355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">until expiry as </span><span style="position: absolute; display: inline-block; left: 0px; top: 36.0234px; width: 74.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Time of granting</span><span style="position: absolute; display: inline-block; left: 317.406px; top: 36.0234px; width: 29.2324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> Board</span><span style="position: absolute; display: inline-block; left: 347px; top: 36.9375px; width: 4.01367px; white-space: pre; word-spacing: -0.445995px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 36.0078px; width: 68.6484px; white-space: pre; word-spacing: -0.387px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Executiv<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e T<span style="word-spacing: -0.387px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eam</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 36.9375px; width: 4.01367px; white-space: pre; word-spacing: -0.445995px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 457px; top: 36.0234px; width: 47.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">ex<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecutives</span><span style="position: absolute; display: inline-block; left: 532.797px; top: 36.0234px; width: 200.607px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">emplo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 779.094px; top: 36.0078px; width: 31.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">capit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al</span><span style="position: absolute; display: inline-block; left: 857.969px; top: 35.9922px; width: 28.9102px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 928.766px; top: 35.9922px; width: 34.4707px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">of 2023</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.7285px; width: 53.2207px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2020</span><span style="position: absolute; display: inline-block; left: 53.2207px; top: 54.7285px; width: 668.766px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 721.986px; top: 54.7285px; width: 240.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.7285px; width: 963.17px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2021<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>47<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.01 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 82.7285px; width: 963.188px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2022<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">78<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>89<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>102<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.02 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 963.164px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 April 2023<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 69.6915px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>116<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>136<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 48.2284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.03 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>50<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2.3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.744px; width: 119.889px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ention pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme</span><span style="position: absolute; display: inline-block; left: 119.889px; top: 110.744px; width: 602.115px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 223.723px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 722.004px; top: 110.744px; width: 59.3613px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.8357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 781.365px; top: 110.744px; width: 28.4707px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0.00 %</span><span style="position: absolute; display: inline-block; left: 809.836px; top: 110.744px; width: 70.7344px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 880.57px; top: 110.744px; width: 5.67188px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5</span><span style="position: absolute; display: inline-block; left: 0px; top: 124.258px; width: 886.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 69.3105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>234<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>233<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0.06 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>125</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:285.173828125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 252.393px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">De<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>opment in maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding shares<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 19.0137px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">'000</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 733.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anding shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">36<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>160<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>234</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 246.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Compensation f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or dividends paid (2020, 2021, and 2022 </span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 733.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">progr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ammes)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 733.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er bet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een cat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>egories<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 125.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cised (2020 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme) </span><span style="position: absolute; display: inline-block; left: 123.781px; top: 85.3164px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 127.766px; top: 84.7598px; width: 605.479px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 210.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(53)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(65)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 733.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exer<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cised (2019 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 224.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(84)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 733.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed (2023 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 225.603px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>135<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">167<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 733.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Grant<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed (2022 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">101</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.775px; width: 733.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2023 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(28)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.775px; width: 347.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2022 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)</span></span><span style="position: absolute; display: inline-block; left: 347px; top: 155.203px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 423.812px; top: 154.775px; width: 309.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 136.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 168.775px; width: 347.156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2021 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)</span></span><span style="position: absolute; display: inline-block; left: 347px; top: 169.203px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 423.812px; top: 168.775px; width: 309.229px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 182.775px; width: 733.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cancel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>led (2020 pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(11)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 196.775px; width: 733.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Share r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ention pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.035px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 210.305px; width: 733.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maximum number of outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding share<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>234<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 241.791px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.057px; width: 733.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme at the time of gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anting<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.6602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>114</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.807px; width: 733.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maximum mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f share pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>amme at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">88<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">105<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>147</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>At v<span class="_ _0"/>esting, Ørs<span class="_ _0"/>ted did no<span class="_ _0"/>t outperf<span class="_ _0"/>orm any o<span class="_ _0"/>f the 10 compe<span class="_ _0"/>titors<span class="_ _0"/>, and, as a r<span class="_ _0"/>esul<span class="_ _0"/>t, no shar<span class="_ _0"/>es wer<span class="_ _0"/>e gr<span class="_ _0"/>ant<span class="_ _0"/>ed to the participant<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Members as of 31 Dec. 2023 are incl<span class="_ _0"/>uded in this cat<span class="_ _0"/>egory<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Cancell<span class="_ _0"/>ation of Mads Nipper'<span class="_ _4"/>s L<span class="_ _15c"/>TI grants f<span class="_ _0"/>or 2021 and 2022. D<span class="_ _0"/>espite his incr<span class="_ _0"/>ease in shar<span class="_ _0"/>ehol<span class="_ _0"/>ding, the t<span class="_ _0"/>ot<span class="_ _0"/>al value o<span class="_ _0"/>f his shares w<span class="_ _0"/>as not sufficient t<span class="_ _0"/>o satisfy<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the build-up o<span class="_ _0"/>f the sharehol<span class="_ _0"/>ding r<span class="_ _0"/>equirement f<span class="_ _4"/>or continued participation in the share pr<span class="_ _0"/>ogr<span class="_ _0"/>amme,<span class="_ _0"/> and consequent<span class="_ _0"/>l<span class="_ _0"/>y<span class="_ _0"/>, the aw<span class="_ _0"/>arded PSUs w<span class="_ _0"/>er<span class="_ _0"/>e cancel<span class="_ _0"/>led.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The maximum mark<span class="_ _0"/>et value o<span class="_ _0"/>f the share pr<span class="_ _0"/>ogr<span class="_ _0"/>amme at 31 December<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is based on the assumption that the participant<span class="_ _0"/>s rec<span class="_ _0"/>eive the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">number of shar<span class="_ _0"/>es (i.e<span class="_ _0"/>. 200 <span class="_ _15c"/>% of the grant<span class="_ _0"/>ed PSUs/RSUs). <span class="_ _0"/>This r<span class="_ _0"/>equir<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ørst<span class="_ _0"/>ed to deliv<span class="_ _0"/>er the highest shar<span class="_ _0"/>eholder r<span class="_ _0"/>et<span class="_ _0"/>urn, benchmark<span class="_ _0"/>ed against </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ten c<span class="_ _0"/>ompar<span class="_ _0"/>able c<span class="_ _0"/>ompanies.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The share pric<span class="_ _0"/>e at the time of ex<span class="_ _0"/>er<span class="_ _0"/>cising in 2023 was DKK 583.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>Intan<span class="_ _0"/>gibl<span class="_ _0"/>e as<span class="_ _0"/>se<span class="_ _0"/>ts, an<span class="_ _0"/>d p<span class="_ _0"/>rop<span class="_ _0"/>ert<span class="_ _0"/>y<span class="_ _4"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:302.828125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(47)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>159<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,551)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,462)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 963.422px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>551<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>349<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>889<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,164<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,953</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 962.854px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(580)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1,477)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,716)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,803)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">539<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,264)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>98<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,566)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.273px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,177<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>189,104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,040<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>273,494</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.01px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.01px; width: 963.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 373.963px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(586)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(594)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(59)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(614)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,661)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(459)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,734)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 963.311px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,710<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,751</span><span style="position: absolute; display: inline-block; left: 0px; top: 200.539px; width: 963.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,048)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,346)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65,639)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,994)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(70,979)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.275px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 233.291px; width: 963.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>455</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.988px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,058)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18,190)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(19,282)</span></span><span style="position: absolute; display: inline-block; left: 963.297px; top: 247.863px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 261.307px; width: 963.105px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19</span><span style="position: absolute; display: inline-block; left: 0px; top: 274.82px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(703)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(20,890)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(22,746)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.086px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,426<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,777<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>121,643<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>48,307<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,769</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>W<span class="_ _0"/>e r<span class="_ _0"/>ecognised t<span class="_ _0"/>ot<span class="_ _0"/>al impairment l<span class="_ _0"/>osses o<span class="_ _0"/>f DKK 26,775 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or the year<span class="_ _15c"/>. Of that amount, DKK 19,282 million are r<span class="_ _0"/>ec<span class="_ _0"/>og<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised under ‘Pr<span class="_ _0"/>operty<span class="_ _4"/>, plant, and equipment<span class="_ _0"/>’ and DKK 7,493 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million under ‘Pr<span class="_ _0"/>ovisions’ as ‘<span class="_ _0"/>Oner<span class="_ _0"/>ous contr<span class="_ _0"/>acts’<span class="_ _0"/>.<span class="_ _0"/> See not<span class="_ _0"/>e 3.2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Impairments’ and not<span class="_ _0"/>e 3.10 ‘Pr<span class="_ _0"/>ovisions and c<span class="_ _0"/>ontingent liabili<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">ties’ f<span class="_ _0"/>or mor<span class="_ _0"/>e inf<span class="_ _0"/>ormation.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Int<span class="_ _0"/>angibl<span class="_ _0"/>e as<span class="_ _0"/>sets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s cons<span class="_ _3"/>is<span class="_ _3"/>t of go<span class="_ _3"/>odw<span class="_ _3"/>ill o<span class="_ _3"/>f DKK 1<span class="_ _3"/>,8<span class="_ _3"/>47<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,8<span class="_ _3"/>43 m<span class="_ _3"/>i<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>, car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>lowan<span class="_ _3"/>ces of D<span class="_ _3"/>KK 871 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022 DK<span class="_ _3"/>K 1,<span class="_ _3"/>46<span class="_ _3"/>4 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>, othe<span class="_ _3"/>r ri<span class="_ _3"/>ght<span class="_ _3"/>s of DK<span class="_ _3"/>K 6<span class="_ _0"/>26 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 614 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), co<span class="_ _3"/>mp<span class="_ _3"/>leted d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt pro<span class="_ _3"/>jec<span class="_ _3"/>ts of D<span class="_ _3"/>KK 61 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 28 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n), a<span class="_ _3"/>nd d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s in p<span class="_ _3"/>rogr<span class="_ _3"/>ess of D<span class="_ _3"/>KK 21 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">8<span class="_ _3"/>0 <span class="_ _49"/>mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). Re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed g<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll p<span class="_ _3"/>rim<span class="_ _3"/>ar<span class="_ _3"/>ily rel<span class="_ _3"/>ates to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Onshore<span class="_ _0"/> Europe.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:330.8125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,311<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,852<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>218,330</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(10)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,019)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(555)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,654)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 962.859px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 429.053px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,314<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>720<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,240<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,394<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33,082</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 305.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,886<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,179<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,342</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(726)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,634)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,136)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(11,266)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,398<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,901</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 962.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">165<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34,993<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>45<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35,203)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.76px; width: 963.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets cl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified as hel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">140<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>270</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.289px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(999)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,245)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(51,906)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,254)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(55,405)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,323</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.025px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(36)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(607)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,814)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(297)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,718)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 215.025px; width: 963px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>340<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>398</span><span style="position: absolute; display: inline-block; left: 0px; top: 228.555px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(701)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(785)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 261.291px; width: 963.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.291px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 289.307px; width: 962.9px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.82px; width: 963.088px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.07px; width: 470.197px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 470.197px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,029</span><span style="position: absolute; display: inline-block; left: 495.58px; top: 321.07px; width: 67.7109px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 563.291px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,980</span><span style="position: absolute; display: inline-block; left: 588.674px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 645.574px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">119,211</span><span style="position: absolute; display: inline-block; left: 682.477px; top: 321.07px; width: 68.2559px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 750.732px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,543</span><span style="position: absolute; display: inline-block; left: 776.115px; top: 321.07px; width: 62.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 838.154px; top: 321.07px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,931</span><span style="position: absolute; display: inline-block; left: 869.297px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 926.197px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">177,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.265625px;"><span style="position: absolute; display: inline-block; left: 483.984px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 459.031px; top: 12.0078px; width: 81.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and </span><span style="position: absolute; display: inline-block; left: 562.203px; top: 12.0078px; width: 70.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 444.697px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.713px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and buil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>dings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 14.9531px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span></span><span style="position: absolute; display: inline-block; left: 490.453px; top: 24.0078px; width: 48.0176px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">equipment</span><span style="position: absolute; display: inline-block; left: 563.547px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 631.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(45)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(76)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7598px; width: 631.16px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>137<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>814<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>955</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 631.518px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(67)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 631.254px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(30)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(523)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(372)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(916)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.523px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,567<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,475</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,628<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,987</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 221.109px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(42)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>635<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,814</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.248px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(431)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(438)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(516)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(220)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(805)</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.539px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 160.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual obligations by s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>egment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 219.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 219.867px; top: 12.0078px; width: 411.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.3185px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1-5 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.588px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,714<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47,298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>86,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74,806</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,282<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,078</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 631.5px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>50,699<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>99,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>88,062</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Overvie<span class="_ _0"/>w of c<span class="_ _0"/>ontract<span class="_ _0"/>s enter<span class="_ _0"/>ed int<span class="_ _0"/>o wher<span class="_ _0"/>e delivery had not t<span class="_ _0"/>ak<span class="_ _0"/>en pl<span class="_ _0"/>ace at 31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The obligations are measur<span class="_ _0"/>ed at nominal v<span class="_ _0"/>alue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y lea<span class="_ _3"/>se of<span class="_ _3"/>fi<span class="_ _3"/>ce bu<span class="_ _3"/>i<span class="_ _3"/>ldi<span class="_ _3"/>ngs<span class="_ _3"/>, se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e and i<span class="_ _3"/>ns<span class="_ _3"/>tall<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, se<span class="_ _3"/>abe<span class="_ _3"/>ds re<span class="_ _3"/>late<span class="_ _3"/>d to off<span class="_ _3"/>sho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d plot<span class="_ _3"/>s of la<span class="_ _3"/>nd re<span class="_ _3"/>lated to o<span class="_ _3"/>nsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s, s<span class="_ _3"/>ola<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d bat<span class="_ _3"/>ter<span class="_ _3"/>y stora<span class="_ _3"/>ge fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>ase<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e lea<span class="_ _3"/>se pay<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ich </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depend on<span class="_ _0"/> the number<span class="_ _0"/> of<span class="_ _0"/> megawatt<span class="_ _0"/> hours generat<span class="_ _0"/>ed.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we hav<span class="_ _3"/>e typ<span class="_ _3"/>ica<span class="_ _3"/>lly agr<span class="_ _3"/>eed o<span class="_ _3"/>n mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay<span class="_ _3"/>me<span class="_ _3"/>nts fo<span class="_ _3"/>r the s<span class="_ _3"/>ea<span class="_ _3"/>bed<span class="_ _3"/>s, a<span class="_ _3"/>nd t<span class="_ _3"/>hes<span class="_ _3"/>e mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pay<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts a<span class="_ _3"/>re i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es for th<span class="_ _3"/>e ye<span class="_ _3"/>ar re<span class="_ _3"/>lati<span class="_ _3"/>ng to va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le lea<span class="_ _3"/>se pa<span class="_ _3"/>y<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s were D<span class="_ _3"/>KK 717 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n in 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 60<span class="_ _3"/>9 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). I<span class="_ _3"/>ntere<span class="_ _3"/>sts o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lea<span class="_ _3"/>se d<span class="_ _3"/>ebt e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) we<span class="_ _3"/>re DK<span class="_ _3"/>K 30<span class="_ _3"/>8 mi<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on i<span class="_ _3"/>n 2023 (<span class="_ _3"/>2022: D<span class="_ _3"/>KK 25<span class="_ _3"/>6 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ota<span class="_ _3"/>l cas<span class="_ _3"/>h out<span class="_ _3"/>flow fo<span class="_ _3"/>r lea<span class="_ _3"/>ses we<span class="_ _3"/>re D<span class="_ _3"/>KK 1,73<span class="_ _3"/>7 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>023 (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 1,<span class="_ _3"/>4<span class="_ _3"/>47 mil<span class="_ _3"/>lio<span class="_ _3"/>n). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve not e<span class="_ _3"/>ntere<span class="_ _3"/>d into le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s whi<span class="_ _3"/>ch h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not b<span class="_ _3"/>ee<span class="_ _3"/>n com<span class="_ _3"/>me<span class="_ _3"/>nce<span class="_ _3"/>d pe<span class="_ _3"/>r 31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd c<span class="_ _3"/>on<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>qu<span class="_ _3"/>ently not i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a m<span class="_ _3"/>atu<span class="_ _3"/>ri<span class="_ _3"/>ty an<span class="_ _3"/>alysi<span class="_ _3"/>s of lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, we refe<span class="_ _3"/>r to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note 5<span class="_ _3"/>.5 ‘<span class="_ _3"/>Ma<span class="_ _3"/>tur<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ysi<span class="_ _3"/>s of fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>actual obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our con<span class="_ _0"/>tr<span class="_ _0"/>actual obligat<span class="_ _0"/>ions f<span class="_ _0"/>or<span class="_ _0"/> property<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023 m<span class="_ _3"/>ai<span class="_ _3"/>nly re<span class="_ _3"/>lated to wi<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">turbines,<span class="_ _0"/> fo<span class="_ _0"/>undations, and<span class="_ _0"/> cable<span class="_ _0"/>s, et<span class="_ _0"/>c., f<span class="_ _0"/>or t<span class="_ _0"/>he c<span class="_ _0"/>onstruc<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s (p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily <span class="_ _6"/>Bo<span class="_ _3"/>rku<span class="_ _3"/>m Ri<span class="_ _3"/>ffg<span class="_ _3"/>ru<span class="_ _3"/>nd 3<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>de W<span class="_ _3"/>in<span class="_ _3"/>d 3, Gr<span class="_ _3"/>eate<span class="_ _3"/>r Cha<span class="_ _3"/>ng<span class="_ _3"/>hu<span class="_ _3"/>a 2b an<span class="_ _3"/>d 4, H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 3, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revo<span class="_ _3"/>luti<span class="_ _3"/>on W<span class="_ _3"/>in<span class="_ _3"/>d, S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k, a<span class="_ _3"/>nd S<span class="_ _3"/>un<span class="_ _3"/>ri<span class="_ _3"/>se Wi<span class="_ _3"/>nd<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in O<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to <span class="_ _6"/>pu<span class="_ _3"/>rch<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of wi<span class="_ _3"/>nd tu<span class="_ _3"/>rb<span class="_ _3"/>ine<span class="_ _3"/>s an<span class="_ _3"/>d sol<span class="_ _3"/>ar PV m<span class="_ _3"/>od<span class="_ _3"/>ule<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.142578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 50.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Useful liv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 299.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Batt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ery st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>age<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 193.553px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 299.877px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Buildings<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 208.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20-50 years</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 299.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and fit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tings, t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3-10 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas transport<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems (marine pipelines)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.9748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-40 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 300.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 159.65px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 299.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 160.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (thermal), and dis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>trict heating<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 8.32031px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-25 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 299.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Solar f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 299.783px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Goodwill<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 219.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Indefinit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>Intan<span class="_ _0"/>gibl<span class="_ _0"/>e as<span class="_ _0"/>se<span class="_ _0"/>ts, an<span class="_ _0"/>d p<span class="_ _0"/>rop<span class="_ _0"/>ert<span class="_ _0"/>y<span class="_ _4"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:302.828125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(47)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>159<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,551)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,462)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 963.422px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>551<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>349<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>889<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,164<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,953</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 962.854px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(580)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1,477)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,716)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,803)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">539<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,264)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>98<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,566)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.273px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,177<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>189,104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,040<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>273,494</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.01px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.01px; width: 963.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 373.963px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(586)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(594)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(59)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(614)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,661)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(459)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,734)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 963.311px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,710<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,751</span><span style="position: absolute; display: inline-block; left: 0px; top: 200.539px; width: 963.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,048)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,346)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65,639)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,994)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(70,979)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.275px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 233.291px; width: 963.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>455</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.988px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,058)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18,190)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(19,282)</span></span><span style="position: absolute; display: inline-block; left: 963.297px; top: 247.863px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 261.307px; width: 963.105px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19</span><span style="position: absolute; display: inline-block; left: 0px; top: 274.82px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(703)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(20,890)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(22,746)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.086px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,426<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,777<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>121,643<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>48,307<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,769</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>W<span class="_ _0"/>e r<span class="_ _0"/>ecognised t<span class="_ _0"/>ot<span class="_ _0"/>al impairment l<span class="_ _0"/>osses o<span class="_ _0"/>f DKK 26,775 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or the year<span class="_ _15c"/>. Of that amount, DKK 19,282 million are r<span class="_ _0"/>ec<span class="_ _0"/>og<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised under ‘Pr<span class="_ _0"/>operty<span class="_ _4"/>, plant, and equipment<span class="_ _0"/>’ and DKK 7,493 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million under ‘Pr<span class="_ _0"/>ovisions’ as ‘<span class="_ _0"/>Oner<span class="_ _0"/>ous contr<span class="_ _0"/>acts’<span class="_ _0"/>.<span class="_ _0"/> See not<span class="_ _0"/>e 3.2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Impairments’ and not<span class="_ _0"/>e 3.10 ‘Pr<span class="_ _0"/>ovisions and c<span class="_ _0"/>ontingent liabili<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">ties’ f<span class="_ _0"/>or mor<span class="_ _0"/>e inf<span class="_ _0"/>ormation.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Int<span class="_ _0"/>angibl<span class="_ _0"/>e as<span class="_ _0"/>sets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s cons<span class="_ _3"/>is<span class="_ _3"/>t of go<span class="_ _3"/>odw<span class="_ _3"/>ill o<span class="_ _3"/>f DKK 1<span class="_ _3"/>,8<span class="_ _3"/>47<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,8<span class="_ _3"/>43 m<span class="_ _3"/>i<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>, car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>lowan<span class="_ _3"/>ces of D<span class="_ _3"/>KK 871 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022 DK<span class="_ _3"/>K 1,<span class="_ _3"/>46<span class="_ _3"/>4 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>, othe<span class="_ _3"/>r ri<span class="_ _3"/>ght<span class="_ _3"/>s of DK<span class="_ _3"/>K 6<span class="_ _0"/>26 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 614 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), co<span class="_ _3"/>mp<span class="_ _3"/>leted d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt pro<span class="_ _3"/>jec<span class="_ _3"/>ts of D<span class="_ _3"/>KK 61 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 28 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n), a<span class="_ _3"/>nd d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s in p<span class="_ _3"/>rogr<span class="_ _3"/>ess of D<span class="_ _3"/>KK 21 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">8<span class="_ _3"/>0 <span class="_ _49"/>mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). Re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed g<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll p<span class="_ _3"/>rim<span class="_ _3"/>ar<span class="_ _3"/>ily rel<span class="_ _3"/>ates to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Onshore<span class="_ _0"/> Europe.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:330.8125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,311<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,852<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>218,330</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(10)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,019)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(555)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,654)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 962.859px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 429.053px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,314<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>720<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,240<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,394<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33,082</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 305.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,886<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,179<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,342</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(726)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,634)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,136)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(11,266)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,398<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,901</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 962.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">165<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34,993<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>45<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35,203)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.76px; width: 963.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets cl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified as hel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">140<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>270</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.289px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(999)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,245)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(51,906)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,254)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(55,405)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,323</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.025px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(36)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(607)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,814)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(297)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,718)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 215.025px; width: 963px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>340<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>398</span><span style="position: absolute; display: inline-block; left: 0px; top: 228.555px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(701)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(785)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 261.291px; width: 963.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.291px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 289.307px; width: 962.9px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.82px; width: 963.088px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.07px; width: 470.197px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 470.197px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,029</span><span style="position: absolute; display: inline-block; left: 495.58px; top: 321.07px; width: 67.7109px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 563.291px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,980</span><span style="position: absolute; display: inline-block; left: 588.674px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 645.574px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">119,211</span><span style="position: absolute; display: inline-block; left: 682.477px; top: 321.07px; width: 68.2559px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 750.732px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,543</span><span style="position: absolute; display: inline-block; left: 776.115px; top: 321.07px; width: 62.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 838.154px; top: 321.07px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,931</span><span style="position: absolute; display: inline-block; left: 869.297px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 926.197px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">177,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.265625px;"><span style="position: absolute; display: inline-block; left: 483.984px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 459.031px; top: 12.0078px; width: 81.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and </span><span style="position: absolute; display: inline-block; left: 562.203px; top: 12.0078px; width: 70.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 444.697px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.713px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and buil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>dings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 14.9531px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span></span><span style="position: absolute; display: inline-block; left: 490.453px; top: 24.0078px; width: 48.0176px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">equipment</span><span style="position: absolute; display: inline-block; left: 563.547px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 631.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(45)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(76)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7598px; width: 631.16px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>137<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>814<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>955</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 631.518px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(67)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 631.254px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(30)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(523)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(372)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(916)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.523px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,567<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,475</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,628<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,987</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 221.109px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(42)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>635<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,814</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.248px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(431)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(438)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(516)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(220)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(805)</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.539px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 160.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual obligations by s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>egment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 219.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 219.867px; top: 12.0078px; width: 411.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.3185px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1-5 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.588px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,714<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47,298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>86,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74,806</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,282<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,078</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 631.5px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>50,699<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>99,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>88,062</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Overvie<span class="_ _0"/>w of c<span class="_ _0"/>ontract<span class="_ _0"/>s enter<span class="_ _0"/>ed int<span class="_ _0"/>o wher<span class="_ _0"/>e delivery had not t<span class="_ _0"/>ak<span class="_ _0"/>en pl<span class="_ _0"/>ace at 31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The obligations are measur<span class="_ _0"/>ed at nominal v<span class="_ _0"/>alue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y lea<span class="_ _3"/>se of<span class="_ _3"/>fi<span class="_ _3"/>ce bu<span class="_ _3"/>i<span class="_ _3"/>ldi<span class="_ _3"/>ngs<span class="_ _3"/>, se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e and i<span class="_ _3"/>ns<span class="_ _3"/>tall<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, se<span class="_ _3"/>abe<span class="_ _3"/>ds re<span class="_ _3"/>late<span class="_ _3"/>d to off<span class="_ _3"/>sho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d plot<span class="_ _3"/>s of la<span class="_ _3"/>nd re<span class="_ _3"/>lated to o<span class="_ _3"/>nsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s, s<span class="_ _3"/>ola<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d bat<span class="_ _3"/>ter<span class="_ _3"/>y stora<span class="_ _3"/>ge fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>ase<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e lea<span class="_ _3"/>se pay<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ich </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depend on<span class="_ _0"/> the number<span class="_ _0"/> of<span class="_ _0"/> megawatt<span class="_ _0"/> hours generat<span class="_ _0"/>ed.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we hav<span class="_ _3"/>e typ<span class="_ _3"/>ica<span class="_ _3"/>lly agr<span class="_ _3"/>eed o<span class="_ _3"/>n mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay<span class="_ _3"/>me<span class="_ _3"/>nts fo<span class="_ _3"/>r the s<span class="_ _3"/>ea<span class="_ _3"/>bed<span class="_ _3"/>s, a<span class="_ _3"/>nd t<span class="_ _3"/>hes<span class="_ _3"/>e mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pay<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts a<span class="_ _3"/>re i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es for th<span class="_ _3"/>e ye<span class="_ _3"/>ar re<span class="_ _3"/>lati<span class="_ _3"/>ng to va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le lea<span class="_ _3"/>se pa<span class="_ _3"/>y<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s were D<span class="_ _3"/>KK 717 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n in 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 60<span class="_ _3"/>9 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). I<span class="_ _3"/>ntere<span class="_ _3"/>sts o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lea<span class="_ _3"/>se d<span class="_ _3"/>ebt e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) we<span class="_ _3"/>re DK<span class="_ _3"/>K 30<span class="_ _3"/>8 mi<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on i<span class="_ _3"/>n 2023 (<span class="_ _3"/>2022: D<span class="_ _3"/>KK 25<span class="_ _3"/>6 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ota<span class="_ _3"/>l cas<span class="_ _3"/>h out<span class="_ _3"/>flow fo<span class="_ _3"/>r lea<span class="_ _3"/>ses we<span class="_ _3"/>re D<span class="_ _3"/>KK 1,73<span class="_ _3"/>7 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>023 (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 1,<span class="_ _3"/>4<span class="_ _3"/>47 mil<span class="_ _3"/>lio<span class="_ _3"/>n). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve not e<span class="_ _3"/>ntere<span class="_ _3"/>d into le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s whi<span class="_ _3"/>ch h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not b<span class="_ _3"/>ee<span class="_ _3"/>n com<span class="_ _3"/>me<span class="_ _3"/>nce<span class="_ _3"/>d pe<span class="_ _3"/>r 31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd c<span class="_ _3"/>on<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>qu<span class="_ _3"/>ently not i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a m<span class="_ _3"/>atu<span class="_ _3"/>ri<span class="_ _3"/>ty an<span class="_ _3"/>alysi<span class="_ _3"/>s of lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, we refe<span class="_ _3"/>r to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note 5<span class="_ _3"/>.5 ‘<span class="_ _3"/>Ma<span class="_ _3"/>tur<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ysi<span class="_ _3"/>s of fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>actual obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our con<span class="_ _0"/>tr<span class="_ _0"/>actual obligat<span class="_ _0"/>ions f<span class="_ _0"/>or<span class="_ _0"/> property<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023 m<span class="_ _3"/>ai<span class="_ _3"/>nly re<span class="_ _3"/>lated to wi<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">turbines,<span class="_ _0"/> fo<span class="_ _0"/>undations, and<span class="_ _0"/> cable<span class="_ _0"/>s, et<span class="_ _0"/>c., f<span class="_ _0"/>or t<span class="_ _0"/>he c<span class="_ _0"/>onstruc<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s (p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily <span class="_ _6"/>Bo<span class="_ _3"/>rku<span class="_ _3"/>m Ri<span class="_ _3"/>ffg<span class="_ _3"/>ru<span class="_ _3"/>nd 3<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>de W<span class="_ _3"/>in<span class="_ _3"/>d 3, Gr<span class="_ _3"/>eate<span class="_ _3"/>r Cha<span class="_ _3"/>ng<span class="_ _3"/>hu<span class="_ _3"/>a 2b an<span class="_ _3"/>d 4, H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 3, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revo<span class="_ _3"/>luti<span class="_ _3"/>on W<span class="_ _3"/>in<span class="_ _3"/>d, S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k, a<span class="_ _3"/>nd S<span class="_ _3"/>un<span class="_ _3"/>ri<span class="_ _3"/>se Wi<span class="_ _3"/>nd<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in O<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to <span class="_ _6"/>pu<span class="_ _3"/>rch<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of wi<span class="_ _3"/>nd tu<span class="_ _3"/>rb<span class="_ _3"/>ine<span class="_ _3"/>s an<span class="_ _3"/>d sol<span class="_ _3"/>ar PV m<span class="_ _3"/>od<span class="_ _3"/>ule<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.142578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 50.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Useful liv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 299.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Batt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ery st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>age<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 193.553px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 299.877px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Buildings<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 208.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20-50 years</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 299.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and fit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tings, t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3-10 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas transport<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems (marine pipelines)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.9748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-40 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 300.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 159.65px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 299.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 160.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (thermal), and dis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>trict heating<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 8.32031px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-25 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 299.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Solar f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 299.783px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Goodwill<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 219.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Indefinit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>Intan<span class="_ _0"/>gibl<span class="_ _0"/>e as<span class="_ _0"/>se<span class="_ _0"/>ts, an<span class="_ _0"/>d p<span class="_ _0"/>rop<span class="_ _0"/>ert<span class="_ _0"/>y<span class="_ _4"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:302.828125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(47)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>159<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,551)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,462)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 963.422px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>551<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>349<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>889<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,164<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,953</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 962.854px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(580)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1,477)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,716)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,803)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">539<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,264)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>98<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,566)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.273px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,177<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>189,104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,040<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>273,494</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.01px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.01px; width: 963.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 373.963px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(586)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(594)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(59)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(614)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,661)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(459)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,734)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 963.311px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,710<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,751</span><span style="position: absolute; display: inline-block; left: 0px; top: 200.539px; width: 963.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,048)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,346)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65,639)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,994)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(70,979)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.275px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 233.291px; width: 963.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>455</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.988px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,058)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18,190)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(19,282)</span></span><span style="position: absolute; display: inline-block; left: 963.297px; top: 247.863px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 261.307px; width: 963.105px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19</span><span style="position: absolute; display: inline-block; left: 0px; top: 274.82px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(703)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(20,890)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(22,746)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.086px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,426<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,777<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>121,643<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>48,307<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,769</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>W<span class="_ _0"/>e r<span class="_ _0"/>ecognised t<span class="_ _0"/>ot<span class="_ _0"/>al impairment l<span class="_ _0"/>osses o<span class="_ _0"/>f DKK 26,775 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or the year<span class="_ _15c"/>. Of that amount, DKK 19,282 million are r<span class="_ _0"/>ec<span class="_ _0"/>og<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised under ‘Pr<span class="_ _0"/>operty<span class="_ _4"/>, plant, and equipment<span class="_ _0"/>’ and DKK 7,493 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million under ‘Pr<span class="_ _0"/>ovisions’ as ‘<span class="_ _0"/>Oner<span class="_ _0"/>ous contr<span class="_ _0"/>acts’<span class="_ _0"/>.<span class="_ _0"/> See not<span class="_ _0"/>e 3.2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Impairments’ and not<span class="_ _0"/>e 3.10 ‘Pr<span class="_ _0"/>ovisions and c<span class="_ _0"/>ontingent liabili<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">ties’ f<span class="_ _0"/>or mor<span class="_ _0"/>e inf<span class="_ _0"/>ormation.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Int<span class="_ _0"/>angibl<span class="_ _0"/>e as<span class="_ _0"/>sets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s cons<span class="_ _3"/>is<span class="_ _3"/>t of go<span class="_ _3"/>odw<span class="_ _3"/>ill o<span class="_ _3"/>f DKK 1<span class="_ _3"/>,8<span class="_ _3"/>47<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,8<span class="_ _3"/>43 m<span class="_ _3"/>i<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>, car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>lowan<span class="_ _3"/>ces of D<span class="_ _3"/>KK 871 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022 DK<span class="_ _3"/>K 1,<span class="_ _3"/>46<span class="_ _3"/>4 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>, othe<span class="_ _3"/>r ri<span class="_ _3"/>ght<span class="_ _3"/>s of DK<span class="_ _3"/>K 6<span class="_ _0"/>26 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 614 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), co<span class="_ _3"/>mp<span class="_ _3"/>leted d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt pro<span class="_ _3"/>jec<span class="_ _3"/>ts of D<span class="_ _3"/>KK 61 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 28 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n), a<span class="_ _3"/>nd d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s in p<span class="_ _3"/>rogr<span class="_ _3"/>ess of D<span class="_ _3"/>KK 21 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">8<span class="_ _3"/>0 <span class="_ _49"/>mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). Re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed g<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll p<span class="_ _3"/>rim<span class="_ _3"/>ar<span class="_ _3"/>ily rel<span class="_ _3"/>ates to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Onshore<span class="_ _0"/> Europe.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:330.8125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,311<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,852<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>218,330</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(10)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,019)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(555)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,654)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 962.859px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 429.053px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,314<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>720<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,240<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,394<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33,082</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 305.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,886<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,179<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,342</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(726)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,634)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,136)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(11,266)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,398<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,901</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 962.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">165<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34,993<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>45<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35,203)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.76px; width: 963.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets cl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified as hel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">140<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>270</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.289px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(999)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,245)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(51,906)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,254)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(55,405)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,323</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.025px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(36)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(607)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,814)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(297)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,718)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 215.025px; width: 963px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>340<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>398</span><span style="position: absolute; display: inline-block; left: 0px; top: 228.555px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(701)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(785)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 261.291px; width: 963.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.291px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 289.307px; width: 962.9px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.82px; width: 963.088px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.07px; width: 470.197px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 470.197px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,029</span><span style="position: absolute; display: inline-block; left: 495.58px; top: 321.07px; width: 67.7109px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 563.291px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,980</span><span style="position: absolute; display: inline-block; left: 588.674px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 645.574px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">119,211</span><span style="position: absolute; display: inline-block; left: 682.477px; top: 321.07px; width: 68.2559px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 750.732px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,543</span><span style="position: absolute; display: inline-block; left: 776.115px; top: 321.07px; width: 62.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 838.154px; top: 321.07px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,931</span><span style="position: absolute; display: inline-block; left: 869.297px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 926.197px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">177,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.265625px;"><span style="position: absolute; display: inline-block; left: 483.984px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 459.031px; top: 12.0078px; width: 81.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and </span><span style="position: absolute; display: inline-block; left: 562.203px; top: 12.0078px; width: 70.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 444.697px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.713px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and buil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>dings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 14.9531px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span></span><span style="position: absolute; display: inline-block; left: 490.453px; top: 24.0078px; width: 48.0176px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">equipment</span><span style="position: absolute; display: inline-block; left: 563.547px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 631.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(45)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(76)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7598px; width: 631.16px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>137<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>814<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>955</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 631.518px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(67)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 631.254px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(30)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(523)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(372)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(916)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.523px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,567<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,475</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,628<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,987</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 221.109px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(42)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>635<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,814</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.248px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(431)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(438)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(516)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(220)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(805)</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.539px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 160.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual obligations by s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>egment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 219.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 219.867px; top: 12.0078px; width: 411.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.3185px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1-5 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.588px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,714<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47,298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>86,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74,806</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,282<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,078</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 631.5px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>50,699<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>99,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>88,062</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Overvie<span class="_ _0"/>w of c<span class="_ _0"/>ontract<span class="_ _0"/>s enter<span class="_ _0"/>ed int<span class="_ _0"/>o wher<span class="_ _0"/>e delivery had not t<span class="_ _0"/>ak<span class="_ _0"/>en pl<span class="_ _0"/>ace at 31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The obligations are measur<span class="_ _0"/>ed at nominal v<span class="_ _0"/>alue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y lea<span class="_ _3"/>se of<span class="_ _3"/>fi<span class="_ _3"/>ce bu<span class="_ _3"/>i<span class="_ _3"/>ldi<span class="_ _3"/>ngs<span class="_ _3"/>, se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e and i<span class="_ _3"/>ns<span class="_ _3"/>tall<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, se<span class="_ _3"/>abe<span class="_ _3"/>ds re<span class="_ _3"/>late<span class="_ _3"/>d to off<span class="_ _3"/>sho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d plot<span class="_ _3"/>s of la<span class="_ _3"/>nd re<span class="_ _3"/>lated to o<span class="_ _3"/>nsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s, s<span class="_ _3"/>ola<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d bat<span class="_ _3"/>ter<span class="_ _3"/>y stora<span class="_ _3"/>ge fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>ase<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e lea<span class="_ _3"/>se pay<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ich </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depend on<span class="_ _0"/> the number<span class="_ _0"/> of<span class="_ _0"/> megawatt<span class="_ _0"/> hours generat<span class="_ _0"/>ed.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we hav<span class="_ _3"/>e typ<span class="_ _3"/>ica<span class="_ _3"/>lly agr<span class="_ _3"/>eed o<span class="_ _3"/>n mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay<span class="_ _3"/>me<span class="_ _3"/>nts fo<span class="_ _3"/>r the s<span class="_ _3"/>ea<span class="_ _3"/>bed<span class="_ _3"/>s, a<span class="_ _3"/>nd t<span class="_ _3"/>hes<span class="_ _3"/>e mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pay<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts a<span class="_ _3"/>re i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es for th<span class="_ _3"/>e ye<span class="_ _3"/>ar re<span class="_ _3"/>lati<span class="_ _3"/>ng to va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le lea<span class="_ _3"/>se pa<span class="_ _3"/>y<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s were D<span class="_ _3"/>KK 717 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n in 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 60<span class="_ _3"/>9 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). I<span class="_ _3"/>ntere<span class="_ _3"/>sts o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lea<span class="_ _3"/>se d<span class="_ _3"/>ebt e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) we<span class="_ _3"/>re DK<span class="_ _3"/>K 30<span class="_ _3"/>8 mi<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on i<span class="_ _3"/>n 2023 (<span class="_ _3"/>2022: D<span class="_ _3"/>KK 25<span class="_ _3"/>6 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ota<span class="_ _3"/>l cas<span class="_ _3"/>h out<span class="_ _3"/>flow fo<span class="_ _3"/>r lea<span class="_ _3"/>ses we<span class="_ _3"/>re D<span class="_ _3"/>KK 1,73<span class="_ _3"/>7 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>023 (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 1,<span class="_ _3"/>4<span class="_ _3"/>47 mil<span class="_ _3"/>lio<span class="_ _3"/>n). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve not e<span class="_ _3"/>ntere<span class="_ _3"/>d into le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s whi<span class="_ _3"/>ch h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not b<span class="_ _3"/>ee<span class="_ _3"/>n com<span class="_ _3"/>me<span class="_ _3"/>nce<span class="_ _3"/>d pe<span class="_ _3"/>r 31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd c<span class="_ _3"/>on<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>qu<span class="_ _3"/>ently not i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a m<span class="_ _3"/>atu<span class="_ _3"/>ri<span class="_ _3"/>ty an<span class="_ _3"/>alysi<span class="_ _3"/>s of lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, we refe<span class="_ _3"/>r to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note 5<span class="_ _3"/>.5 ‘<span class="_ _3"/>Ma<span class="_ _3"/>tur<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ysi<span class="_ _3"/>s of fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>actual obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our con<span class="_ _0"/>tr<span class="_ _0"/>actual obligat<span class="_ _0"/>ions f<span class="_ _0"/>or<span class="_ _0"/> property<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023 m<span class="_ _3"/>ai<span class="_ _3"/>nly re<span class="_ _3"/>lated to wi<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">turbines,<span class="_ _0"/> fo<span class="_ _0"/>undations, and<span class="_ _0"/> cable<span class="_ _0"/>s, et<span class="_ _0"/>c., f<span class="_ _0"/>or t<span class="_ _0"/>he c<span class="_ _0"/>onstruc<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s (p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily <span class="_ _6"/>Bo<span class="_ _3"/>rku<span class="_ _3"/>m Ri<span class="_ _3"/>ffg<span class="_ _3"/>ru<span class="_ _3"/>nd 3<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>de W<span class="_ _3"/>in<span class="_ _3"/>d 3, Gr<span class="_ _3"/>eate<span class="_ _3"/>r Cha<span class="_ _3"/>ng<span class="_ _3"/>hu<span class="_ _3"/>a 2b an<span class="_ _3"/>d 4, H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 3, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revo<span class="_ _3"/>luti<span class="_ _3"/>on W<span class="_ _3"/>in<span class="_ _3"/>d, S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k, a<span class="_ _3"/>nd S<span class="_ _3"/>un<span class="_ _3"/>ri<span class="_ _3"/>se Wi<span class="_ _3"/>nd<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in O<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to <span class="_ _6"/>pu<span class="_ _3"/>rch<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of wi<span class="_ _3"/>nd tu<span class="_ _3"/>rb<span class="_ _3"/>ine<span class="_ _3"/>s an<span class="_ _3"/>d sol<span class="_ _3"/>ar PV m<span class="_ _3"/>od<span class="_ _3"/>ule<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.142578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 50.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Useful liv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 299.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Batt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ery st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>age<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 193.553px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 299.877px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Buildings<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 208.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20-50 years</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 299.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and fit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tings, t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3-10 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas transport<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems (marine pipelines)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.9748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-40 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 300.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 159.65px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 299.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 160.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (thermal), and dis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>trict heating<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 8.32031px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-25 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 299.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Solar f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 299.783px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Goodwill<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 219.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Indefinit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>Intan<span class="_ _0"/>gibl<span class="_ _0"/>e as<span class="_ _0"/>se<span class="_ _0"/>ts, an<span class="_ _0"/>d p<span class="_ _0"/>rop<span class="_ _0"/>ert<span class="_ _0"/>y<span class="_ _4"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:302.828125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(47)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>159<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,551)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,462)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 963.422px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>551<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>349<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>889<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,164<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,953</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 962.854px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(580)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1,477)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,716)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,803)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">539<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,264)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>98<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,566)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.273px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,177<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>189,104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,040<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>273,494</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.01px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.01px; width: 963.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 373.963px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(586)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(594)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(59)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(614)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,661)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(459)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,734)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 963.311px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,710<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,751</span><span style="position: absolute; display: inline-block; left: 0px; top: 200.539px; width: 963.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,048)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,346)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65,639)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,994)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(70,979)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.275px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 233.291px; width: 963.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>455</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.988px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,058)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18,190)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(19,282)</span></span><span style="position: absolute; display: inline-block; left: 963.297px; top: 247.863px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 261.307px; width: 963.105px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19</span><span style="position: absolute; display: inline-block; left: 0px; top: 274.82px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(703)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(20,890)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(22,746)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.086px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,426<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,777<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>121,643<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>48,307<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,769</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>W<span class="_ _0"/>e r<span class="_ _0"/>ecognised t<span class="_ _0"/>ot<span class="_ _0"/>al impairment l<span class="_ _0"/>osses o<span class="_ _0"/>f DKK 26,775 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or the year<span class="_ _15c"/>. Of that amount, DKK 19,282 million are r<span class="_ _0"/>ec<span class="_ _0"/>og<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised under ‘Pr<span class="_ _0"/>operty<span class="_ _4"/>, plant, and equipment<span class="_ _0"/>’ and DKK 7,493 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million under ‘Pr<span class="_ _0"/>ovisions’ as ‘<span class="_ _0"/>Oner<span class="_ _0"/>ous contr<span class="_ _0"/>acts’<span class="_ _0"/>.<span class="_ _0"/> See not<span class="_ _0"/>e 3.2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Impairments’ and not<span class="_ _0"/>e 3.10 ‘Pr<span class="_ _0"/>ovisions and c<span class="_ _0"/>ontingent liabili<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ties’ f<span class="_ _0"/>or mor<span class="_ _0"/>e inf<span class="_ _0"/>ormation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:330.8125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,311<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,852<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>218,330</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(10)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,019)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(555)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,654)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 962.859px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 429.053px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,314<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>720<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,240<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,394<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33,082</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 305.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,886<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,179<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,342</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(726)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,634)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,136)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(11,266)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,398<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,901</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 962.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">165<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34,993<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>45<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35,203)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.76px; width: 963.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets cl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified as hel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">140<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>270</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.289px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(999)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,245)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(51,906)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,254)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(55,405)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,323</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.025px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(36)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(607)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,814)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(297)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,718)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 215.025px; width: 963px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>340<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>398</span><span style="position: absolute; display: inline-block; left: 0px; top: 228.555px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(701)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(785)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 261.291px; width: 963.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.291px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 289.307px; width: 962.9px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.82px; width: 963.088px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.07px; width: 470.197px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 470.197px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,029</span><span style="position: absolute; display: inline-block; left: 495.58px; top: 321.07px; width: 67.7109px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 563.291px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,980</span><span style="position: absolute; display: inline-block; left: 588.674px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 645.574px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">119,211</span><span style="position: absolute; display: inline-block; left: 682.477px; top: 321.07px; width: 68.2559px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 750.732px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,543</span><span style="position: absolute; display: inline-block; left: 776.115px; top: 321.07px; width: 62.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 838.154px; top: 321.07px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,931</span><span style="position: absolute; display: inline-block; left: 869.297px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 926.197px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">177,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.265625px;"><span style="position: absolute; display: inline-block; left: 483.984px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 459.031px; top: 12.0078px; width: 81.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and </span><span style="position: absolute; display: inline-block; left: 562.203px; top: 12.0078px; width: 70.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 444.697px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.713px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and buil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>dings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 14.9531px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span></span><span style="position: absolute; display: inline-block; left: 490.453px; top: 24.0078px; width: 48.0176px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">equipment</span><span style="position: absolute; display: inline-block; left: 563.547px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 631.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(45)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(76)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7598px; width: 631.16px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>137<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>814<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>955</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 631.518px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(67)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 631.254px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(30)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(523)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(372)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(916)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.523px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,567<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,475</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,628<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,987</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 221.109px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(42)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>635<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,814</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.248px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(431)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(438)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(516)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(220)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(805)</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.539px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 160.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual obligations by s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>egment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 219.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 219.867px; top: 12.0078px; width: 411.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.3185px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1-5 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.588px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,714<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47,298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>86,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74,806</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,282<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,078</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 631.5px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>50,699<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>99,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>88,062</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Overvie<span class="_ _0"/>w of c<span class="_ _0"/>ontract<span class="_ _0"/>s enter<span class="_ _0"/>ed int<span class="_ _0"/>o wher<span class="_ _0"/>e delivery had not t<span class="_ _0"/>ak<span class="_ _0"/>en pl<span class="_ _0"/>ace at 31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The obligations are measur<span class="_ _0"/>ed at nominal v<span class="_ _0"/>alue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y lea<span class="_ _3"/>se of<span class="_ _3"/>fi<span class="_ _3"/>ce bu<span class="_ _3"/>i<span class="_ _3"/>ldi<span class="_ _3"/>ngs<span class="_ _3"/>, se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e and i<span class="_ _3"/>ns<span class="_ _3"/>tall<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, se<span class="_ _3"/>abe<span class="_ _3"/>ds re<span class="_ _3"/>late<span class="_ _3"/>d to off<span class="_ _3"/>sho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d plot<span class="_ _3"/>s of la<span class="_ _3"/>nd re<span class="_ _3"/>lated to o<span class="_ _3"/>nsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s, s<span class="_ _3"/>ola<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d bat<span class="_ _3"/>ter<span class="_ _3"/>y stora<span class="_ _3"/>ge fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>ase<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e lea<span class="_ _3"/>se pay<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ich </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depend on<span class="_ _0"/> the number<span class="_ _0"/> of<span class="_ _0"/> megawatt<span class="_ _0"/> hours generat<span class="_ _0"/>ed.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we hav<span class="_ _3"/>e typ<span class="_ _3"/>ica<span class="_ _3"/>lly agr<span class="_ _3"/>eed o<span class="_ _3"/>n mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay<span class="_ _3"/>me<span class="_ _3"/>nts fo<span class="_ _3"/>r the s<span class="_ _3"/>ea<span class="_ _3"/>bed<span class="_ _3"/>s, a<span class="_ _3"/>nd t<span class="_ _3"/>hes<span class="_ _3"/>e mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pay<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts a<span class="_ _3"/>re i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es for th<span class="_ _3"/>e ye<span class="_ _3"/>ar re<span class="_ _3"/>lati<span class="_ _3"/>ng to va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le lea<span class="_ _3"/>se pa<span class="_ _3"/>y<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s were D<span class="_ _3"/>KK 717 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n in 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 60<span class="_ _3"/>9 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). I<span class="_ _3"/>ntere<span class="_ _3"/>sts o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lea<span class="_ _3"/>se d<span class="_ _3"/>ebt e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) we<span class="_ _3"/>re DK<span class="_ _3"/>K 30<span class="_ _3"/>8 mi<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on i<span class="_ _3"/>n 2023 (<span class="_ _3"/>2022: D<span class="_ _3"/>KK 25<span class="_ _3"/>6 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ota<span class="_ _3"/>l cas<span class="_ _3"/>h out<span class="_ _3"/>flow fo<span class="_ _3"/>r lea<span class="_ _3"/>ses we<span class="_ _3"/>re D<span class="_ _3"/>KK 1,73<span class="_ _3"/>7 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>023 (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 1,<span class="_ _3"/>4<span class="_ _3"/>47 mil<span class="_ _3"/>lio<span class="_ _3"/>n). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve not e<span class="_ _3"/>ntere<span class="_ _3"/>d into le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s whi<span class="_ _3"/>ch h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not b<span class="_ _3"/>ee<span class="_ _3"/>n com<span class="_ _3"/>me<span class="_ _3"/>nce<span class="_ _3"/>d pe<span class="_ _3"/>r 31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd c<span class="_ _3"/>on<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>qu<span class="_ _3"/>ently not i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a m<span class="_ _3"/>atu<span class="_ _3"/>ri<span class="_ _3"/>ty an<span class="_ _3"/>alysi<span class="_ _3"/>s of lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, we refe<span class="_ _3"/>r to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note 5<span class="_ _3"/>.5 ‘<span class="_ _3"/>Ma<span class="_ _3"/>tur<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ysi<span class="_ _3"/>s of fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>actual obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our con<span class="_ _0"/>tr<span class="_ _0"/>actual obligat<span class="_ _0"/>ions f<span class="_ _0"/>or<span class="_ _0"/> property<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023 m<span class="_ _3"/>ai<span class="_ _3"/>nly re<span class="_ _3"/>lated to wi<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">turbines,<span class="_ _0"/> fo<span class="_ _0"/>undations, and<span class="_ _0"/> cable<span class="_ _0"/>s, et<span class="_ _0"/>c., f<span class="_ _0"/>or t<span class="_ _0"/>he c<span class="_ _0"/>onstruc<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s (p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily <span class="_ _6"/>Bo<span class="_ _3"/>rku<span class="_ _3"/>m Ri<span class="_ _3"/>ffg<span class="_ _3"/>ru<span class="_ _3"/>nd 3<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>de W<span class="_ _3"/>in<span class="_ _3"/>d 3, Gr<span class="_ _3"/>eate<span class="_ _3"/>r Cha<span class="_ _3"/>ng<span class="_ _3"/>hu<span class="_ _3"/>a 2b an<span class="_ _3"/>d 4, H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 3, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revo<span class="_ _3"/>luti<span class="_ _3"/>on W<span class="_ _3"/>in<span class="_ _3"/>d, S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k, a<span class="_ _3"/>nd S<span class="_ _3"/>un<span class="_ _3"/>ri<span class="_ _3"/>se Wi<span class="_ _3"/>nd<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in O<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to <span class="_ _6"/>pu<span class="_ _3"/>rch<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of wi<span class="_ _3"/>nd tu<span class="_ _3"/>rb<span class="_ _3"/>ine<span class="_ _3"/>s an<span class="_ _3"/>d sol<span class="_ _3"/>ar PV m<span class="_ _3"/>od<span class="_ _3"/>ule<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.142578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 50.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Useful liv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 299.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Batt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ery st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>age<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 193.553px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 299.877px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Buildings<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 208.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20-50 years</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 299.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and fit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tings, t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3-10 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas transport<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems (marine pipelines)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.9748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-40 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 300.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 159.65px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 299.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 160.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (thermal), and dis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>trict heating<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 8.32031px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-25 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 299.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Solar f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 299.783px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Goodwill<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 219.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Indefinit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>Intan<span class="_ _0"/>gibl<span class="_ _0"/>e as<span class="_ _0"/>se<span class="_ _0"/>ts, an<span class="_ _0"/>d p<span class="_ _0"/>rop<span class="_ _0"/>ert<span class="_ _0"/>y<span class="_ _4"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:302.828125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(47)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>159<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,551)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,462)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 963.422px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>551<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>349<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>889<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36,164<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,953</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 962.854px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(580)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1,477)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,716)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,803)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">539<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,264)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>98<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,566)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.273px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,177<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>189,104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,040<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>273,494</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.01px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.01px; width: 963.451px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 373.963px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(586)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">.<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(594)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(59)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(614)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,661)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(459)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,734)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 963.311px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,710<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>2,751</span><span style="position: absolute; display: inline-block; left: 0px; top: 200.539px; width: 963.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,048)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,346)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65,639)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,994)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(70,979)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.275px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 233.291px; width: 963.047px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>455</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.988px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,058)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18,190)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(19,282)</span></span><span style="position: absolute; display: inline-block; left: 963.297px; top: 247.863px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 261.307px; width: 963.105px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19</span><span style="position: absolute; display: inline-block; left: 0px; top: 274.82px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(703)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(20,890)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(22,746)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.086px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,426<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,777<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>121,643<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>48,307<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,769</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>W<span class="_ _0"/>e r<span class="_ _0"/>ecognised t<span class="_ _0"/>ot<span class="_ _0"/>al impairment l<span class="_ _0"/>osses o<span class="_ _0"/>f DKK 26,775 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>or the year<span class="_ _15c"/>. Of that amount, DKK 19,282 million are r<span class="_ _0"/>ec<span class="_ _0"/>og<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised under ‘Pr<span class="_ _0"/>operty<span class="_ _4"/>, plant, and equipment<span class="_ _0"/>’ and DKK 7,493 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">million under ‘Pr<span class="_ _0"/>ovisions’ as ‘<span class="_ _0"/>Oner<span class="_ _0"/>ous contr<span class="_ _0"/>acts’<span class="_ _0"/>.<span class="_ _0"/> See not<span class="_ _0"/>e 3.2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Impairments’ and not<span class="_ _0"/>e 3.10 ‘Pr<span class="_ _0"/>ovisions and c<span class="_ _0"/>ontingent liabili<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ties’ f<span class="_ _0"/>or mor<span class="_ _0"/>e inf<span class="_ _0"/>ormation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:330.8125px;"><span style="position: absolute; display: inline-block; left: 721.219px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 800.672px; top: 0.0078125px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 235.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant, and equipment</span><span style="position: absolute; display: inline-block; left: 450.281px; top: 12.0234px; width: 46.5527px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 548.016px; top: 12.0234px; width: 42.8203px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 12.0234px; width: 50.707px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Production <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 715.859px; top: 12.0078px; width: 61.8926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 802.516px; top: 12.0078px; width: 69.2461px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment </span><span style="position: absolute; display: inline-block; left: 895.047px; top: 12.0078px; width: 70.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 466.906px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 549.281px; top: 24.0234px; width: 40.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">buildings</span><span style="position: absolute; display: inline-block; left: 654.078px; top: 24.0234px; width: 27.5215px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">asset<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 709.219px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 785.719px; top: 23.9922px; width: 84.0352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">under construction</span><span style="position: absolute; display: inline-block; left: 896.062px; top: 23.9922px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cost at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,311<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148,309<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,858<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57,852<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>218,330</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 962.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(10)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,019)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(555)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,654)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 962.859px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 429.053px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,314<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>720<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,240<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,394<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33,082</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7441px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 305.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,886<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,179<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,103<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,342</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(726)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9,634)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,136)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(11,266)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 963.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,398<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,901</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 126.76px; width: 962.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">165<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34,993<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>45<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35,203)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 140.76px; width: 963.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Recl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets cl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified as hel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">140<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>270</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.289px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cost at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,747<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>179,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>52,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>245,005</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.025px; width: 962.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.147px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(999)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,245)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(51,906)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,254)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(55,405)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 187.025px; width: 962.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,323</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.025px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(36)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(607)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,814)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(297)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9,718)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 215.025px; width: 963px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 442.601px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>340<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>398</span><span style="position: absolute; display: inline-block; left: 0px; top: 228.555px; width: 962.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Depreciation and amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(973)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,767)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(59,102)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(63,402)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.291px; width: 962.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(701)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(785)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 261.291px; width: 963.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>57</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 275.291px; width: 963.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersals<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,529)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 289.307px; width: 962.9px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>63<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63</span><span style="position: absolute; display: inline-block; left: 0px; top: 302.82px; width: 963.088px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 294.023px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(705)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(781)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(3,157)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,938)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.07px; width: 470.197px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 470.197px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,029</span><span style="position: absolute; display: inline-block; left: 495.58px; top: 321.07px; width: 67.7109px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 563.291px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,980</span><span style="position: absolute; display: inline-block; left: 588.674px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 645.574px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">119,211</span><span style="position: absolute; display: inline-block; left: 682.477px; top: 321.07px; width: 68.2559px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 750.732px; top: 321.07px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,543</span><span style="position: absolute; display: inline-block; left: 776.115px; top: 321.07px; width: 62.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 838.154px; top: 321.07px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,931</span><span style="position: absolute; display: inline-block; left: 869.297px; top: 321.07px; width: 56.9004px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 926.197px; top: 321.07px; width: 36.9023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">177,665</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.142578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 50.7129px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Useful liv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 299.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Batt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ery st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>age<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 193.553px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 299.877px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Buildings<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 208.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20-50 years</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 299.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and fit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tings, t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3-10 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas transport<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems (marine pipelines)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.9748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-40 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 300.123px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 159.65px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 299.736px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore wind f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 160.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24-30 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 300.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (thermal), and dis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>trict heating<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 8.32031px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20-25 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 299.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Solar f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35 years</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 299.783px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Goodwill<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 219.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Indefinit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:140.265625px;"><span style="position: absolute; display: inline-block; left: 483.984px; top: 0.0078125px; width: 56.1562px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fixtur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es and </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 459.031px; top: 12.0078px; width: 81.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fittings,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ools,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and </span><span style="position: absolute; display: inline-block; left: 562.203px; top: 12.0078px; width: 70.8105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3984px; width: 444.697px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.713px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Land and buil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>dings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 14.9531px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Production ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span></span><span style="position: absolute; display: inline-block; left: 490.453px; top: 24.0078px; width: 48.0176px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">equipment</span><span style="position: absolute; display: inline-block; left: 563.547px; top: 24.0078px; width: 67.0957px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and equipment</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 631.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.486px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(45)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(32)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(76)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7598px; width: 631.16px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>137<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>814<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>955</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 631.518px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(67)</span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 631.254px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Impairment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(30)</span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(523)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(372)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(916)</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.523px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,567<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,475</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 55.4004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Lease ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount at 1 January 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.84px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,628<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,987</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 221.109px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(42)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>635<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,814</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.316px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">53</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.248px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(431)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(438)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.576px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Depreciation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(516)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(220)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(805)</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.539px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Carrying amount at 31 December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.685px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>43<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,157<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,609</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 160.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual obligations by s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>egment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 219.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 219.867px; top: 12.0078px; width: 411.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.3185px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1-5 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.588px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,714<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47,298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>86,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74,806</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,282<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,078</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 631.5px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>50,699<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>99,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>88,062</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Overvie<span class="_ _0"/>w of c<span class="_ _0"/>ontract<span class="_ _0"/>s enter<span class="_ _0"/>ed int<span class="_ _0"/>o wher<span class="_ _0"/>e delivery had not t<span class="_ _0"/>ak<span class="_ _0"/>en pl<span class="_ _0"/>ace at 31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The obligations are measur<span class="_ _0"/>ed at nominal v<span class="_ _0"/>alue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y lea<span class="_ _3"/>se of<span class="_ _3"/>fi<span class="_ _3"/>ce bu<span class="_ _3"/>i<span class="_ _3"/>ldi<span class="_ _3"/>ngs<span class="_ _3"/>, se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>e and i<span class="_ _3"/>ns<span class="_ _3"/>tall<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, se<span class="_ _3"/>abe<span class="_ _3"/>ds re<span class="_ _3"/>late<span class="_ _3"/>d to off<span class="_ _3"/>sho<span class="_ _3"/>re wi<span class="_ _3"/>nd fa<span class="_ _3"/>rms<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d plot<span class="_ _3"/>s of la<span class="_ _3"/>nd re<span class="_ _3"/>lated to o<span class="_ _3"/>nsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s, s<span class="_ _3"/>ola<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d bat<span class="_ _3"/>ter<span class="_ _3"/>y stora<span class="_ _3"/>ge fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>ase<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de va<span class="_ _3"/>ria<span class="_ _3"/>bl<span class="_ _3"/>e lea<span class="_ _3"/>se pay<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, wh<span class="_ _3"/>ich </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depend on<span class="_ _0"/> the number<span class="_ _0"/> of<span class="_ _0"/> megawatt<span class="_ _0"/> hours generat<span class="_ _0"/>ed.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Howe<span class="_ _3"/>ver, we hav<span class="_ _3"/>e typ<span class="_ _3"/>ica<span class="_ _3"/>lly agr<span class="_ _3"/>eed o<span class="_ _3"/>n mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay<span class="_ _3"/>me<span class="_ _3"/>nts fo<span class="_ _3"/>r the s<span class="_ _3"/>ea<span class="_ _3"/>bed<span class="_ _3"/>s, a<span class="_ _3"/>nd t<span class="_ _3"/>hes<span class="_ _3"/>e mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pay<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts a<span class="_ _3"/>re i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es for th<span class="_ _3"/>e ye<span class="_ _3"/>ar re<span class="_ _3"/>lati<span class="_ _3"/>ng to va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le lea<span class="_ _3"/>se pa<span class="_ _3"/>y<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s were D<span class="_ _3"/>KK 717 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n in 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 60<span class="_ _3"/>9 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n). I<span class="_ _3"/>ntere<span class="_ _3"/>sts o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lea<span class="_ _3"/>se d<span class="_ _3"/>ebt e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) we<span class="_ _3"/>re DK<span class="_ _3"/>K 30<span class="_ _3"/>8 mi<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on i<span class="_ _3"/>n 2023 (<span class="_ _3"/>2022: D<span class="_ _3"/>KK 25<span class="_ _3"/>6 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ota<span class="_ _3"/>l cas<span class="_ _3"/>h out<span class="_ _3"/>flow fo<span class="_ _3"/>r lea<span class="_ _3"/>ses we<span class="_ _3"/>re D<span class="_ _3"/>KK 1,73<span class="_ _3"/>7 mi<span class="_ _3"/>lli<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>023 (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 1,<span class="_ _3"/>4<span class="_ _3"/>47 mil<span class="_ _3"/>lio<span class="_ _3"/>n). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve not e<span class="_ _3"/>ntere<span class="_ _3"/>d into le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s whi<span class="_ _3"/>ch h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not b<span class="_ _3"/>ee<span class="_ _3"/>n com<span class="_ _3"/>me<span class="_ _3"/>nce<span class="_ _3"/>d pe<span class="_ _3"/>r 31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023 a<span class="_ _3"/>nd c<span class="_ _3"/>on<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>qu<span class="_ _3"/>ently not i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a m<span class="_ _3"/>atu<span class="_ _3"/>ri<span class="_ _3"/>ty an<span class="_ _3"/>alysi<span class="_ _3"/>s of lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, we refe<span class="_ _3"/>r to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note 5<span class="_ _3"/>.5 ‘<span class="_ _3"/>Ma<span class="_ _3"/>tur<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ysi<span class="_ _3"/>s of fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 160.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual obligations by s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>egment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 219.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 219.867px; top: 12.0078px; width: 411.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.3185px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1-5 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.588px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,714<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47,298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>86,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74,806</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,282<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,078</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 631.5px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>50,699<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>99,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>88,062</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Overvie<span class="_ _0"/>w of c<span class="_ _0"/>ontract<span class="_ _0"/>s enter<span class="_ _0"/>ed int<span class="_ _0"/>o wher<span class="_ _0"/>e delivery had not t<span class="_ _0"/>ak<span class="_ _0"/>en pl<span class="_ _0"/>ace at 31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The obligations are measur<span class="_ _0"/>ed at nominal v<span class="_ _0"/>alue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>actual obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our con<span class="_ _0"/>tr<span class="_ _0"/>actual obligat<span class="_ _0"/>ions f<span class="_ _0"/>or<span class="_ _0"/> property<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023 m<span class="_ _3"/>ai<span class="_ _3"/>nly re<span class="_ _3"/>lated to wi<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">turbines,<span class="_ _0"/> fo<span class="_ _0"/>undations, and<span class="_ _0"/> cable<span class="_ _0"/>s, et<span class="_ _0"/>c., f<span class="_ _0"/>or t<span class="_ _0"/>he c<span class="_ _0"/>onstruc<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s (p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily <span class="_ _6"/>Bo<span class="_ _3"/>rku<span class="_ _3"/>m Ri<span class="_ _3"/>ffg<span class="_ _3"/>ru<span class="_ _3"/>nd 3<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>de W<span class="_ _3"/>in<span class="_ _3"/>d 3, Gr<span class="_ _3"/>eate<span class="_ _3"/>r Cha<span class="_ _3"/>ng<span class="_ _3"/>hu<span class="_ _3"/>a 2b an<span class="_ _3"/>d 4, H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 3, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revo<span class="_ _3"/>luti<span class="_ _3"/>on W<span class="_ _3"/>in<span class="_ _3"/>d, S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k, a<span class="_ _3"/>nd S<span class="_ _3"/>un<span class="_ _3"/>ri<span class="_ _3"/>se Wi<span class="_ _3"/>nd<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in O<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to <span class="_ _6"/>pu<span class="_ _3"/>rch<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of wi<span class="_ _3"/>nd tu<span class="_ _3"/>rb<span class="_ _3"/>ine<span class="_ _3"/>s an<span class="_ _3"/>d sol<span class="_ _3"/>ar PV m<span class="_ _3"/>od<span class="_ _3"/>ule<span class="_ _3"/>s.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 160.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual obligations by s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>egment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 219.867px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 219.867px; top: 12.0078px; width: 411.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.3185px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1-5 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.588px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,714<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47,298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>86,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74,806</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,282<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,078</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 631.5px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48,524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>50,699<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>99,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>88,062</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Overvie<span class="_ _0"/>w of c<span class="_ _0"/>ontract<span class="_ _0"/>s enter<span class="_ _0"/>ed int<span class="_ _0"/>o wher<span class="_ _0"/>e delivery had not t<span class="_ _0"/>ak<span class="_ _0"/>en pl<span class="_ _0"/>ace at 31 December 2023.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The obligations are measur<span class="_ _0"/>ed at nominal v<span class="_ _0"/>alue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contr<span class="_ _0"/>actual obligations</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our con<span class="_ _0"/>tr<span class="_ _0"/>actual obligat<span class="_ _0"/>ions f<span class="_ _0"/>or<span class="_ _0"/> property<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023 m<span class="_ _3"/>ai<span class="_ _3"/>nly re<span class="_ _3"/>lated to wi<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">turbines,<span class="_ _0"/> fo<span class="_ _0"/>undations, and<span class="_ _0"/> cable<span class="_ _0"/>s, et<span class="_ _0"/>c., f<span class="_ _0"/>or t<span class="_ _0"/>he c<span class="_ _0"/>onstruc<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s (p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily <span class="_ _6"/>Bo<span class="_ _3"/>rku<span class="_ _3"/>m Ri<span class="_ _3"/>ffg<span class="_ _3"/>ru<span class="_ _3"/>nd 3<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>de W<span class="_ _3"/>in<span class="_ _3"/>d 3, Gr<span class="_ _3"/>eate<span class="_ _3"/>r Cha<span class="_ _3"/>ng<span class="_ _3"/>hu<span class="_ _3"/>a 2b an<span class="_ _3"/>d 4, H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 3, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Revo<span class="_ _3"/>luti<span class="_ _3"/>on W<span class="_ _3"/>in<span class="_ _3"/>d, S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k, a<span class="_ _3"/>nd S<span class="_ _3"/>un<span class="_ _3"/>ri<span class="_ _3"/>se Wi<span class="_ _3"/>nd<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in O<span class="_ _3"/>ns<span class="_ _3"/>ho<span class="_ _3"/>re ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lated to <span class="_ _6"/>pu<span class="_ _3"/>rch<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of wi<span class="_ _3"/>nd tu<span class="_ _3"/>rb<span class="_ _3"/>ine<span class="_ _3"/>s an<span class="_ _3"/>d sol<span class="_ _3"/>ar PV m<span class="_ _3"/>od<span class="_ _3"/>ule<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liability<span class="_ _0"/> to<span class="_ _0"/> pay<span class="_ _0"/> compensat<span class="_ _0"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In ca<span class="_ _3"/>se of a<span class="_ _3"/>ny envi<span class="_ _3"/>ron<span class="_ _3"/>me<span class="_ _3"/>ntal a<span class="_ _3"/>cci<span class="_ _3"/>de<span class="_ _3"/>nts o<span class="_ _3"/>r oth<span class="_ _3"/>er ty<span class="_ _3"/>pes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of da<span class="_ _3"/>ma<span class="_ _3"/>ge ca<span class="_ _3"/>us<span class="_ _3"/>ed by ou<span class="_ _3"/>r ga<span class="_ _3"/>s an<span class="_ _3"/>d oi<span class="_ _3"/>l tran<span class="_ _3"/>sp<span class="_ _3"/>or<span class="_ _3"/>t, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es Ø<span class="_ _3"/>rs<span class="_ _3"/>ted Sa<span class="_ _3"/>lg &amp; Se<span class="_ _3"/>r<span class="_ _3"/>vice A<span class="_ _2"/>/S a<span class="_ _3"/>nd Da<span class="_ _3"/>ni<span class="_ _3"/>sh O<span class="_ _3"/>il </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>pe A<span class="_ _3"/>/S a<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>le to pay c<span class="_ _3"/>om<span class="_ _3"/>pe<span class="_ _3"/>nsa<span class="_ _3"/>tio<span class="_ _3"/>n acco<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to leg<span class="_ _3"/>is<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>. Th<span class="_ _3"/>is a<span class="_ _3"/>ls<span class="_ _3"/>o ap<span class="_ _3"/>pl<span class="_ _3"/>ies i<span class="_ _3"/>f the<span class="_ _3"/>re is n<span class="_ _3"/>o pro<span class="_ _3"/>of of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>n<span class="_ _3"/>eg<span class="_ _3"/>lig<span class="_ _3"/>en<span class="_ _3"/>ce (st<span class="_ _3"/>ri<span class="_ _3"/>ct l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>ity)<span class="_ _3"/>. We hav<span class="_ _3"/>e taken o<span class="_ _3"/>ut i<span class="_ _3"/>nsu<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>ce to cove<span class="_ _3"/>r any su<span class="_ _3"/>ch cla<span class="_ _3"/>im<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Secondary liability</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of o<span class="_ _3"/>ur oi<span class="_ _3"/>l an<span class="_ _3"/>d ga<span class="_ _3"/>s bu<span class="_ _3"/>si<span class="_ _3"/>nes<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>01<span class="_ _0"/>7<span class="_ _4"/>, we as<span class="_ _3"/>su<span class="_ _3"/>med a s<span class="_ _3"/>eco<span class="_ _3"/>nd<span class="_ _3"/>ar<span class="_ _3"/>y li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the dec<span class="_ _0"/>ommissioning o<span class="_ _0"/>f o<span class="_ _0"/>ffshore<span class="_ _0"/> inst<span class="_ _0"/>allation<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Litigatio<span class="_ _3"/>n</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are p<span class="_ _3"/>ar<span class="_ _3"/>ty to a nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f cou<span class="_ _3"/>rt c<span class="_ _3"/>ase<span class="_ _3"/>s and l<span class="_ _3"/>ega<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>sp<span class="_ _3"/>utes<span class="_ _3"/>. In o<span class="_ _3"/>ur a<span class="_ _3"/>sse<span class="_ _3"/>ssm<span class="_ _3"/>ent<span class="_ _3"/>, no<span class="_ _3"/>ne of th<span class="_ _3"/>es<span class="_ _3"/>e wil<span class="_ _3"/>l sig<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nificantl<span class="_ _4"/>y impact Ørsted's<span class="_ _0"/> financial position,<span class="_ _0"/> neither </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>individuall<span class="_ _0"/>y nor<span class="_ _0"/> coll<span class="_ _0"/>ectivel<span class="_ _0"/>y<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve be<span class="_ _3"/>en pa<span class="_ _3"/>r<span class="_ _3"/>ty to ac<span class="_ _3"/>tio<span class="_ _3"/>ns re<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g to the D<span class="_ _3"/>an<span class="_ _3"/>ish </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion aut<span class="_ _0"/>horities<span class="_ _0"/>' c<span class="_ _0"/>laim t<span class="_ _0"/>hat t<span class="_ _0"/>he f<span class="_ _0"/>ormer Elsam<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>/S a<span class="_ _3"/>nd El<span class="_ _3"/>sa<span class="_ _3"/>m Kra<span class="_ _3"/>ft A<span class="_ _3"/>/<span class="_ _3"/>S (‘<span class="_ _3"/>El<span class="_ _3"/>sam<span class="_ _3"/>’)<span class="_ _3"/>, now pa<span class="_ _3"/>r<span class="_ _3"/>t of Ør<span class="_ _3"/>ste<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>arg<span class="_ _3"/>ed e<span class="_ _3"/>xces<span class="_ _3"/>siv<span class="_ _3"/>e pri<span class="_ _3"/>ces i<span class="_ _3"/>n the D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h who<span class="_ _3"/>les<span class="_ _3"/>ale p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>rio<span class="_ _3"/>d 1 Ju<span class="_ _3"/>ly 20<span class="_ _3"/>03 to 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 20<span class="_ _3"/>0<span class="_ _3"/>6.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">There<span class="_ _0"/> are no<span class="_ _0"/> longer<span class="_ _0"/> any<span class="_ _0"/> outst<span class="_ _0"/>anding c<span class="_ _0"/>ases<span class="_ _0"/> with<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion aut<span class="_ _0"/>horities<span class="_ _0"/> claiming<span class="_ _0"/> Elsam inf<span class="_ _0"/>ringed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion l<span class="_ _0"/>aw<span class="_ _0"/>,<span class="_ _0"/> but<span class="_ _0"/> in connection<span class="_ _0"/> with<span class="_ _0"/> the<span class="_ _0"/> <span class="_ _49"/>former<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>es<span class="_ _3"/>, som<span class="_ _3"/>e en<span class="_ _3"/>erg<span class="_ _3"/>y trad<span class="_ _3"/>in<span class="_ _3"/>g com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es<span class="_ _3"/>, som<span class="_ _3"/>e of th<span class="_ _3"/>ei<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cus<span class="_ _3"/>tom<span class="_ _3"/>er<span class="_ _3"/>s, a<span class="_ _3"/>nd oth<span class="_ _3"/>er<span class="_ _3"/>s ha<span class="_ _3"/>ve fi<span class="_ _3"/>led c<span class="_ _3"/>lai<span class="_ _3"/>ms for d<span class="_ _3"/>am<span class="_ _3"/>ag<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich a<span class="_ _3"/>re st<span class="_ _3"/>il<span class="_ _3"/>l pe<span class="_ _3"/>ndi<span class="_ _3"/>ng<span class="_ _3"/>. Th<span class="_ _3"/>e bi<span class="_ _3"/>gg<span class="_ _3"/>est c<span class="_ _3"/>lai<span class="_ _3"/>m was f<span class="_ _3"/>i<span class="_ _3"/>led </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>0<span class="_ _3"/>07 befo<span class="_ _3"/>re the C<span class="_ _3"/>ope<span class="_ _3"/>nh<span class="_ _3"/>ag<span class="_ _3"/>en M<span class="_ _3"/>ar<span class="_ _3"/>iti<span class="_ _3"/>me &amp; C<span class="_ _3"/>om<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>rci<span class="_ _3"/>al Co<span class="_ _3"/>ur<span class="_ _3"/>t<span class="_ _3"/>, am<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g to ap<span class="_ _3"/>prox<span class="_ _3"/>. D<span class="_ _3"/>KK 4<span class="_ _3"/>.4 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n of li<span class="_ _3"/>tig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _3"/>. Th<span class="_ _3"/>e case i<span class="_ _3"/>s at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e mom<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r pre<span class="_ _3"/>pa<span class="_ _3"/>rati<span class="_ _3"/>on for t<span class="_ _3"/>he M<span class="_ _3"/>ar<span class="_ _3"/>iti<span class="_ _3"/>me &amp; </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Com<span class="_ _3"/>merci<span class="_ _3"/>al Cou<span class="_ _3"/>rt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d is inv<span class="_ _3"/>olved i<span class="_ _3"/>n on<span class="_ _3"/>goi<span class="_ _3"/>ng t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>r pri<span class="_ _3"/>ci<span class="_ _3"/>ng d<span class="_ _3"/>is<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pu<span class="_ _3"/>tes. F<span class="_ _3"/>or fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r i<span class="_ _3"/>nform<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, we refe<span class="_ _3"/>r to sec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.<span class="_ _3"/>1 ‘<span class="_ _0"/>App<span class="_ _3"/>roa<span class="_ _3"/>ch to tax<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Change o<span class="_ _0"/>f c<span class="_ _0"/>ontr<span class="_ _0"/>ol</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">So<span class="_ _3"/>me of o<span class="_ _3"/>ur a<span class="_ _3"/>cti<span class="_ _3"/>vit<span class="_ _3"/>ie<span class="_ _3"/>s are su<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>t to cons<span class="_ _3"/>ent<span class="_ _3"/>s, p<span class="_ _3"/>er<span class="_ _3"/>mi<span class="_ _3"/>ts, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>cen<span class="_ _3"/>ces g<span class="_ _3"/>ran<span class="_ _3"/>ted by pu<span class="_ _3"/>bl<span class="_ _3"/>ic au<span class="_ _3"/>th<span class="_ _3"/>ori<span class="_ _3"/>tie<span class="_ _3"/>s. We m<span class="_ _3"/>ay </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be fa<span class="_ _3"/>ced w<span class="_ _3"/>ith a cl<span class="_ _3"/>ai<span class="_ _3"/>m for acc<span class="_ _3"/>epta<span class="_ _3"/>nce of a<span class="_ _3"/>ny tran<span class="_ _3"/>sfe<span class="_ _3"/>r<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>bly wit<span class="_ _3"/>h ad<span class="_ _3"/>dit<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l term<span class="_ _3"/>s an<span class="_ _3"/>d con<span class="_ _3"/>dit<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>, if th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Da<span class="_ _3"/>ni<span class="_ _3"/>sh sta<span class="_ _3"/>te hold<span class="_ _3"/>s les<span class="_ _3"/>s tha<span class="_ _3"/>n 50 <span class="_ _4"/>% of th<span class="_ _3"/>e sh<span class="_ _3"/>are ca<span class="_ _3"/>pi<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tal o<span class="_ _3"/>r voti<span class="_ _3"/>ng ri<span class="_ _3"/>ght<span class="_ _3"/>s in Ø<span class="_ _3"/>rs<span class="_ _3"/>ted A<span class="_ _3"/>/S<span class="_ _3"/>. Re<span class="_ _3"/>ad m<span class="_ _3"/>ore i<span class="_ _3"/>n note </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5.<span class="_ _3"/>1 ‘I<span class="_ _3"/>ntere<span class="_ _3"/>st-be<span class="_ _3"/>ar<span class="_ _3"/>in<span class="_ _3"/>g net d<span class="_ _3"/>ebt a<span class="_ _3"/>nd F<span class="_ _3"/>FO’.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intan<span class="_ _0"/>gible<span class="_ _0"/> asse<span class="_ _0"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ri<span class="_ _3"/>ght<span class="_ _3"/>s ar<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n an<span class="_ _3"/>d im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses<span class="_ _3"/>. R<span class="_ _3"/>igh<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e ba<span class="_ _3"/>si<span class="_ _3"/>s over </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ei<span class="_ _3"/>r est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5<span class="_ _3"/>-2<span class="_ _2"/>0<span class="_ _3"/> y<span class="_ _3"/>e<span class="_ _3"/>a<span class="_ _3"/>r<span class="_ _2"/>s<span class="_ _2"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>od<span class="_ _3"/>wil<span class="_ _3"/>l re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts t<span class="_ _3"/>he ex<span class="_ _3"/>ces<span class="_ _3"/>s of th<span class="_ _3"/>e cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n over t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e of th<span class="_ _3"/>e id<span class="_ _3"/>ent<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ab<span class="_ _3"/>le ne<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s of th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d com<span class="_ _3"/>pa<span class="_ _3"/>ny. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ca<span class="_ _3"/>rr<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s al<span class="_ _3"/>loca<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ca<span class="_ _3"/>sh<span class="_ _3"/>-g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts<span class="_ _3"/>, whi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e the o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>gme<span class="_ _3"/>nt<span class="_ _3"/>s at th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">da<span class="_ _3"/>te. G<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll i<span class="_ _3"/>s not ta<span class="_ _3"/>x de<span class="_ _3"/>du<span class="_ _3"/>cta<span class="_ _3"/>ble<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>nu<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s ar<span class="_ _3"/>e car<span class="_ _3"/>ri<span class="_ _3"/>ed ou<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll an<span class="_ _3"/>d oth<span class="_ _3"/>er i<span class="_ _3"/>nta<span class="_ _3"/>ng<span class="_ _3"/>ib<span class="_ _3"/>le as<span class="_ _3"/>set<span class="_ _3"/>s wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ni<span class="_ _3"/>te use<span class="_ _3"/>fu<span class="_ _3"/>l liv<span class="_ _3"/>es<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prop<span class="_ _0"/>erty<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equipmen<span class="_ _0"/>t</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt w<span class="_ _3"/>hic<span class="_ _3"/>h is n<span class="_ _3"/>ot </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase i<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st le<span class="_ _3"/>ss ac<span class="_ _3"/>cum<span class="_ _3"/>ul<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>ion a<span class="_ _3"/>nd i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t los<span class="_ _3"/>ses<span class="_ _3"/>. Cos<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ope<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent i<span class="_ _3"/>s de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d by usi<span class="_ _3"/>ng t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od<span class="_ _3"/>, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">diminishing-balance me<span class="_ _0"/>thod, or<span class="_ _0"/> the r<span class="_ _0"/>educing- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fraction<span class="_ _0"/> method.<span class="_ _0"/> The diminishing-balance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d an<span class="_ _3"/>d th<span class="_ _3"/>e red<span class="_ _3"/>uc<span class="_ _3"/>in<span class="_ _3"/>g-f<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult i<span class="_ _3"/>n de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on ov<span class="_ _3"/>er th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>efu<span class="_ _3"/>l li<span class="_ _3"/>fe. T<span class="_ _3"/>he<span class="_ _3"/>se me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>re us<span class="_ _3"/>ed fo<span class="_ _3"/>r som<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e wi<span class="_ _3"/>nd far<span class="_ _3"/>ms<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l val<span class="_ _3"/>ue<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>ive<span class="_ _3"/>s, a<span class="_ _3"/>nd m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of pro<span class="_ _3"/>pe<span class="_ _3"/>r<span class="_ _3"/>ty, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t are r<span class="_ _3"/>evi<span class="_ _3"/>ewed a<span class="_ _3"/>t th<span class="_ _3"/>e en<span class="_ _3"/>d of ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l yea<span class="_ _3"/>r an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d pro<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>tiv<span class="_ _3"/>ely, if </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">appropriat<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cos<span class="_ _3"/>ts c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>se p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se pr<span class="_ _3"/>ice a<span class="_ _3"/>nd a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly att<span class="_ _3"/>rib<span class="_ _3"/>uta<span class="_ _3"/>ble to t<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>it<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>til t<span class="_ _3"/>he d<span class="_ _3"/>ate th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>s ava<span class="_ _3"/>il<span class="_ _3"/>ab<span class="_ _3"/>le for u<span class="_ _3"/>se. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts of s<span class="_ _3"/>elf-<span class="_ _3"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cte<span class="_ _3"/>d ass<span class="_ _3"/>ets c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ct a<span class="_ _3"/>nd i<span class="_ _3"/>nd<span class="_ _3"/>ire<span class="_ _3"/>ct c<span class="_ _3"/>ost<span class="_ _3"/>s of ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>ls<span class="_ _3"/>, co<span class="_ _3"/>mp<span class="_ _3"/>o-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nents,<span class="_ _0"/> sub-suppliers,<span class="_ _0"/> and<span class="_ _0"/> labour<span class="_ _4"/>. Borro<span class="_ _0"/>wing<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>ts re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to bot<span class="_ _3"/>h sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>c an<span class="_ _3"/>d ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g di<span class="_ _3"/>re<span class="_ _3"/>ctly at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tab<span class="_ _3"/>le to as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on w<span class="_ _3"/>ith a l<span class="_ _3"/>en<span class="_ _3"/>gthy co<span class="_ _3"/>ns<span class="_ _3"/>tr<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>eri<span class="_ _3"/>od a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>st<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d. C<span class="_ _3"/>ost<span class="_ _3"/>s are i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons fo<span class="_ _3"/>r de<span class="_ _3"/>mo<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd de<span class="_ _3"/>co<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s to the e<span class="_ _3"/>x<span class="_ _3"/>tent t<span class="_ _3"/>hat t<span class="_ _3"/>he o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognised<span class="_ _0"/> as pro<span class="_ _0"/>visions.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>t cos<span class="_ _3"/>ts<span class="_ _3"/>, for ex<span class="_ _3"/>am<span class="_ _3"/>pl<span class="_ _3"/>e in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th re<span class="_ _3"/>pla<span class="_ _3"/>ce<span class="_ _3"/>me<span class="_ _3"/>nt of pa<span class="_ _3"/>r<span class="_ _3"/>ts of a<span class="_ _3"/>n ite<span class="_ _3"/>m of pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">erty<span class="_ _0"/>, pl<span class="_ _0"/>ant,<span class="_ _0"/> and e<span class="_ _0"/>quipment,<span class="_ _0"/> are<span class="_ _0"/> recogni<span class="_ _0"/>sed in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e car<span class="_ _3"/>ry<span class="_ _3"/>in<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e as<span class="_ _3"/>set i<span class="_ _3"/>n qu<span class="_ _3"/>es<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en i<span class="_ _3"/>t is p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le th<span class="_ _3"/>at fu<span class="_ _3"/>tur<span class="_ _3"/>e eco<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>c be<span class="_ _3"/>ne<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>ts w<span class="_ _3"/>ill f<span class="_ _3"/>low to t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p fro<span class="_ _3"/>m the e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cu<span class="_ _3"/>rre<span class="_ _3"/>d. A<span class="_ _3"/>ny res<span class="_ _3"/>id<span class="_ _3"/>ua<span class="_ _3"/>l va<span class="_ _3"/>lue of t<span class="_ _3"/>he re<span class="_ _3"/>pl<span class="_ _3"/>ace<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ts is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>s on d<span class="_ _3"/>is<span class="_ _3"/>pos<span class="_ _3"/>al of <span class="_ _1"/>no<span class="_ _3"/>n-<span class="_ _3"/> <span class="_ _1"/>cur<span class="_ _3"/>ren<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s. O<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>ir a<span class="_ _3"/>nd m<span class="_ _3"/>ai<span class="_ _3"/>nten<span class="_ _3"/>an<span class="_ _3"/>ce ex<span class="_ _3"/>pe<span class="_ _3"/>ns<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>ncu<span class="_ _3"/>rr<span class="_ _3"/>ed<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Leases</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d alo<span class="_ _3"/>ng<span class="_ _3"/>sid<span class="_ _3"/>e ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>ed a<span class="_ _3"/>sse<span class="_ _3"/>ts of s<span class="_ _3"/>im<span class="_ _3"/>ila<span class="_ _3"/>r ty<span class="_ _3"/>pe u<span class="_ _3"/>nde<span class="_ _3"/>r p<span class="_ _3"/>rop<span class="_ _3"/>er<span class="_ _3"/>ty, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plant<span class="_ _0"/>, and<span class="_ _0"/> equipment.<span class="_ _0"/> Initiall<span class="_ _4"/>y,<span class="_ _0"/> we<span class="_ _0"/> measure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a le<span class="_ _3"/>ase a<span class="_ _3"/>ss<span class="_ _3"/>et at co<span class="_ _3"/>st<span class="_ _3"/>, be<span class="_ _3"/>in<span class="_ _3"/>g the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l a<span class="_ _3"/>mou<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. We de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ate ou<span class="_ _3"/>r le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s ove<span class="_ _3"/>r the l<span class="_ _3"/>eas<span class="_ _3"/>e ter<span class="_ _3"/>m. T<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tho<span class="_ _3"/>d us<span class="_ _3"/>ed is t<span class="_ _3"/>he s<span class="_ _3"/>tra<span class="_ _3"/>ig<span class="_ _3"/>ht-li<span class="_ _3"/>ne m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l ou<span class="_ _3"/>r lea<span class="_ _3"/>se a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, exce<span class="_ _3"/>pt fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>d le<span class="_ _3"/>ase<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he d<span class="_ _3"/>ep<span class="_ _3"/>rec<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d is a<span class="_ _3"/>li<span class="_ _3"/>gn<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>eth<span class="_ _3"/>od fo<span class="_ _3"/>r th<span class="_ _3"/>e rela<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fsh<span class="_ _3"/>or<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>m. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re<span class="_ _3"/>, sea<span class="_ _3"/>be<span class="_ _3"/>d lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s are d<span class="_ _3"/>ep<span class="_ _3"/>re<span class="_ _3"/>cia<span class="_ _3"/>ted u<span class="_ _3"/>si<span class="_ _3"/>ng e<span class="_ _3"/>ith<span class="_ _3"/>er t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>rai<span class="_ _3"/>ght-l<span class="_ _3"/>in<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d or t<span class="_ _3"/>he re<span class="_ _3"/>du<span class="_ _3"/>ci<span class="_ _3"/>ng<span class="_ _3"/>-fra<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">method<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s are i<span class="_ _3"/>n<span class="_ _3"/>iti<span class="_ _3"/>al<span class="_ _3"/>ly mea<span class="_ _3"/>su<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at t<span class="_ _3"/>he ne<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the i<span class="_ _3"/>n-<span class="_ _3"/>su<span class="_ _3"/>bsta<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d lea<span class="_ _3"/>se p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s for t<span class="_ _3"/>he u<span class="_ _3"/>se of a le<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>. If, a<span class="_ _3"/>t inc<span class="_ _3"/>ept<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e lea<span class="_ _3"/>se, w<span class="_ _3"/>e are r<span class="_ _3"/>ea<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>bly ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>bo<span class="_ _3"/>ut ex<span class="_ _3"/>er<span class="_ _3"/>cis<span class="_ _3"/>in<span class="_ _3"/>g an o<span class="_ _3"/>pti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ex<span class="_ _3"/>ten<span class="_ _3"/>d a le<span class="_ _3"/>ase<span class="_ _3"/>, we wi<span class="_ _3"/>ll i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s in th<span class="_ _3"/>e op<span class="_ _3"/>tio<span class="_ _3"/>n pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g th<span class="_ _3"/>e lea<span class="_ _3"/>se l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. We mea<span class="_ _3"/>su<span class="_ _3"/>re th<span class="_ _3"/>e lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set to t<span class="_ _3"/>he va<span class="_ _3"/>lue o<span class="_ _3"/>f the l<span class="_ _3"/>ea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ini<span class="_ _3"/>tial <span class="_ _5"> </span>re<span class="_ _3"/>cognit<span class="_ _3"/>ion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s ma<span class="_ _3"/>y conta<span class="_ _3"/>in b<span class="_ _3"/>oth l<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d no<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _3"/>ase co<span class="_ _3"/>mp<span class="_ _3"/>on<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We all<span class="_ _3"/>oca<span class="_ _3"/>te the c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>ion i<span class="_ _3"/>n a co<span class="_ _3"/>ntra<span class="_ _3"/>ct to t<span class="_ _3"/>he le<span class="_ _3"/>as<span class="_ _3"/>e an<span class="_ _3"/>d non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s bas<span class="_ _3"/>ed o<span class="_ _3"/>n th<span class="_ _3"/>ei<span class="_ _3"/>r rela<span class="_ _3"/>ti<span class="_ _3"/>ve sta<span class="_ _3"/>nd<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>one p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. We ac<span class="_ _3"/>cou<span class="_ _3"/>nt fo<span class="_ _3"/>r non<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ne<span class="_ _3"/>nts i<span class="_ _3"/>n ac<span class="_ _3"/>cord<span class="_ _3"/>an<span class="_ _3"/>ce w<span class="_ _3"/>ith t<span class="_ _3"/>he ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy a<span class="_ _3"/>pp<span class="_ _3"/>lic<span class="_ _3"/>ab<span class="_ _3"/>le for s<span class="_ _3"/>uc<span class="_ _3"/>h item<span class="_ _3"/>s. N<span class="_ _3"/>on<span class="_ _3"/>-<span class="_ _3"/>lea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>in<span class="_ _3"/>g se<span class="_ _3"/>rv<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng co<span class="_ _3"/>st<span class="_ _3"/>s of lea<span class="_ _3"/>se<span class="_ _3"/>d ves<span class="_ _3"/>se<span class="_ _3"/>ls<span class="_ _3"/>, etc<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Var<span class="_ _3"/>ia<span class="_ _3"/>ble le<span class="_ _3"/>as<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n tr<span class="_ _3"/>ig<span class="_ _3"/>ge<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>ose p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur<span class="_ _3"/>s. I<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts of le<span class="_ _3"/>as<span class="_ _3"/>e li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nised<span class="_ _0"/> in financ<span class="_ _0"/>ial expen<span class="_ _0"/>ses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ea<span class="_ _3"/>ch le<span class="_ _3"/>ase p<span class="_ _3"/>aym<span class="_ _3"/>en<span class="_ _3"/>t is se<span class="_ _3"/>pa<span class="_ _3"/>rate<span class="_ _3"/>d in<span class="_ _3"/>to rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd pa<span class="_ _3"/>ym<span class="_ _3"/>ent of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s of th<span class="_ _3"/>e lea<span class="_ _3"/>se li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. Deb<span class="_ _3"/>t rep<span class="_ _3"/>ay-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s are c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>ie<span class="_ _3"/>d as c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>, an<span class="_ _3"/>d pa<span class="_ _3"/>yme<span class="_ _3"/>nt of i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>s cas<span class="_ _3"/>h flo<span class="_ _3"/>ws fro<span class="_ _3"/>m op<span class="_ _3"/>er<span class="_ _3"/>ati<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activiti<span class="_ _3"/>es.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Im<span class="_ _3"/>pairm<span class="_ _3"/>ents</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 158.027px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sses on segment l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.225px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 486.06px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,526<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,529</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.342px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 500.947px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>927<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 456.668px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">322<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2578px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal impairment l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>osse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.642px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">26,775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,529</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:52.095703125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 55.8574px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>AC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>els</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 7.97461px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">%</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 131.766px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Base disc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ount r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate applied f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or </span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7285px; width: 300.088px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">the US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 212.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5.50 – 7.00 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The base disc<span class="_ _0"/>ount r<span class="_ _0"/>ate af<span class="_ _0"/>ter t<span class="_ _0"/>ax applied f<span class="_ _0"/>or the v<span class="_ _0"/>alue-in-use c<span class="_ _0"/>alcul<span class="_ _0"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion is det<span class="_ _0"/>ermined per CGU<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 2<span class="_ _3"/>9 Aug<span class="_ _3"/>ust 2<span class="_ _3"/>023<span class="_ _3"/>, we an<span class="_ _3"/>no<span class="_ _3"/>unc<span class="_ _3"/>ed a<span class="_ _3"/>ntic<span class="_ _3"/>ip<span class="_ _3"/>ated i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts o<span class="_ _3"/>n ou<span class="_ _3"/>r US po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io d<span class="_ _3"/>ue to a<span class="_ _3"/>dve<span class="_ _3"/>rse i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lated to th<span class="_ _3"/>e su<span class="_ _3"/>pp<span class="_ _3"/>l<span class="_ _0"/>y ch<span class="_ _3"/>ai<span class="_ _3"/>n, la<span class="_ _3"/>ck of fav<span class="_ _3"/>ou<span class="_ _3"/>rab<span class="_ _3"/>le pro<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gre<span class="_ _3"/>ss i<span class="_ _3"/>n inve<span class="_ _3"/>stm<span class="_ _3"/>ent ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>t (ITC) gu<span class="_ _3"/>id<span class="_ _3"/>an<span class="_ _3"/>ce, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d inte<span class="_ _3"/>res<span class="_ _3"/>t rates<span class="_ _3"/>. <span class="_ _49"/>F<span class="_ _3"/>ollow<span class="_ _3"/>in<span class="_ _3"/>g thi<span class="_ _3"/>s, we r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>ses of D<span class="_ _3"/>KK 28.<span class="_ _3"/>4 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n in o<span class="_ _3"/>ur i<span class="_ _3"/>nter<span class="_ _3"/>im </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l rep<span class="_ _3"/>or<span class="_ _3"/>t for th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t ni<span class="_ _3"/>ne m<span class="_ _3"/>onth<span class="_ _3"/>s of 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve up<span class="_ _3"/>date<span class="_ _3"/>d ou<span class="_ _3"/>r im<span class="_ _3"/>pa<span class="_ _3"/>irm<span class="_ _3"/>en<span class="_ _3"/>t calcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>ns as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of 31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023<span class="_ _3"/>. Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt ha<span class="_ _3"/>s take<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>ove<span class="_ _3"/>-m<span class="_ _3"/>enti<span class="_ _3"/>on<span class="_ _3"/>ed i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>ts a<span class="_ _3"/>nd oth<span class="_ _3"/>er r<span class="_ _3"/>elate<span class="_ _3"/>d ri<span class="_ _3"/>sks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and inheren<span class="_ _0"/>t uncert<span class="_ _0"/>ainties<span class="_ _0"/> int<span class="_ _0"/>o c<span class="_ _0"/>onsiderat<span class="_ _0"/>ion when<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>tim<span class="_ _3"/>ati<span class="_ _3"/>ng t<span class="_ _3"/>he f<span class="_ _3"/>uture c<span class="_ _3"/>ash f<span class="_ _3"/>lows fo<span class="_ _3"/>r the va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>ca<span class="_ _3"/>lcu<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>s of ou<span class="_ _3"/>r cash<span class="_ _3"/>-<span class="_ _3"/>ge<span class="_ _3"/>ne<span class="_ _3"/>rati<span class="_ _3"/>ng u<span class="_ _3"/>ni<span class="_ _3"/>ts (CGUs)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ba<span class="_ _3"/>se<span class="_ _3"/>d on th<span class="_ _3"/>is<span class="_ _3"/>, ou<span class="_ _3"/>r im<span class="_ _3"/>pa<span class="_ _3"/>irm<span class="_ _3"/>en<span class="_ _3"/>t test<span class="_ _3"/>s pre<span class="_ _3"/>pa<span class="_ _3"/>red i<span class="_ _3"/>n Q4 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>3 ha<span class="_ _3"/>ve resu<span class="_ _3"/>lted in a r<span class="_ _3"/>ever<span class="_ _3"/>sa<span class="_ _3"/>l of im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt loss<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DK<span class="_ _3"/>K 1.<span class="_ _3"/>6 bi<span class="_ _3"/>lli<span class="_ _3"/>on<span class="_ _3"/>, ma<span class="_ _3"/>in<span class="_ _3"/>ly dri<span class="_ _3"/>ven by a d<span class="_ _3"/>ecre<span class="_ _3"/>as<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e US lon<span class="_ _3"/>g-<span class="_ _3"/>d<span class="_ _3"/>ated i<span class="_ _3"/>ntere<span class="_ _3"/>st rate f<span class="_ _3"/>rom 3<span class="_ _3"/>0 Se<span class="_ _3"/>ptem<span class="_ _3"/>be<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023<span class="_ _3"/>, whi<span class="_ _3"/>ch lowe<span class="_ _3"/>re<span class="_ _3"/>d our WAC<span class="_ _0"/>Cs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>us<span class="_ _3"/>, we ha<span class="_ _3"/>ve re<span class="_ _3"/>cog<span class="_ _3"/>nis<span class="_ _3"/>ed total i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>ent l<span class="_ _3"/>osse<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of D<span class="_ _3"/>KK 26.<span class="_ _3"/>8 bi<span class="_ _3"/>lli<span class="_ _3"/>on i<span class="_ _3"/>n 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>022, we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>m<span class="_ _3"/>pai<span class="_ _3"/>rm<span class="_ _3"/>ent l<span class="_ _3"/>osse<span class="_ _3"/>s of DK<span class="_ _3"/>K 2.<span class="_ _3"/>5 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>ll<span class="_ _3"/>ion r<span class="_ _3"/>ela<span class="_ _3"/>ted to Su<span class="_ _3"/>nri<span class="_ _3"/>se W<span class="_ _3"/>in<span class="_ _3"/>d. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ce<span class="_ _3"/>as<span class="_ _3"/>in<span class="_ _3"/>g deve<span class="_ _3"/>lo<span class="_ _3"/>pm<span class="_ _3"/>en<span class="_ _3"/>t of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 31 Oc<span class="_ _3"/>tob<span class="_ _3"/>er, we de<span class="_ _3"/>cid<span class="_ _3"/>ed to ce<span class="_ _3"/>ase t<span class="_ _3"/>he d<span class="_ _3"/>evelo<span class="_ _3"/>pm<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 in t<span class="_ _3"/>he for<span class="_ _3"/>m it wa<span class="_ _3"/>s awa<span class="_ _3"/>rde<span class="_ _3"/>d by the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">New J<span class="_ _3"/>er<span class="_ _3"/>sey B<span class="_ _3"/>oar<span class="_ _3"/>d of Pub<span class="_ _3"/>li<span class="_ _3"/>c Uti<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s. I<span class="_ _3"/>n th<span class="_ _3"/>e wake of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">COVID<span class="_ _3"/>-<span class="_ _0"/>1<span class="_ _4"/>9 p<span class="_ _3"/>and<span class="_ _3"/>em<span class="_ _3"/>ic a<span class="_ _3"/>nd R<span class="_ _3"/>uss<span class="_ _3"/>ia'<span class="_ _3"/>s inva<span class="_ _3"/>sio<span class="_ _3"/>n of Uk<span class="_ _3"/>rai<span class="_ _3"/>ne<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 ha<span class="_ _3"/>d be<span class="_ _3"/>en fa<span class="_ _3"/>ced wi<span class="_ _3"/>th a va<span class="_ _3"/>rie<span class="_ _3"/>ty of ch<span class="_ _3"/>al<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">len<span class="_ _3"/>ge<span class="_ _3"/>s, s<span class="_ _3"/>uch a<span class="_ _3"/>s hi<span class="_ _3"/>gh<span class="_ _3"/>er co<span class="_ _3"/>sts of c<span class="_ _3"/>ap<span class="_ _3"/>ital (<span class="_ _3"/>US ri<span class="_ _3"/>sk-fre<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate i<span class="_ _3"/>ncr<span class="_ _3"/>eas<span class="_ _3"/>in<span class="_ _3"/>g by ap<span class="_ _3"/>prox<span class="_ _3"/>. 3<span class="_ _3"/>0<span class="_ _3"/>0 bp<span class="_ _3"/>s from t<span class="_ _3"/>he a<span class="_ _3"/>ward </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>01<span class="_ _4"/>9)<span class="_ _3"/>, cos<span class="_ _3"/>t inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>, su<span class="_ _3"/>pp<span class="_ _3"/>l<span class="_ _0"/>y ch<span class="_ _3"/>ai<span class="_ _3"/>n ch<span class="_ _3"/>all<span class="_ _3"/>en<span class="_ _3"/>ges<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">slo<span class="_ _0"/>w permitting. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As e<span class="_ _3"/>xp<span class="_ _3"/>lai<span class="_ _3"/>ne<span class="_ _3"/>d in o<span class="_ _3"/>ur i<span class="_ _3"/>nter<span class="_ _3"/>im f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l re<span class="_ _3"/>por<span class="_ _3"/>t for t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>ne m<span class="_ _3"/>ont<span class="_ _3"/>hs of 202<span class="_ _3"/>3, th<span class="_ _3"/>e de<span class="_ _3"/>cis<span class="_ _3"/>io<span class="_ _3"/>n to cea<span class="_ _3"/>se the d<span class="_ _3"/>eve<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>me<span class="_ _3"/>nt was ta<span class="_ _3"/>ken a<span class="_ _3"/>fte<span class="_ _3"/>r ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l su<span class="_ _3"/>ppl<span class="_ _3"/>ie<span class="_ _3"/>r de<span class="_ _3"/>lay<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r im<span class="_ _3"/>pa<span class="_ _3"/>cte<span class="_ _3"/>d the p<span class="_ _3"/>roje<span class="_ _3"/>ct s<span class="_ _3"/>che<span class="_ _3"/>du<span class="_ _3"/>le, w<span class="_ _3"/>hi<span class="_ _3"/>ch le<span class="_ _3"/>d to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>al s<span class="_ _3"/>ig<span class="_ _3"/>nif<span class="_ _3"/>ica<span class="_ _3"/>nt d<span class="_ _3"/>elay to t<span class="_ _3"/>he pr<span class="_ _3"/>oje<span class="_ _3"/>ct<span class="_ _3"/>. In a<span class="_ _3"/>dd<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>, we ha<span class="_ _3"/>d up<span class="_ _3"/>date<span class="_ _3"/>d ou<span class="_ _3"/>r view o<span class="_ _3"/>n ce<span class="_ _3"/>rta<span class="_ _3"/>in a<span class="_ _3"/>ssu<span class="_ _3"/>mp<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions, inc<span class="_ _0"/>luding t<span class="_ _0"/>ax c<span class="_ _0"/>redit<span class="_ _0"/> monetisat<span class="_ _0"/>ion and<span class="_ _0"/> the t<span class="_ _0"/>iming </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and lik<span class="_ _0"/>elihood of<span class="_ _0"/> final c<span class="_ _0"/>onstruction<span class="_ _0"/> permits. Finall<span class="_ _0"/>y<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>tin<span class="_ _3"/>ue<span class="_ _3"/>d in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>s to long<span class="_ _3"/>-<span class="_ _3"/>date<span class="_ _3"/>d US i<span class="_ _3"/>ntere<span class="_ _3"/>st rate<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">had further de<span class="_ _0"/>terior<span class="_ _0"/>at<span class="_ _0"/>ed the<span class="_ _0"/> business<span class="_ _0"/> cas<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We al<span class="_ _3"/>so ce<span class="_ _3"/>ase<span class="_ _3"/>d th<span class="_ _3"/>e deve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 2, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich d<span class="_ _3"/>id n<span class="_ _3"/>ot lea<span class="_ _3"/>d to an i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent a<span class="_ _3"/>s the ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amount<span class="_ _0"/> wa<span class="_ _0"/>s insi<span class="_ _0"/>gnifican<span class="_ _0"/>t.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Costs<span class="_ _0"/> rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o ful<span class="_ _0"/>filling and<span class="_ _0"/> cancelling<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as ‘O<span class="_ _3"/>th<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>ng e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses’ w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e obl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on a<span class="_ _3"/>rose a<span class="_ _3"/>nd to th<span class="_ _3"/>e ex<span class="_ _3"/>tent t<span class="_ _3"/>he<span class="_ _3"/>se exc<span class="_ _3"/>ee<span class="_ _3"/>ded </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e provi<span class="_ _3"/>si<span class="_ _3"/>on for o<span class="_ _3"/>ne<span class="_ _3"/>rou<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>ts m<span class="_ _3"/>ad<span class="_ _3"/>e as pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>irm<span class="_ _3"/>en<span class="_ _3"/>t loss<span class="_ _3"/>es rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n ou<span class="_ _3"/>r inte<span class="_ _3"/>rim r<span class="_ _3"/>epo<span class="_ _3"/>r<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t ni<span class="_ _3"/>ne m<span class="_ _3"/>onth<span class="_ _3"/>s of 202<span class="_ _3"/>3. Se<span class="_ _3"/>e note 3<span class="_ _3"/>.10 ‘P<span class="_ _3"/>rovi<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sions<span class="_ _0"/> and con<span class="_ _0"/>tingent<span class="_ _0"/> liabilities’<span class="_ _0"/> f<span class="_ _0"/>or mor<span class="_ _0"/>e inf<span class="_ _0"/>ormat<span class="_ _0"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>ou<span class="_ _3"/>t the ca<span class="_ _3"/>nce<span class="_ _3"/>lla<span class="_ _3"/>tio<span class="_ _3"/>n fee<span class="_ _3"/>s and t<span class="_ _3"/>he p<span class="_ _3"/>rovis<span class="_ _3"/>io<span class="_ _3"/>ns ma<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in re<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n to thi<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impa<span class="_ _3"/>irme<span class="_ _3"/>nt<span class="_ _0"/> test</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ci<span class="_ _3"/>rcum<span class="_ _3"/>sta<span class="_ _3"/>nces a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mp<span class="_ _3"/>tio<span class="_ _3"/>ns wi<span class="_ _3"/>th th<span class="_ _3"/>e mos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">signific<span class="_ _0"/>ant<span class="_ _0"/> impairment<span class="_ _0"/> impact<span class="_ _0"/> and hi<span class="_ _0"/>gh in<span class="_ _0"/>vol<span class="_ _4"/>vement<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of es<span class="_ _3"/>tim<span class="_ _3"/>ates a<span class="_ _3"/>nd u<span class="_ _3"/>nce<span class="_ _3"/>r<span class="_ _3"/>tai<span class="_ _3"/>ntie<span class="_ _3"/>s are d<span class="_ _3"/>es<span class="_ _3"/>cri<span class="_ _3"/>be<span class="_ _3"/>d in th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> follo<span class="_ _0"/>wing <span class="_ _21"> </span>secti<span class="_ _3"/>ons. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CGUs in Off<span class="_ _0"/>shore</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cash-gener<span class="_ _0"/>ating units (<span class="_ _0"/>CGUs) ar<span class="_ _0"/>e made up of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">individual off<span class="_ _0"/>shore wind f<span class="_ _4"/>arms or seabeds, each </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of which gener<span class="_ _0"/>at<span class="_ _0"/>es cash fl<span class="_ _0"/>ow<span class="_ _0"/>s f<span class="_ _0"/>or the segment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">independentl<span class="_ _0"/>y of each o<span class="_ _0"/>ther<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Significant C<span class="_ _0"/>GUs</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe: Bal<span class="_ _4"/>tica 2, Bal<span class="_ _0"/>tica 3, Borkum Riff<span class="_ _4"/>grund 1, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borkum Riff<span class="_ _0"/>grund 2, Borkum Riff<span class="_ _0"/>grund 3,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borssel<span class="_ _0"/>e 1 &amp; 2, Gode Wind 1,<span class="_ _0"/> Gode Wind 2,<span class="_ _0"/> Gode </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wind 3, Hornsea 1, Horns<span class="_ _0"/>ea 2, Hornsea 3,<span class="_ _0"/> Race<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bank, W<span class="_ _0"/>alne<span class="_ _0"/>y<span class="_ _0"/>, and W<span class="_ _0"/>alne<span class="_ _0"/>y Extension.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The US: Block Isl<span class="_ _0"/>and, R<span class="_ _0"/>ev<span class="_ _0"/>olution Wind,<span class="_ _0"/> Skipjack </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wind (seabed), South F<span class="_ _0"/>ork, Sunrise <span class="_ _0"/>Wind, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ocean <span class="_ _0"/>Wind 1 (seabed). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">AP<span class="_ _4"/>AC: Gr<span class="_ _0"/>eat<span class="_ _0"/>er Changhua 1 and 2a and Great<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Changhua 2b and 4. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CGUs in Onshor<span class="_ _0"/>e</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The CGUs ar<span class="_ _0"/>e made up of individual onshor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wind and sol<span class="_ _0"/>ar f<span class="_ _0"/>arms, each o<span class="_ _0"/>f which generat<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cash fl<span class="_ _0"/>ow<span class="_ _0"/>s f<span class="_ _0"/>or the segment independentl<span class="_ _4"/>y of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">each other<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Significant C<span class="_ _0"/>GUs</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The US: Amaz<span class="_ _0"/>on, El<span class="_ _0"/>ev<span class="_ _0"/>en Mile<span class="_ _0"/>, F<span class="_ _0"/>or<span class="_ _0"/>d Ridge,<span class="_ _0"/> Hay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _0"/>ack, Helena Ener<span class="_ _0"/>gy Cent<span class="_ _0"/>er<span class="_ _4"/>, Lincoln Land <span class="_ _0"/>Wind, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Lock<span class="_ _0"/>et<span class="_ _0"/>t, Mus<span class="_ _0"/>cle Shoals<span class="_ _0"/>, Old 300,<span class="_ _0"/> Permian Ener<span class="_ _0"/>gy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cent<span class="_ _0"/>er<span class="_ _0"/>, Sage Dr<span class="_ _0"/>aw <span class="_ _0"/>Wind, Sunflo<span class="_ _0"/>w<span class="_ _0"/>er Wind, <span class="_ _0"/>T<span class="_ _1"/>ahoka </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wind, W<span class="_ _0"/>est<span class="_ _0"/>ern T<span class="_ _4"/>rail, and Will<span class="_ _0"/>ow Springs Wind. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Europe: P<span class="_ _0"/>ortf<span class="_ _0"/>olio o<span class="_ _0"/>f project<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CGUs in Bioener<span class="_ _0"/>gy &amp; Other</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Danish CHP plant<span class="_ _0"/>s constit<span class="_ _0"/>ute a singl<span class="_ _0"/>e CGU<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as ov<span class="_ _0"/>er<span class="_ _0"/>all pr<span class="_ _0"/>oduction planning is f<span class="_ _0"/>or the entir<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Danish portf<span class="_ _0"/>olio<span class="_ _0"/>. In addition, the Danish off<span class="_ _0"/>shor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gas pipeline syst<span class="_ _0"/>em is deemed t<span class="_ _0"/>o cons<span class="_ _0"/>titut<span class="_ _0"/>e an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">independent CGU<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Significant C<span class="_ _0"/>GUs</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Centr<span class="_ _0"/>al CHP plant<span class="_ _0"/>s (including goodwill) and the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">off<span class="_ _0"/>shore gas pipeline s<span class="_ _0"/>yst<span class="_ _0"/>em.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:219.03125px;"><span style="position: absolute; display: inline-block; left: 571.891px; top: 0.0078125px; width: 77.8945px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">IT<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C bonus credits<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 883.266px; top: 0.0078125px; width: 80.0859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Sensitivity impact</span><span style="position: absolute; display: inline-block; left: 521.406px; top: 12.0078px; width: 126.967px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">assumed in impairment te<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sts</span><span style="position: absolute; display: inline-block; left: 912.656px; top: 12.0078px; width: 50.0156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK billion</span><span style="position: absolute; display: inline-block; left: 772.562px; top: 30.2578px; width: 39.5801px; white-space: pre; word-spacing: -0.936px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">40 % <span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>IT<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C <span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 749.359px; top: 42.2578px; width: 62.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bonus credits<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.2734px; width: 24.832px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">CGUs</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 54.2734px; width: 54.0117px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impairment </span><span style="position: absolute; display: inline-block; left: 431.562px; top: 54.2734px; width: 57.1055px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ov<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e </span><span style="position: absolute; display: inline-block; left: 528.453px; top: 54.2578px; width: 45.6973px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">IT<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C bonus </span><span style="position: absolute; display: inline-block; left: 598.5px; top: 54.2578px; width: 51.457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Probabilit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y </span><span style="position: absolute; display: inline-block; left: 702.984px; top: 54.2578px; width: 31.3652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">No IT<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 782.359px; top: 54.2578px; width: 27.9902px; white-space: pre; word-spacing: -0.936px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">100 % </span><span style="position: absolute; display: inline-block; left: 851.516px; top: 54.2578px; width: 36.1699px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">+50 bps <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 930.156px; top: 54.2578px; width: 34.5293px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-50 bps <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.7598px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 384.156px; top: 66.2734px; width: 26.1504px; white-space: pre; word-spacing: 0.018px; letter-spacing: -0.018px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">losses</span><span style="position: absolute; display: inline-block; left: 451.562px; top: 66.2734px; width: 35.0508px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">amount</span><span style="position: absolute; display: inline-block; left: 541.281px; top: 66.2578px; width: 30.3691px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">credits</span><span style="position: absolute; display: inline-block; left: 603.281px; top: 66.2578px; width: 44.7305px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">weighting</span><span style="position: absolute; display: inline-block; left: 674.766px; top: 66.2578px; width: 59.1445px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bonus credits</span><span style="position: absolute; display: inline-block; left: 761.094px; top: 66.2578px; width: 49.1133px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">probabilit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 857.969px; top: 66.2578px; width: 26.5957px; white-space: pre; word-spacing: 1.215px; letter-spacing: -1.215px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">WA<span style="word-spacing: 1.215px; letter-spacing: -1.215px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 1.215px; letter-spacing: -1.215px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>C</span><span style="position: absolute; display: inline-block; left: 934.531px; top: 66.2578px; width: 26.5957px; white-space: pre; word-spacing: 1.215px; letter-spacing: -1.215px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">WA<span style="word-spacing: 1.215px; letter-spacing: -1.215px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 1.215px; letter-spacing: -1.215px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>C</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.9941px; width: 379.529px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ocean Wind 1<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 317.859px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 379.529px; top: 84.9941px; width: 583.02px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">19,875<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n.a.<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n.a.<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 61.494px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n.a.<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">n<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n.a</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.9941px; width: 963.041px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sunrise Wind<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 329.818px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,069<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,006<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>95 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.2011px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1.4)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.1<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(0.7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.7</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.994px; width: 963.357px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>volution Wind<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 312.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,706<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,723<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>95 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.7616px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1.0)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.1<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(0.6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.6</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.01px; width: 962.936px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">South Fork<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 345.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">554<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,993<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 61.494px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">n.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span>(0.2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 141.01px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Block Isl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.477px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">322<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,304<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">n.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>n<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.a<span style="word-spacing: 0.189px; letter-spacing: -0.189px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>0.0<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.0</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.523px; width: 487.219px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,526<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,026</span><span style="position: absolute; display: inline-block; left: 0px; top: 172.773px; width: 963.422px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 355.553px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>927<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,667<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.009px; letter-spacing: -0.009px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">n<span style="word-spacing: 0.009px; letter-spacing: -0.009px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>.a<span style="word-spacing: 0.009px; letter-spacing: -0.009px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>n.a<span style="word-spacing: 0.009px; letter-spacing: -0.009px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>n.a<span style="word-spacing: 0.009px; letter-spacing: -0.009px; display: inline-block; margin-left: 0px; width: 61.494px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>n.a.<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(0.3)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>0.3</span><span style="position: absolute; display: inline-block; left: 0px; top: 191.023px; width: 487.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 310.957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">322<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 61.0898px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>n.a.</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 209.289px; width: 731.285px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 354.75px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">26,775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Suppl<span class="_ _0"/>y<span class="_ _0"/> chain<span class="_ _0"/> (incl<span class="_ _0"/>uding r<span class="_ _0"/>ev<span class="_ _0"/>enue an<span class="_ _0"/>d OP<span class="_ _0"/>EX)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1, Su<span class="_ _3"/>nr<span class="_ _3"/>ise W<span class="_ _3"/>in<span class="_ _3"/>d, a<span class="_ _3"/>nd R<span class="_ _3"/>evolu<span class="_ _3"/>tio<span class="_ _3"/>n Wi<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s hav<span class="_ _3"/>e bee<span class="_ _3"/>n ad<span class="_ _3"/>ve<span class="_ _3"/>rse<span class="_ _3"/>l<span class="_ _0"/>y i<span class="_ _3"/>mpa<span class="_ _3"/>cte<span class="_ _3"/>d by sup<span class="_ _3"/>ply </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>ai<span class="_ _3"/>n bott<span class="_ _3"/>len<span class="_ _3"/>eck<span class="_ _3"/>s on top o<span class="_ _3"/>f the co<span class="_ _3"/>st i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n ex<span class="_ _3"/>pe<span class="_ _3"/>ri<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ced i<span class="_ _3"/>n re<span class="_ _3"/>cent ye<span class="_ _3"/>ar<span class="_ _3"/>s<span class="_ _3"/>. In late Au<span class="_ _3"/>gu<span class="_ _3"/>st<span class="_ _3"/>, we con<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at ri<span class="_ _3"/>sks r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>ne<span class="_ _3"/>d in th<span class="_ _3"/>e su<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>rs' a<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty to de<span class="_ _3"/>li<span class="_ _3"/>ver </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on their<span class="_ _0"/> commitmen<span class="_ _0"/>ts and<span class="_ _0"/> cont<span class="_ _0"/>ract<span class="_ _0"/>ed sc<span class="_ _0"/>hedules, in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t du<span class="_ _3"/>e to world<span class="_ _3"/>wi<span class="_ _3"/>de ve<span class="_ _3"/>sse<span class="_ _3"/>l sca<span class="_ _3"/>rcit<span class="_ _3"/>y<span class="_ _0"/>. Th<span class="_ _3"/>ese r<span class="_ _3"/>is<span class="_ _3"/>ks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cou<span class="_ _3"/>ld cre<span class="_ _3"/>ate k<span class="_ _3"/>noc<span class="_ _3"/>k-on e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s, re<span class="_ _3"/>qu<span class="_ _3"/>ir<span class="_ _3"/>in<span class="_ _3"/>g futu<span class="_ _3"/>re re<span class="_ _3"/>mo<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion<span class="_ _3"/>s to fi<span class="_ _3"/>ni<span class="_ _3"/>sh in<span class="_ _3"/>sta<span class="_ _3"/>llat<span class="_ _3"/>ion a<span class="_ _3"/>s we<span class="_ _3"/>ll as p<span class="_ _3"/>otent<span class="_ _3"/>ial<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>laye<span class="_ _3"/>d reve<span class="_ _3"/>nu<span class="_ _3"/>es, e<span class="_ _3"/>x<span class="_ _3"/>tra cos<span class="_ _3"/>ts<span class="_ _3"/>, an<span class="_ _3"/>d othe<span class="_ _3"/>r bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">case i<span class="_ _3"/>mpl<span class="_ _3"/>icati<span class="_ _3"/>ons<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, t<span class="_ _3"/>hes<span class="_ _3"/>e ri<span class="_ _3"/>sks a<span class="_ _3"/>re st<span class="_ _3"/>ill p<span class="_ _3"/>res<span class="_ _3"/>ent<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>sum<span class="_ _3"/>pti<span class="_ _3"/>on<span class="_ _3"/>s and e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes i<span class="_ _3"/>n rela<span class="_ _3"/>tio<span class="_ _3"/>n to the<span class="_ _3"/>se ri<span class="_ _3"/>sks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve be<span class="_ _3"/>en re<span class="_ _3"/>as<span class="_ _3"/>ses<span class="_ _3"/>sed a<span class="_ _3"/>nd ta<span class="_ _3"/>ken i<span class="_ _3"/>nto con<span class="_ _3"/>sid<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>n in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our<span class="_ _0"/> impairmen<span class="_ _0"/>t c<span class="_ _0"/>alc<span class="_ _0"/>ula<span class="_ _0"/>tions.<span class="_ _0"/> F<span class="_ _0"/>urther<span class="_ _4"/>, our i<span class="_ _0"/>mpairmen<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">test<span class="_ _3"/>s ar<span class="_ _3"/>e bas<span class="_ _3"/>ed on a p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity<span class="_ _3"/>- <span class="_ _49"/>we<span class="_ _3"/>ig<span class="_ _3"/>hted a<span class="_ _3"/>sses<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of th<span class="_ _3"/>e li<span class="_ _3"/>kel<span class="_ _3"/>ih<span class="_ _3"/>ood o<span class="_ _3"/>f the<span class="_ _3"/>se an<span class="_ _3"/>d oth<span class="_ _3"/>er su<span class="_ _3"/>pp<span class="_ _3"/>ly cha<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">im<span class="_ _3"/>pa<span class="_ _3"/>ct<span class="_ _3"/>s. W<span class="_ _3"/>hi<span class="_ _3"/>le we a<span class="_ _3"/>re tak<span class="_ _3"/>ing m<span class="_ _3"/>it<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ng ac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>s to the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, we c<span class="_ _3"/>onti<span class="_ _3"/>nu<span class="_ _3"/>e to see r<span class="_ _3"/>isk<span class="_ _3"/>s, e<span class="_ _3"/>sp<span class="_ _3"/>eci<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reg<span class="_ _3"/>ardi<span class="_ _3"/>ng ves<span class="_ _3"/>sel ava<span class="_ _3"/>ila<span class="_ _3"/>bi<span class="_ _3"/>lity.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t from c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>es in s<span class="_ _3"/>up<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>r<span class="_ _0"/>-re<span class="_ _3"/>late<span class="_ _3"/>d ass<span class="_ _3"/>um<span class="_ _3"/>p<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions, inc<span class="_ _0"/>luding deriv<span class="_ _0"/>ed impacts on<span class="_ _0"/> re<span class="_ _0"/>venue<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">OP<span class="_ _3"/>EX<span class="_ _3"/>, ha<span class="_ _3"/>s led to a<span class="_ _3"/>n im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt loss o<span class="_ _3"/>f DKK 17<span class="_ _4"/>.8 b<span class="_ _3"/>il<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on a<span class="_ _3"/>nd re<span class="_ _3"/>lates to o<span class="_ _3"/>ur US o<span class="_ _3"/>ffs<span class="_ _3"/>ho<span class="_ _3"/>re pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he m<span class="_ _3"/>ai<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t rela<span class="_ _3"/>tes to Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1. Fu<span class="_ _3"/>rt<span class="_ _3"/>he<span class="_ _3"/>rmo<span class="_ _3"/>re, w<span class="_ _3"/>e now </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>sum<span class="_ _3"/>e a new i<span class="_ _3"/>ns<span class="_ _3"/>talla<span class="_ _3"/>ti<span class="_ _3"/>on ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h wit<span class="_ _3"/>h a lon<span class="_ _3"/>ge<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me<span class="_ _3"/>li<span class="_ _3"/>ne for Re<span class="_ _3"/>volu<span class="_ _3"/>tio<span class="_ _3"/>n Wi<span class="_ _3"/>nd a<span class="_ _3"/>nd S<span class="_ _3"/>un<span class="_ _3"/>ris<span class="_ _3"/>e Wi<span class="_ _3"/>nd<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t tax cre<span class="_ _3"/>di<span class="_ _3"/>t gu<span class="_ _3"/>id<span class="_ _3"/>an<span class="_ _3"/>ce</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e 2022 I<span class="_ _3"/>nfl<span class="_ _3"/>ati<span class="_ _3"/>on Re<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on Ac<span class="_ _3"/>t (I<span class="_ _3"/>RA<span class="_ _3"/>) rea<span class="_ _3"/>f<span class="_ _3"/>fi<span class="_ _3"/>rm<span class="_ _3"/>ed <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e exi<span class="_ _3"/>sti<span class="_ _3"/>ng 3<span class="_ _3"/>0 <span class="_ _15c"/>% I<span class="_ _3"/>T<span class="_ _0"/>C for a<span class="_ _3"/>ll US of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re pro<span class="_ _3"/>jec<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e IR<span class="_ _3"/>A a<span class="_ _3"/>l<span class="_ _3"/>so ma<span class="_ _3"/>de t<span class="_ _3"/>wo ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l 10 <span class="_ _15c"/>% ITC bon<span class="_ _3"/>us </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts a<span class="_ _3"/>vai<span class="_ _3"/>lab<span class="_ _3"/>le to pro<span class="_ _3"/>jec<span class="_ _3"/>ts m<span class="_ _3"/>ee<span class="_ _3"/>tin<span class="_ _3"/>g ‘<span class="_ _0"/>do<span class="_ _3"/>me<span class="_ _3"/>sti<span class="_ _3"/>c con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tent<span class="_ _3"/>’ an<span class="_ _3"/>d ‘en<span class="_ _3"/>ergy c<span class="_ _3"/>om<span class="_ _3"/>mu<span class="_ _3"/>nit<span class="_ _3"/>y’ cr<span class="_ _3"/>ite<span class="_ _3"/>ria<span class="_ _3"/>. Pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s can </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qu<span class="_ _3"/>al<span class="_ _3"/>if<span class="_ _3"/>y for o<span class="_ _3"/>ne or b<span class="_ _3"/>oth ITC bo<span class="_ _3"/>nu<span class="_ _3"/>s cre<span class="_ _3"/>dit<span class="_ _3"/>s<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e US tre<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>y ha<span class="_ _3"/>s provi<span class="_ _3"/>de<span class="_ _3"/>d pre<span class="_ _3"/>li<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>r<span class="_ _3"/>y gu<span class="_ _3"/>id<span class="_ _3"/>anc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on ho<span class="_ _0"/>w ‘<span class="_ _0"/>energ<span class="_ _0"/>y c<span class="_ _0"/>ommunity’ and<span class="_ _0"/> ‘<span class="_ _0"/>domestic<span class="_ _0"/> con<span class="_ _0"/>t<span class="_ _0"/>ent’<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">req<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>me<span class="_ _3"/>nts w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>fi<span class="_ _3"/>ned a<span class="_ _3"/>nd i<span class="_ _3"/>mp<span class="_ _3"/>le<span class="_ _3"/>me<span class="_ _3"/>nted by th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inte<span class="_ _3"/>rn<span class="_ _3"/>al Rev<span class="_ _3"/>en<span class="_ _3"/>ue Se<span class="_ _3"/>r<span class="_ _3"/>vi<span class="_ _3"/>ce (IR<span class="_ _3"/>S)<span class="_ _3"/>, an<span class="_ _3"/>d wh<span class="_ _3"/>ich e<span class="_ _3"/>xe<span class="_ _3"/>mpti<span class="_ _3"/>on<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the r<span class="_ _3"/>equ<span class="_ _3"/>i<span class="_ _3"/>rem<span class="_ _3"/>ent<span class="_ _3"/>s may b<span class="_ _3"/>e al<span class="_ _3"/>lowed<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Estimation uncert<span class="_ _0"/>aint<span class="_ _0"/>y and sensitivit<span class="_ _0"/>y anal<span class="_ _0"/>yse<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Due to the impairment<span class="_ _0"/>s rec<span class="_ _0"/>ognised, e<span class="_ _0"/>stimation uncert<span class="_ _0"/>ainty e<span class="_ _0"/>xists </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on the asset<span class="_ _0"/>s impaired.<span class="_ _0"/> <span class="_ _0"/>The assumptions with major uncert<span class="_ _0"/>ainties </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">include inv<span class="_ _0"/>estment t<span class="_ _0"/>ax cr<span class="_ _0"/>edits,<span class="_ _0"/> inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>es, ORE<span class="_ _0"/>C l<span class="_ _0"/>ev<span class="_ _0"/>els, and the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">suppl<span class="_ _0"/>y chain. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The sensitivit<span class="_ _0"/>y anal<span class="_ _0"/>yses pr<span class="_ _0"/>es<span class="_ _0"/>ented in the t<span class="_ _0"/>abl<span class="_ _0"/>e show the r<span class="_ _0"/>el<span class="_ _0"/>ated<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impact on impairment loss<span class="_ _0"/>es when a change in a given assump<span class="_ _0"/>tion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">increas<span class="_ _0"/>es or decr<span class="_ _0"/>eases the ‘val<span class="_ _0"/>ue-in-use<span class="_ _0"/>’ f<span class="_ _0"/>or our CGUs<span class="_ _0"/>. <span class="_ _0"/>The anal<span class="_ _0"/>ys<span class="_ _0"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are perf<span class="_ _4"/>ormed with all other assumptions unchanged.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e have included s<span class="_ _0"/>ensitivity anal<span class="_ _4"/>yses of impairment eff<span class="_ _4"/>ects if W<span class="_ _4"/>A<span class="_ _0"/>CC </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">le<span class="_ _0"/>vels or assump<span class="_ _0"/>tions rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o IT<span class="_ _0"/>C bonus credit<span class="_ _0"/>s change. <span class="_ _4"/>The high </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">probabilitie<span class="_ _0"/>s f<span class="_ _0"/>or Re<span class="_ _0"/>volution <span class="_ _0"/>Wind and Sunrise <span class="_ _0"/>Wind qualifying f<span class="_ _0"/>or the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">additional 10 <span class="_ _4"/>% IT<span class="_ _0"/>C bonus credit<span class="_ _0"/>s are bas<span class="_ _0"/>ed on our assessment that </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the onshore sub<span class="_ _0"/>stations ar<span class="_ _0"/>e l<span class="_ _0"/>ocat<span class="_ _0"/>ed on br<span class="_ _0"/>ownfiel<span class="_ _0"/>d sit<span class="_ _0"/>es as defined </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by the curr<span class="_ _0"/>ent ‘<span class="_ _0"/>ener<span class="_ _0"/>gy communit<span class="_ _0"/>y’ guidance<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If W<span class="_ _15c"/>AC<span class="_ _0"/>C had increas<span class="_ _0"/>ed by 50 basis point<span class="_ _0"/>s in the impairment tes<span class="_ _0"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">e.<span class="_ _0"/>g. R<span class="_ _0"/>ev<span class="_ _0"/>olution Wind as o<span class="_ _0"/>f 31 December 2023, the impairment l<span class="_ _0"/>oss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">woul<span class="_ _0"/>d have been DKK 0.6 billion higher<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If we had no<span class="_ _0"/>t included the probabilit<span class="_ _0"/>y-<span class="_ _0"/>weight<span class="_ _0"/>ed additional 10 <span class="_ _15c"/>% ITC </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bonus credit<span class="_ _0"/>s in the impairment te<span class="_ _0"/>st of e<span class="_ _0"/>.g. R<span class="_ _0"/>e<span class="_ _0"/>volution <span class="_ _0"/>Wind as of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December 2023, the impairment l<span class="_ _0"/>oss woul<span class="_ _0"/>d have been DKK 1.0<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">billion higher<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairment break<span class="_ _0"/>do<span class="_ _0"/>wn on balanc<span class="_ _0"/>e sheet</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The to<span class="_ _0"/>t<span class="_ _0"/>al impairment loss<span class="_ _0"/>es are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed with DKK 19,282 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under ‘Propert<span class="_ _0"/>y<span class="_ _4"/>, plant, and equipment<span class="_ _0"/>’ and DKK 7,493 million under </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Pro<span class="_ _0"/>visions’ as ‘<span class="_ _0"/>Oner<span class="_ _0"/>ous contr<span class="_ _0"/>acts’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In o<span class="_ _3"/>ur i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent tes<span class="_ _3"/>ti<span class="_ _3"/>ng<span class="_ _3"/>, we ha<span class="_ _3"/>ve as<span class="_ _3"/>sum<span class="_ _3"/>ed a 95 <span class="_ _4"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>ba<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty of ac<span class="_ _3"/>hi<span class="_ _3"/>evin<span class="_ _3"/>g an a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>al 10 <span class="_ _15c"/>% I<span class="_ _3"/>TC bon<span class="_ _3"/>us </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>t for Revo<span class="_ _3"/>luti<span class="_ _3"/>on W<span class="_ _3"/>in<span class="_ _3"/>d an<span class="_ _3"/>d Su<span class="_ _3"/>nr<span class="_ _3"/>ise W<span class="_ _3"/>in<span class="_ _3"/>d du<span class="_ _3"/>e to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e brown<span class="_ _3"/>fi<span class="_ _3"/>eld s<span class="_ _3"/>tatus of b<span class="_ _3"/>oth si<span class="_ _3"/>tes un<span class="_ _3"/>de<span class="_ _3"/>r the c<span class="_ _3"/>urr<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _0"/>energy<span class="_ _0"/> community’ guidanc<span class="_ _0"/>e. These<span class="_ _0"/> assump<span class="_ _0"/>tions<span class="_ _0"/> are<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>ch<span class="_ _3"/>an<span class="_ _3"/>ged c<span class="_ _3"/>om<span class="_ _3"/>par<span class="_ _3"/>ed to ou<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>ctat<span class="_ _3"/>ion<span class="_ _3"/>s as of 3<span class="_ _3"/>0 Se<span class="_ _3"/>p<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3 an<span class="_ _3"/>d 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>022. H<span class="_ _3"/>oweve<span class="_ _3"/>r<span class="_ _0"/>, for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1, we re<span class="_ _3"/>du<span class="_ _3"/>ced t<span class="_ _3"/>he p<span class="_ _3"/>roba<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty of a<span class="_ _3"/>chi<span class="_ _3"/>evi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>al 10 <span class="_ _15c"/>% I<span class="_ _3"/>TC bon<span class="_ _3"/>us cre<span class="_ _3"/>di<span class="_ _3"/>t fro<span class="_ _3"/>m 95 <span class="_ _15c"/>% at t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>d of 2022 to 15 <span class="_ _4"/>% a<span class="_ _3"/>s of 30 S<span class="_ _3"/>epte<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23. A<span class="_ _3"/>s at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023<span class="_ _3"/>, Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 is ter<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>ted<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pro<span class="_ _3"/>bab<span class="_ _3"/>il<span class="_ _3"/>ity o<span class="_ _3"/>f ach<span class="_ _3"/>iev<span class="_ _3"/>in<span class="_ _3"/>g ITC is no lo<span class="_ _3"/>ng<span class="_ _3"/>er re<span class="_ _3"/>leva<span class="_ _3"/>nt. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For t<span class="_ _3"/>he i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent tes<span class="_ _3"/>ti<span class="_ _3"/>ng i<span class="_ _3"/>n Sep<span class="_ _3"/>temb<span class="_ _3"/>er, we ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r tax cr<span class="_ _3"/>ed<span class="_ _3"/>it mo<span class="_ _3"/>net<span class="_ _3"/>isa<span class="_ _3"/>tio<span class="_ _3"/>n as<span class="_ _3"/>sum<span class="_ _3"/>pti<span class="_ _3"/>on<span class="_ _3"/>s as a res<span class="_ _3"/>ult </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e dete<span class="_ _3"/>rio<span class="_ _3"/>rat<span class="_ _3"/>ion o<span class="_ _3"/>f the b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss ca<span class="_ _3"/>ses a<span class="_ _3"/>nd o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>rs<span class="_ _3"/>tand<span class="_ _3"/>in<span class="_ _3"/>g of ma<span class="_ _3"/>rke<span class="_ _3"/>t con<span class="_ _3"/>dit<span class="_ _3"/>io<span class="_ _3"/>ns for th<span class="_ _3"/>ir<span class="_ _3"/>d-<span class="_ _3"/>pa<span class="_ _3"/>rt<span class="_ _3"/>y tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">monetisa<span class="_ _0"/>tion o<span class="_ _0"/>f U<span class="_ _0"/>S o<span class="_ _0"/>ffshore<span class="_ _0"/> wind IT<span class="_ _4"/>Cs<span class="_ _3"/>. The<span class="_ _0"/>se changes,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>ere ke<span class="_ _3"/>pt in D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er, ha<span class="_ _3"/>d a neg<span class="_ _3"/>at<span class="_ _3"/>ive i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _0"/>he r<span class="_ _0"/>eco<span class="_ _0"/>v<span class="_ _0"/>erable<span class="_ _0"/> amoun<span class="_ _0"/>ts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t from t<span class="_ _3"/>he ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n as<span class="_ _3"/>sum<span class="_ _3"/>pti<span class="_ _3"/>ons r<span class="_ _3"/>ela<span class="_ _3"/>ted to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">achieving<span class="_ _0"/> and mone<span class="_ _0"/>tising I<span class="_ _0"/>T<span class="_ _0"/>Cs f<span class="_ _0"/>or o<span class="_ _0"/>ffshore<span class="_ _0"/> proj<span class="_ _0"/>ects is<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in th<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt los<span class="_ _3"/>s with D<span class="_ _3"/>KK 4<span class="_ _3"/>.7 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>nr<span class="_ _3"/>ise W<span class="_ _3"/>in<span class="_ _3"/>d OR<span class="_ _3"/>EC pri<span class="_ _3"/>ce</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>01<span class="_ _4"/>9, Sun<span class="_ _3"/>ri<span class="_ _3"/>se Wi<span class="_ _3"/>nd s<span class="_ _3"/>ig<span class="_ _3"/>ne<span class="_ _3"/>d a 25-y<span class="_ _3"/>ear O<span class="_ _3"/>REC p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d-<span class="_ _3"/>sal<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt wit<span class="_ _3"/>h the N<span class="_ _3"/>ew Y<span class="_ _0"/>ork State E<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Res<span class="_ _3"/>ea<span class="_ _3"/>rch an<span class="_ _3"/>d Dev<span class="_ _3"/>elo<span class="_ _3"/>pme<span class="_ _3"/>nt Au<span class="_ _3"/>tho<span class="_ _3"/>rit<span class="_ _3"/>y (NYS<span class="_ _3"/>ERDA<span class="_ _3"/>), wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an O<span class="_ _3"/>REC s<span class="_ _3"/>tri<span class="_ _3"/>ke pr<span class="_ _3"/>ice at U<span class="_ _3"/>SD 110 p<span class="_ _3"/>er M<span class="_ _3"/>Wh<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In J<span class="_ _3"/>un<span class="_ _3"/>e 202<span class="_ _3"/>3, we su<span class="_ _3"/>bm<span class="_ _3"/>itte<span class="_ _3"/>d a pet<span class="_ _3"/>iti<span class="_ _3"/>on to th<span class="_ _3"/>e state of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">New Y<span class="_ _0"/>or<span class="_ _3"/>k to in<span class="_ _3"/>cre<span class="_ _3"/>ase th<span class="_ _3"/>e OR<span class="_ _3"/>EC pr<span class="_ _3"/>ice by 27 <span class="_ _15c"/>% to US<span class="_ _3"/>D </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">14<span class="_ _3"/>0 pe<span class="_ _3"/>r MW<span class="_ _3"/>h du<span class="_ _3"/>e to sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>cant co<span class="_ _3"/>st a<span class="_ _3"/>nd i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>s si<span class="_ _3"/>nce th<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt wa<span class="_ _3"/>s ente<span class="_ _3"/>red i<span class="_ _3"/>nto. Th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>titi<span class="_ _3"/>on wa<span class="_ _3"/>s de<span class="_ _3"/>ni<span class="_ _3"/>ed by th<span class="_ _3"/>e state o<span class="_ _3"/>n 12 Octo<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>llowi<span class="_ _3"/>ng th<span class="_ _3"/>e rej<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>etit<span class="_ _3"/>ion a<span class="_ _3"/>nd t<span class="_ _3"/>he o<span class="_ _3"/>utcom<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e New Y<span class="_ _0"/>ork 3 te<span class="_ _3"/>nd<span class="_ _3"/>er i<span class="_ _3"/>n Oc<span class="_ _3"/>tobe<span class="_ _3"/>r, the sta<span class="_ _3"/>te of New </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Y<span class="_ _0"/>ork co<span class="_ _3"/>mm<span class="_ _3"/>en<span class="_ _3"/>ced a n<span class="_ _3"/>ew so<span class="_ _3"/>lic<span class="_ _3"/>itat<span class="_ _3"/>ion fo<span class="_ _3"/>r cap<span class="_ _3"/>ac<span class="_ _3"/>ity w<span class="_ _3"/>ith </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>d de<span class="_ _3"/>ad<span class="_ _3"/>li<span class="_ _3"/>ne o<span class="_ _3"/>n 25 Ja<span class="_ _3"/>nu<span class="_ _3"/>ar<span class="_ _3"/>y 2024<span class="_ _3"/>. T<span class="_ _0"/>oget<span class="_ _3"/>he<span class="_ _3"/>r wit<span class="_ _3"/>h our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r<span class="_ _0"/>, we de<span class="_ _3"/>ci<span class="_ _3"/>de<span class="_ _3"/>d to reb<span class="_ _3"/>id ou<span class="_ _3"/>r Su<span class="_ _3"/>nr<span class="_ _3"/>ise W<span class="_ _3"/>in<span class="_ _3"/>d pro<span class="_ _3"/>je<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a b<span class="_ _3"/>id p<span class="_ _3"/>rice l<span class="_ _3"/>evel re<span class="_ _3"/>fle<span class="_ _3"/>ct<span class="_ _3"/>ing t<span class="_ _3"/>he cu<span class="_ _3"/>rre<span class="_ _3"/>nt co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and financing c<span class="_ _0"/>osts.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a c<span class="_ _3"/>ons<span class="_ _3"/>eq<span class="_ _3"/>ue<span class="_ _3"/>nce of p<span class="_ _3"/>ar<span class="_ _3"/>ti<span class="_ _3"/>cip<span class="_ _3"/>ati<span class="_ _3"/>ng i<span class="_ _3"/>n th<span class="_ _3"/>e sol<span class="_ _3"/>ic<span class="_ _3"/>itati<span class="_ _3"/>on<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e OREC a<span class="_ _3"/>war<span class="_ _3"/>ded i<span class="_ _3"/>n 201<span class="_ _0"/>9 is no l<span class="_ _3"/>ong<span class="_ _3"/>er v<span class="_ _3"/>al<span class="_ _3"/>id<span class="_ _3"/>, me<span class="_ _3"/>an<span class="_ _3"/>ing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at we wi<span class="_ _3"/>ll h<span class="_ _3"/>ave a m<span class="_ _3"/>erc<span class="_ _3"/>ha<span class="_ _3"/>nt pro<span class="_ _3"/>jec<span class="_ _3"/>t if we d<span class="_ _3"/>o not g<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>war<span class="_ _3"/>d. I<span class="_ _3"/>n ou<span class="_ _3"/>r im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt test fo<span class="_ _3"/>r Q4 2023<span class="_ _3"/>, we ha<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>sum<span class="_ _3"/>ed a 75 <span class="_ _15c"/>% p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity of a<span class="_ _3"/>ch<span class="_ _3"/>ievi<span class="_ _3"/>ng a<span class="_ _3"/>n awa<span class="_ _3"/>rd<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere<span class="_ _3"/>as we a<span class="_ _3"/>ssu<span class="_ _3"/>me<span class="_ _3"/>d a 50 <span class="_ _4"/>% pr<span class="_ _3"/>oba<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty of an a<span class="_ _3"/>wa<span class="_ _3"/>rd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rme<span class="_ _3"/>nt tes<span class="_ _3"/>t pre<span class="_ _3"/>pa<span class="_ _3"/>red i<span class="_ _3"/>n Q3 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>er a<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>d pr<span class="_ _3"/>oba<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty we<span class="_ _3"/>igh<span class="_ _3"/>tin<span class="_ _3"/>g is b<span class="_ _3"/>ase<span class="_ _3"/>d on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e evalu<span class="_ _3"/>at<span class="_ _3"/>ion c<span class="_ _3"/>rite<span class="_ _3"/>ri<span class="_ _3"/>a of the re<span class="_ _3"/>qu<span class="_ _3"/>es<span class="_ _3"/>t for pr<span class="_ _3"/>opo<span class="_ _3"/>sal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(R<span class="_ _3"/>FP)<span class="_ _3"/>, the s<span class="_ _3"/>ize of th<span class="_ _3"/>e so<span class="_ _3"/>li<span class="_ _3"/>citat<span class="_ _3"/>io<span class="_ _3"/>n, a co<span class="_ _3"/>mp<span class="_ _3"/>eti<span class="_ _3"/>tor an<span class="_ _3"/>alysi<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>e pri<span class="_ _3"/>ce leve<span class="_ _3"/>l we su<span class="_ _3"/>bm<span class="_ _3"/>itte<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If we g<span class="_ _3"/>et a<span class="_ _3"/>n awa<span class="_ _3"/>rd, t<span class="_ _3"/>he i<span class="_ _3"/>mpa<span class="_ _3"/>i<span class="_ _3"/>rme<span class="_ _3"/>nt los<span class="_ _3"/>s wi<span class="_ _3"/>ll be re<span class="_ _3"/>du<span class="_ _3"/>ced </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by ap<span class="_ _3"/>prox<span class="_ _3"/>. D<span class="_ _3"/>KK 1<span class="_ _3"/>.8 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n. I<span class="_ _3"/>f we do n<span class="_ _3"/>ot ge<span class="_ _3"/>t an aw<span class="_ _3"/>ard<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>irm<span class="_ _3"/>en<span class="_ _3"/>t loss w<span class="_ _3"/>ill b<span class="_ _3"/>e ap<span class="_ _3"/>pro<span class="_ _3"/>x<span class="_ _3"/>. DKK 5<span class="_ _3"/>.5 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">higher<span class="_ _0"/>. Thes<span class="_ _0"/>e sens<span class="_ _0"/>itivity<span class="_ _0"/> anal<span class="_ _0"/>ys<span class="_ _0"/>es are<span class="_ _0"/> performed<span class="_ _0"/> with<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r the p<span class="_ _3"/>ur<span class="_ _3"/>po<span class="_ _3"/>se of as<span class="_ _3"/>se<span class="_ _3"/>ssi<span class="_ _3"/>ng i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent l<span class="_ _3"/>oss<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Int<span class="_ _0"/>angible<span class="_ _0"/> asset<span class="_ _0"/>s’<span class="_ _0"/>,<span class="_ _0"/> and<span class="_ _0"/> ‘Property<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equip<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>’ are g<span class="_ _3"/>ro<span class="_ _3"/>upe<span class="_ _3"/>d at t<span class="_ _3"/>he lev<span class="_ _3"/>el fo<span class="_ _3"/>r wh<span class="_ _3"/>ich t<span class="_ _3"/>he<span class="_ _3"/>re ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">separ<span class="_ _0"/>atel<span class="_ _4"/>y ident<span class="_ _0"/>ifiable<span class="_ _0"/> ca<span class="_ _0"/>sh fl<span class="_ _0"/>ow<span class="_ _0"/>s (<span class="_ _0"/>cas<span class="_ _0"/>h-generat<span class="_ _0"/>ing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>it<span class="_ _3"/>s (CGUs)<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CGUs a<span class="_ _3"/>re as<span class="_ _3"/>se<span class="_ _3"/>sse<span class="_ _3"/>d for i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent w<span class="_ _3"/>he<span class="_ _3"/>nev<span class="_ _3"/>er ev<span class="_ _3"/>ent<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or c<span class="_ _3"/>irc<span class="_ _3"/>um<span class="_ _3"/>sta<span class="_ _3"/>nce<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>cate th<span class="_ _3"/>at t<span class="_ _3"/>he ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n ass<span class="_ _3"/>et or CG<span class="_ _3"/>U may n<span class="_ _3"/>ot be r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e. If a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>di<span class="_ _3"/>cat<span class="_ _3"/>io<span class="_ _3"/>n of im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt ex<span class="_ _3"/>is<span class="_ _3"/>ts<span class="_ _3"/>, an e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>te of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>'s or CG<span class="_ _3"/>U'<span class="_ _3"/>s reco<span class="_ _3"/>vera<span class="_ _3"/>b<span class="_ _3"/>le am<span class="_ _3"/>ou<span class="_ _3"/>nt is m<span class="_ _3"/>ad<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lue of a CG<span class="_ _3"/>U is im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>red i<span class="_ _3"/>f the n<span class="_ _3"/>et b<span class="_ _3"/>ook </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue e<span class="_ _3"/>xce<span class="_ _3"/>ed<span class="_ _3"/>s the r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hic<span class="_ _3"/>h is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>er of t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se an<span class="_ _3"/>d th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s of di<span class="_ _3"/>sp<span class="_ _3"/>osa<span class="_ _3"/>l<span class="_ _3"/>. Valu<span class="_ _3"/>e-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se ca<span class="_ _3"/>lcu<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lat<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt'<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>ctat<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to fu<span class="_ _3"/>ture c<span class="_ _3"/>as<span class="_ _3"/>h flow<span class="_ _3"/>s fro<span class="_ _3"/>m fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l fore<span class="_ _3"/>cas<span class="_ _3"/>ts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss pl<span class="_ _3"/>ans a<span class="_ _3"/>nd i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>de a nu<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r of as<span class="_ _3"/>sum<span class="_ _3"/>p<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons a<span class="_ _3"/>nd e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ates<span class="_ _3"/>. Fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e les<span class="_ _3"/>s cos<span class="_ _3"/>ts of d<span class="_ _3"/>is-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>sal i<span class="_ _3"/>s us<span class="_ _3"/>ed fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>ds a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>sed o<span class="_ _3"/>n a mu<span class="_ _3"/>lti<span class="_ _3"/>ple </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>alys<span class="_ _3"/>is a<span class="_ _3"/>nd d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted ca<span class="_ _3"/>sh f<span class="_ _3"/>low m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s, i<span class="_ _3"/>f a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>b<span class="_ _3"/>us<span class="_ _3"/>in<span class="_ _3"/>ess c<span class="_ _3"/>ase i<span class="_ _3"/>s av<span class="_ _3"/>ai<span class="_ _3"/>lab<span class="_ _3"/>le. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tin<span class="_ _3"/>g ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ows in<span class="_ _3"/>volve<span class="_ _3"/>s a nu<span class="_ _3"/>mb<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of as<span class="_ _3"/>su<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>nd es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tes<span class="_ _3"/>. In th<span class="_ _3"/>e US<span class="_ _3"/>, key es<span class="_ _3"/>ti<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns fo<span class="_ _3"/>r the fo<span class="_ _3"/>rec<span class="_ _3"/>as<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>ds a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X (i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g kn<span class="_ _3"/>ock-<span class="_ _3"/>on e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s fro<span class="_ _3"/>m su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>lay<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>), i<span class="_ _3"/>nfl<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, ter<span class="_ _3"/>ms of c<span class="_ _3"/>ond<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>n new </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, p<span class="_ _3"/>os<span class="_ _3"/>sib<span class="_ _3"/>le re<span class="_ _3"/>ne<span class="_ _3"/>got<span class="_ _3"/>ia<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons o<span class="_ _3"/>f ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g OR<span class="_ _3"/>ECs (w<span class="_ _3"/>hi<span class="_ _3"/>ch d<span class="_ _3"/>o not h<span class="_ _3"/>ave i<span class="_ _3"/>nf<span class="_ _3"/>lat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>xat<span class="_ _3"/>io<span class="_ _3"/>n), e<span class="_ _3"/>li<span class="_ _3"/>gi<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty fo<span class="_ _3"/>r bon<span class="_ _3"/>us I<span class="_ _3"/>TCs<span class="_ _3"/>, and ta<span class="_ _3"/>x eq<span class="_ _3"/>u<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements<span class="_ _0"/> or al<span class="_ _0"/>ternat<span class="_ _0"/>ive w<span class="_ _0"/>ays<span class="_ _0"/> of<span class="_ _0"/> monetising<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ITCs<span class="_ _3"/>. Al<span class="_ _3"/>l the<span class="_ _3"/>se key e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed s<span class="_ _3"/>pe<span class="_ _3"/>cif<span class="_ _3"/>ic<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y for e<span class="_ _3"/>ac<span class="_ _3"/>h CGU.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unt r<span class="_ _3"/>ate ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d wh<span class="_ _3"/>en ca<span class="_ _3"/>lcu<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g va<span class="_ _3"/>lue<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>-u<span class="_ _3"/>se ta<span class="_ _3"/>kes g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>l ri<span class="_ _3"/>sk<span class="_ _3"/>s into a<span class="_ _3"/>cco<span class="_ _3"/>unt a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he we<span class="_ _3"/>ig<span class="_ _3"/>hted a<span class="_ _3"/>ve<span class="_ _3"/>rag<span class="_ _3"/>e cos<span class="_ _3"/>t of ca<span class="_ _3"/>pi<span class="_ _3"/>tal (<span class="_ _3"/>WAC<span class="_ _0"/>C) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter ta<span class="_ _3"/>x<span class="_ _3"/>, wh<span class="_ _3"/>ere<span class="_ _3"/>as t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows a<span class="_ _3"/>re ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d for ri<span class="_ _3"/>sk<span class="_ _3"/>s sp<span class="_ _3"/>eci<span class="_ _3"/>fi<span class="_ _3"/>c to th<span class="_ _3"/>e ass<span class="_ _3"/>et<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>E<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure ca<span class="_ _3"/>sh f<span class="_ _3"/>lows a<span class="_ _3"/>re d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l po<span class="_ _3"/>st-tax d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>t rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>sse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sta<span class="_ _3"/>tem<span class="_ _3"/>ent a<span class="_ _3"/>nd<span class="_ _3"/>, ex<span class="_ _3"/>cep<span class="_ _3"/>t in th<span class="_ _3"/>e ca<span class="_ _3"/>se of g<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>f the<span class="_ _3"/>re h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n a cha<span class="_ _3"/>ng<span class="_ _3"/>e in t<span class="_ _3"/>he <span class="_ _1"/>es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed to d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne t<span class="_ _3"/>he CGU<span class="_ _3"/>'s re<span class="_ _3"/>cove<span class="_ _3"/>ra<span class="_ _3"/>ble a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>rs<span class="_ _3"/>al of a<span class="_ _3"/>n im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>rme<span class="_ _3"/>nt lo<span class="_ _3"/>ss is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt ne<span class="_ _3"/>t of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on if n<span class="_ _3"/>o im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>ss ha<span class="_ _3"/>d be<span class="_ _3"/>en r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">th<span class="_ _3"/>e CGU.</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">all o<span class="_ _0"/>ther as<span class="_ _0"/>sumptions<span class="_ _0"/> unchanged. The<span class="_ _0"/> out<span class="_ _0"/>come<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>lic<span class="_ _3"/>itat<span class="_ _3"/>ion i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cted i<span class="_ _3"/>n Ma<span class="_ _3"/>rch<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>creas<span class="_ _3"/>ing i<span class="_ _3"/>nterest rates</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e US lo<span class="_ _3"/>ng<span class="_ _3"/>-d<span class="_ _3"/>ated i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>te has i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>sed s<span class="_ _3"/>ig<span class="_ _3"/>nif<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>ntl<span class="_ _0"/>y du<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>he las<span class="_ _3"/>t cou<span class="_ _3"/>ple o<span class="_ _3"/>f yea<span class="_ _3"/>rs a<span class="_ _3"/>nd too<span class="_ _3"/>k an<span class="_ _3"/>othe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cre<span class="_ _3"/>ase of a<span class="_ _3"/>pp<span class="_ _3"/>rox<span class="_ _3"/>. 75 bp<span class="_ _3"/>s from 3<span class="_ _3"/>0 Ju<span class="_ _3"/>ne to 3<span class="_ _3"/>0 Se<span class="_ _3"/>ptem<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>r 202<span class="_ _3"/>3, af<span class="_ _3"/>ter w<span class="_ _3"/>hi<span class="_ _3"/>ch it d<span class="_ _3"/>ec<span class="_ _3"/>rea<span class="_ _3"/>sed a<span class="_ _3"/>pp<span class="_ _3"/>rox<span class="_ _3"/>. 5<span class="_ _3"/>0 bps f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">30 S<span class="_ _3"/>epte<span class="_ _3"/>mb<span class="_ _3"/>er to 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t from t<span class="_ _3"/>he i<span class="_ _3"/>ncr<span class="_ _3"/>eas<span class="_ _3"/>e an<span class="_ _3"/>d sub<span class="_ _3"/>seq<span class="_ _3"/>ue<span class="_ _3"/>nt d<span class="_ _3"/>ecre<span class="_ _3"/>as<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he i<span class="_ _3"/>ntere<span class="_ _3"/>st rate wa<span class="_ _3"/>s asy<span class="_ _3"/>mm<span class="_ _3"/>etr<span class="_ _3"/>ica<span class="_ _3"/>l, a<span class="_ _3"/>s we ter<span class="_ _3"/>mi<span class="_ _3"/>nate<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 proj<span class="_ _3"/>ec<span class="_ _3"/>t on 31 Oc<span class="_ _3"/>tob<span class="_ _3"/>er 20<span class="_ _3"/>23. T<span class="_ _3"/>he n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ef<span class="_ _3"/>fec<span class="_ _3"/>t of the c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e in i<span class="_ _3"/>ntere<span class="_ _3"/>st rate a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns wa<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent of D<span class="_ _3"/>KK 4<span class="_ _3"/>.<span class="_ _3"/>4 bi<span class="_ _3"/>lli<span class="_ _3"/>on a<span class="_ _3"/>fte<span class="_ _3"/>r reve<span class="_ _3"/>rsi<span class="_ _3"/>ng lo<span class="_ _3"/>sse<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DK<span class="_ _3"/>K 1.9 bil<span class="_ _3"/>lio<span class="_ _3"/>n com<span class="_ _3"/>pa<span class="_ _3"/>re<span class="_ _3"/>d to the re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt los<span class="_ _3"/>s in o<span class="_ _3"/>ur i<span class="_ _3"/>nteri<span class="_ _3"/>m f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l rep<span class="_ _3"/>or<span class="_ _3"/>t for t<span class="_ _3"/>he f<span class="_ _3"/>irs<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>ne m<span class="_ _3"/>ont<span class="_ _3"/>hs of 202<span class="_ _3"/>3. T<span class="_ _3"/>hes<span class="_ _3"/>e im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt loss<span class="_ _3"/>es re<span class="_ _3"/>late </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/> our<span class="_ _0"/> US o<span class="_ _0"/>ffshore<span class="_ _0"/> and onshor<span class="_ _0"/>e pro<span class="_ _0"/>jects.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>ab<span class="_ _3"/>ed va<span class="_ _3"/>lu<span class="_ _3"/>e of Oce<span class="_ _3"/>an W<span class="_ _3"/>i<span class="_ _3"/>nd 1 a<span class="_ _3"/>nd S<span class="_ _3"/>ki<span class="_ _3"/>pj<span class="_ _3"/>ac<span class="_ _3"/>k Wi<span class="_ _3"/>nd</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tin<span class="_ _3"/>g th<span class="_ _3"/>e recove<span class="_ _3"/>ra<span class="_ _3"/>ble a<span class="_ _3"/>mou<span class="_ _3"/>nt of th<span class="_ _3"/>e se<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>ds re<span class="_ _3"/>late<span class="_ _3"/>d to Ocea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 a<span class="_ _3"/>nd S<span class="_ _3"/>ki<span class="_ _3"/>pja<span class="_ _3"/>ck W<span class="_ _3"/>in<span class="_ _3"/>d, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve us<span class="_ _3"/>ed th<span class="_ _3"/>e ap<span class="_ _3"/>pro<span class="_ _3"/>ach ‘<span class="_ _3"/>fai<span class="_ _3"/>r va<span class="_ _3"/>lue le<span class="_ _3"/>ss cos<span class="_ _3"/>ts of d<span class="_ _3"/>is<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>sal’ (F<span class="_ _3"/>V<span class="_ _3"/>LCD) to dete<span class="_ _3"/>rmi<span class="_ _3"/>ne i<span class="_ _3"/>f the c<span class="_ _3"/>ar<span class="_ _3"/>ryi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _0"/>eed t<span class="_ _0"/>he r<span class="_ _0"/>eco<span class="_ _0"/>ver<span class="_ _0"/>able<span class="_ _0"/> amoun<span class="_ _0"/>ts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve use<span class="_ _3"/>d mu<span class="_ _3"/>ltip<span class="_ _3"/>le an<span class="_ _3"/>alysi<span class="_ _3"/>s an<span class="_ _3"/>d di<span class="_ _3"/>scou<span class="_ _3"/>nted c<span class="_ _3"/>ash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flow m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s wh<span class="_ _3"/>ere a b<span class="_ _3"/>us<span class="_ _3"/>in<span class="_ _3"/>ess ca<span class="_ _3"/>se is a<span class="_ _3"/>va<span class="_ _3"/>ila<span class="_ _3"/>ble to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>tim<span class="_ _3"/>ate th<span class="_ _3"/>e recov<span class="_ _3"/>era<span class="_ _3"/>ble a<span class="_ _3"/>mo<span class="_ _3"/>unt of t<span class="_ _3"/>he se<span class="_ _3"/>ab<span class="_ _3"/>ed<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese va<span class="_ _3"/>lu<span class="_ _3"/>ati<span class="_ _3"/>ons a<span class="_ _3"/>re su<span class="_ _3"/>bj<span class="_ _3"/>ect to s<span class="_ _3"/>ig<span class="_ _3"/>nif<span class="_ _3"/>ic<span class="_ _3"/>ant u<span class="_ _3"/>nce<span class="_ _3"/>r<span class="_ _3"/>tain<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>es<span class="_ _3"/>. The<span class="_ _3"/>re a<span class="_ _3"/>re li<span class="_ _3"/>mi<span class="_ _3"/>ted tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>ns for se<span class="_ _3"/>ab<span class="_ _3"/>ed<span class="_ _3"/>s in th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket a<span class="_ _3"/>nd l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d au<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>s refle<span class="_ _3"/>ct<span class="_ _3"/>in<span class="_ _3"/>g wha<span class="_ _3"/>t a th<span class="_ _3"/>ird </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ty cou<span class="_ _3"/>ld obta<span class="_ _3"/>in a<span class="_ _3"/>s a PP<span class="_ _0"/>A (OR<span class="_ _3"/>EC) p<span class="_ _3"/>rice i<span class="_ _3"/>n a re<span class="_ _3"/>-b<span class="_ _3"/>id o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">new<span class="_ _0"/> tender<span class="_ _0"/> under the<span class="_ _0"/> curr<span class="_ _0"/>ent c<span class="_ _0"/>omponent<span class="_ _0"/> and financ<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g cos<span class="_ _3"/>ts<span class="_ _3"/>. Ou<span class="_ _3"/>r ass<span class="_ _3"/>ess<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e com<span class="_ _3"/>pa<span class="_ _3"/>ri<span class="_ _3"/>son<span class="_ _3"/>s with </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nt me<span class="_ _3"/>rch<span class="_ _3"/>ant p<span class="_ _3"/>ric<span class="_ _3"/>es<span class="_ _3"/>, suc<span class="_ _3"/>h as th<span class="_ _3"/>e wi<span class="_ _3"/>nn<span class="_ _3"/>ing p<span class="_ _3"/>ri<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he N<span class="_ _3"/>ew Y<span class="_ _4"/>o<span class="_ _3"/>rk 3 ro<span class="_ _3"/>un<span class="_ _3"/>d, m<span class="_ _3"/>ulti<span class="_ _3"/>ple<span class="_ _3"/>s fro<span class="_ _3"/>m the 2<span class="_ _3"/>022 NY </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bi<span class="_ _3"/>ght B<span class="_ _3"/>u<span class="_ _3"/>rea<span class="_ _3"/>u of Oce<span class="_ _3"/>an En<span class="_ _3"/>er<span class="_ _3"/>gy Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt (BO<span class="_ _3"/>EM<span class="_ _3"/>) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lea<span class="_ _3"/>se a<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r releva<span class="_ _3"/>nt le<span class="_ _3"/>ase s<span class="_ _3"/>ale<span class="_ _3"/>s in th<span class="_ _3"/>e US<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>ch as i<span class="_ _3"/>n No<span class="_ _3"/>r<span class="_ _3"/>th Car<span class="_ _3"/>ol<span class="_ _3"/>ina a<span class="_ _3"/>nd C<span class="_ _3"/>al<span class="_ _3"/>ifor<span class="_ _3"/>ni<span class="_ _3"/>a. T<span class="_ _3"/>he fai<span class="_ _3"/>r va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>re cate<span class="_ _3"/>go<span class="_ _3"/>ris<span class="_ _3"/>ed as l<span class="_ _3"/>evel 3 of t<span class="_ _3"/>he fai<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">valu<span class="_ _3"/>e hie<span class="_ _3"/>rarchy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pote<span class="_ _3"/>nt<span class="_ _3"/>ia<span class="_ _3"/>l con<span class="_ _3"/>se<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>ces o<span class="_ _3"/>f fu<span class="_ _3"/>rt<span class="_ _3"/>he<span class="_ _3"/>r ad<span class="_ _3"/>ver<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dev<span class="_ _0"/>elopment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on to th<span class="_ _3"/>e se<span class="_ _3"/>nsi<span class="_ _3"/>tiv<span class="_ _3"/>iti<span class="_ _3"/>es d<span class="_ _3"/>escr<span class="_ _3"/>ib<span class="_ _3"/>ed<span class="_ _3"/>, fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ver<span class="_ _3"/>se d<span class="_ _3"/>evelo<span class="_ _3"/>pm<span class="_ _3"/>ent<span class="_ _3"/>s ma<span class="_ _3"/>y lea<span class="_ _3"/>d us to cea<span class="_ _3"/>se d<span class="_ _3"/>evelo<span class="_ _3"/>p-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of or r<span class="_ _3"/>eco<span class="_ _3"/>nfi<span class="_ _3"/>gu<span class="_ _3"/>re pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s cur<span class="_ _3"/>rently un<span class="_ _3"/>de<span class="_ _3"/>r dev<span class="_ _3"/>el<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>me<span class="_ _3"/>nt. B<span class="_ _3"/>es<span class="_ _3"/>id<span class="_ _3"/>es im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>ap<span class="_ _3"/>ital<span class="_ _3"/>ise<span class="_ _3"/>d va<span class="_ _3"/>lue of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ese p<span class="_ _3"/>roje<span class="_ _3"/>ct<span class="_ _3"/>s, c<span class="_ _3"/>eas<span class="_ _3"/>in<span class="_ _3"/>g to deve<span class="_ _3"/>lop p<span class="_ _3"/>roje<span class="_ _3"/>ct<span class="_ _3"/>s cou<span class="_ _3"/>ld le<span class="_ _3"/>ad </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to com<span class="_ _3"/>pe<span class="_ _3"/>nsa<span class="_ _3"/>tio<span class="_ _3"/>n to sup<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>rs o<span class="_ _3"/>r othe<span class="_ _3"/>r sta<span class="_ _3"/>keh<span class="_ _3"/>old<span class="_ _3"/>er<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _0"/> canc<span class="_ _0"/>elling c<span class="_ _0"/>ontr<span class="_ _0"/>acts. Costs<span class="_ _0"/> rel<span class="_ _0"/>at<span class="_ _0"/>ed t<span class="_ _0"/>o c<span class="_ _0"/>ancel<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ling c<span class="_ _0"/>ontr<span class="_ _0"/>acts will<span class="_ _0"/> be r<span class="_ _0"/>ecognised<span class="_ _0"/> as ‘<span class="_ _0"/>Other oper<span class="_ _0"/>ating<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s’ in o<span class="_ _3"/>ur i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tatem<span class="_ _3"/>ent (<span class="_ _3"/>pa<span class="_ _3"/>rt of E<span class="_ _3"/>BIT<span class="_ _3"/>DA) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>en th<span class="_ _3"/>e ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>n ari<span class="_ _3"/>se<span class="_ _3"/>s, a<span class="_ _3"/>nd to th<span class="_ _3"/>e ex<span class="_ _3"/>tent th<span class="_ _3"/>ese </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exceed<span class="_ _0"/> alread<span class="_ _0"/>y r<span class="_ _0"/>ecognised<span class="_ _0"/> onerous<span class="_ _0"/> co<span class="_ _0"/>ntr<span class="_ _0"/>acts.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Impairme<span class="_ _0"/>nt<span class="_ _0"/> lo<span class="_ _0"/>sses<span class="_ _0"/> re<span class="_ _0"/>latin<span class="_ _0"/>g t<span class="_ _0"/>o<span class="_ _0"/> int<span class="_ _0"/>angibl<span class="_ _0"/>e a<span class="_ _0"/>ssets</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve not re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>ny mate<span class="_ _3"/>ri<span class="_ _3"/>al i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">los<span class="_ _3"/>ses to go<span class="_ _3"/>od<span class="_ _3"/>wi<span class="_ _3"/>ll or ot<span class="_ _3"/>he<span class="_ _3"/>r inta<span class="_ _3"/>ngi<span class="_ _3"/>bl<span class="_ _3"/>e ass<span class="_ _3"/>ets i<span class="_ _3"/>n 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Goodwill primaril<span class="_ _0"/>y rel<span class="_ _0"/>ates<span class="_ _0"/> to<span class="_ _0"/> Onshore E<span class="_ _0"/>urope.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key as<span class="_ _3"/>su<span class="_ _3"/>mp<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>s in i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>en<span class="_ _3"/>t tes<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Valu<span class="_ _3"/>e<span class="_ _3"/>-i<span class="_ _3"/>n-<span class="_ _3"/>use c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re b<span class="_ _3"/>ase<span class="_ _3"/>d on m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt'<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>ctat<span class="_ _3"/>io<span class="_ _3"/>ns to f<span class="_ _3"/>utu<span class="_ _3"/>re cas<span class="_ _3"/>h fl<span class="_ _3"/>ows fr<span class="_ _3"/>om </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial budgets<span class="_ _0"/> and f<span class="_ _0"/>oreca<span class="_ _0"/>sts and<span class="_ _0"/> include<span class="_ _0"/> a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f ass<span class="_ _3"/>um<span class="_ _3"/>pti<span class="_ _3"/>on<span class="_ _3"/>s an<span class="_ _3"/>d est<span class="_ _3"/>im<span class="_ _3"/>ates<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese a<span class="_ _3"/>ss<span class="_ _3"/>um<span class="_ _3"/>pti<span class="_ _3"/>ons i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>de co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ion s<span class="_ _3"/>ch<span class="_ _3"/>ed<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ul<span class="_ _3"/>es<span class="_ _3"/>, est<span class="_ _3"/>im<span class="_ _3"/>ates o<span class="_ _3"/>f futu<span class="_ _3"/>re m<span class="_ _3"/>ar<span class="_ _3"/>ket co<span class="_ _3"/>nd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X<span class="_ _3"/>, ma<span class="_ _3"/>rket p<span class="_ _3"/>ri<span class="_ _3"/>ces of e<span class="_ _3"/>ne<span class="_ _3"/>rg<span class="_ _3"/>y and c<span class="_ _3"/>om<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>es<span class="_ _3"/>, inf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n, d<span class="_ _3"/>is<span class="_ _3"/>cou<span class="_ _3"/>nt rate<span class="_ _3"/>s, u<span class="_ _3"/>sef<span class="_ _3"/>ul l<span class="_ _3"/>iv<span class="_ _3"/>es of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>oje<span class="_ _3"/>ct<span class="_ _3"/>s, ta<span class="_ _3"/>x in<span class="_ _3"/>ce<span class="_ _3"/>nti<span class="_ _3"/>ves<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng t<span class="_ _3"/>he a<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to qu<span class="_ _3"/>al<span class="_ _3"/>if<span class="_ _3"/>y for ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts f<span class="_ _3"/>rom t<span class="_ _3"/>he US I<span class="_ _3"/>nf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on Ac<span class="_ _3"/>t, e<span class="_ _3"/>tc.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t pri<span class="_ _3"/>ce<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied a<span class="_ _3"/>re b<span class="_ _3"/>ase<span class="_ _3"/>d on a<span class="_ _3"/>va<span class="_ _3"/>il-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le fo<span class="_ _3"/>rw<span class="_ _3"/>ard p<span class="_ _3"/>ri<span class="_ _3"/>ces fo<span class="_ _3"/>r a pe<span class="_ _3"/>ri<span class="_ _3"/>od of u<span class="_ _3"/>p to fi<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar<span class="_ _3"/>s an<span class="_ _3"/>d our b<span class="_ _3"/>es<span class="_ _3"/>t es<span class="_ _3"/>tim<span class="_ _3"/>ate of l<span class="_ _3"/>on<span class="_ _3"/>g-te<span class="_ _3"/>rm p<span class="_ _3"/>ric<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>de<span class="_ _3"/>r of th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As g<span class="_ _3"/>oo<span class="_ _3"/>dw<span class="_ _3"/>ill r<span class="_ _3"/>ela<span class="_ _3"/>tes to g<span class="_ _3"/>ree<span class="_ _3"/>nf<span class="_ _3"/>ie<span class="_ _3"/>ld on<span class="_ _3"/>sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d so<span class="_ _3"/>lar d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt i<span class="_ _3"/>n Euro<span class="_ _3"/>pe<span class="_ _3"/>, an a<span class="_ _3"/>ssu<span class="_ _3"/>m<span class="_ _3"/>p-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the v<span class="_ _3"/>alu<span class="_ _3"/>e-<span class="_ _3"/>in<span class="_ _3"/>-<span class="_ _3"/>use c<span class="_ _3"/>alc<span class="_ _3"/>ula<span class="_ _3"/>tio<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for g<span class="_ _3"/>oo<span class="_ _3"/>dwi<span class="_ _3"/>ll i<span class="_ _3"/>s th<span class="_ _3"/>e ab<span class="_ _3"/>il<span class="_ _3"/>ity to d<span class="_ _3"/>eve<span class="_ _3"/>lop n<span class="_ _3"/>ew si<span class="_ _3"/>tes<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is a<span class="_ _3"/>ssu<span class="_ _3"/>mp<span class="_ _3"/>tio<span class="_ _3"/>n is b<span class="_ _3"/>ase<span class="_ _3"/>d on c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>t and f<span class="_ _3"/>utu<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>il<span class="_ _3"/>d-<span class="_ _3"/>ou<span class="_ _3"/>t pla<span class="_ _3"/>ns fo<span class="_ _3"/>r ren<span class="_ _3"/>ewa<span class="_ _3"/>ble e<span class="_ _3"/>ne<span class="_ _3"/>rgy i<span class="_ _3"/>n Eu<span class="_ _3"/>rop<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>il<span class="_ _3"/>e the<span class="_ _3"/>re a<span class="_ _3"/>re in<span class="_ _3"/>he<span class="_ _3"/>re<span class="_ _3"/>nt un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>ie<span class="_ _3"/>s in th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">assumptio<span class="_ _3"/>ns, the assumptions reflect man<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t's b<span class="_ _3"/>es<span class="_ _3"/>t est<span class="_ _3"/>im<span class="_ _3"/>ate ove<span class="_ _3"/>r th<span class="_ _3"/>e li<span class="_ _3"/>ves of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>oup's CGU<span class="_ _3"/>s.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r the p<span class="_ _3"/>ur<span class="_ _3"/>po<span class="_ _3"/>se of as<span class="_ _3"/>se<span class="_ _3"/>ssi<span class="_ _3"/>ng i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent l<span class="_ _3"/>oss<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Int<span class="_ _0"/>angible<span class="_ _0"/> asset<span class="_ _0"/>s’<span class="_ _0"/>,<span class="_ _0"/> and<span class="_ _0"/> ‘Property<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equip<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>’ are g<span class="_ _3"/>ro<span class="_ _3"/>upe<span class="_ _3"/>d at t<span class="_ _3"/>he lev<span class="_ _3"/>el fo<span class="_ _3"/>r wh<span class="_ _3"/>ich t<span class="_ _3"/>he<span class="_ _3"/>re ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">separ<span class="_ _0"/>atel<span class="_ _4"/>y ident<span class="_ _0"/>ifiable<span class="_ _0"/> ca<span class="_ _0"/>sh fl<span class="_ _0"/>ow<span class="_ _0"/>s (<span class="_ _0"/>cas<span class="_ _0"/>h-generat<span class="_ _0"/>ing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>it<span class="_ _3"/>s (CGUs)<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CGUs a<span class="_ _3"/>re as<span class="_ _3"/>se<span class="_ _3"/>sse<span class="_ _3"/>d for i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent w<span class="_ _3"/>he<span class="_ _3"/>nev<span class="_ _3"/>er ev<span class="_ _3"/>ent<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or c<span class="_ _3"/>irc<span class="_ _3"/>um<span class="_ _3"/>sta<span class="_ _3"/>nce<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>cate th<span class="_ _3"/>at t<span class="_ _3"/>he ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n ass<span class="_ _3"/>et or CG<span class="_ _3"/>U may n<span class="_ _3"/>ot be r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e. If a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>di<span class="_ _3"/>cat<span class="_ _3"/>io<span class="_ _3"/>n of im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt ex<span class="_ _3"/>is<span class="_ _3"/>ts<span class="_ _3"/>, an e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>te of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>'s or CG<span class="_ _3"/>U'<span class="_ _3"/>s reco<span class="_ _3"/>vera<span class="_ _3"/>b<span class="_ _3"/>le am<span class="_ _3"/>ou<span class="_ _3"/>nt is m<span class="_ _3"/>ad<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lue of a CG<span class="_ _3"/>U is im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>red i<span class="_ _3"/>f the n<span class="_ _3"/>et b<span class="_ _3"/>ook </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue e<span class="_ _3"/>xce<span class="_ _3"/>ed<span class="_ _3"/>s the r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hic<span class="_ _3"/>h is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>er of t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se an<span class="_ _3"/>d th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s of di<span class="_ _3"/>sp<span class="_ _3"/>osa<span class="_ _3"/>l<span class="_ _3"/>. Valu<span class="_ _3"/>e-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se ca<span class="_ _3"/>lcu<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lat<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt'<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>ctat<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to fu<span class="_ _3"/>ture c<span class="_ _3"/>as<span class="_ _3"/>h flow<span class="_ _3"/>s fro<span class="_ _3"/>m fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l fore<span class="_ _3"/>cas<span class="_ _3"/>ts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss pl<span class="_ _3"/>ans a<span class="_ _3"/>nd i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>de a nu<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r of as<span class="_ _3"/>sum<span class="_ _3"/>p<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons a<span class="_ _3"/>nd e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ates<span class="_ _3"/>. Fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e les<span class="_ _3"/>s cos<span class="_ _3"/>ts of d<span class="_ _3"/>is-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>sal i<span class="_ _3"/>s us<span class="_ _3"/>ed fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>ds a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>sed o<span class="_ _3"/>n a mu<span class="_ _3"/>lti<span class="_ _3"/>ple </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>alys<span class="_ _3"/>is a<span class="_ _3"/>nd d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted ca<span class="_ _3"/>sh f<span class="_ _3"/>low m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s, i<span class="_ _3"/>f a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>b<span class="_ _3"/>us<span class="_ _3"/>in<span class="_ _3"/>ess c<span class="_ _3"/>ase i<span class="_ _3"/>s av<span class="_ _3"/>ai<span class="_ _3"/>lab<span class="_ _3"/>le. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tin<span class="_ _3"/>g ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ows in<span class="_ _3"/>volve<span class="_ _3"/>s a nu<span class="_ _3"/>mb<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of as<span class="_ _3"/>su<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>nd es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tes<span class="_ _3"/>. In th<span class="_ _3"/>e US<span class="_ _3"/>, key es<span class="_ _3"/>ti<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns fo<span class="_ _3"/>r the fo<span class="_ _3"/>rec<span class="_ _3"/>as<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>ds a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X (i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g kn<span class="_ _3"/>ock-<span class="_ _3"/>on e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s fro<span class="_ _3"/>m su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>lay<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>), i<span class="_ _3"/>nfl<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, ter<span class="_ _3"/>ms of c<span class="_ _3"/>ond<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>n new </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, p<span class="_ _3"/>os<span class="_ _3"/>sib<span class="_ _3"/>le re<span class="_ _3"/>ne<span class="_ _3"/>got<span class="_ _3"/>ia<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons o<span class="_ _3"/>f ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g OR<span class="_ _3"/>ECs (w<span class="_ _3"/>hi<span class="_ _3"/>ch d<span class="_ _3"/>o not h<span class="_ _3"/>ave i<span class="_ _3"/>nf<span class="_ _3"/>lat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>xat<span class="_ _3"/>io<span class="_ _3"/>n), e<span class="_ _3"/>li<span class="_ _3"/>gi<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty fo<span class="_ _3"/>r bon<span class="_ _3"/>us I<span class="_ _3"/>TCs<span class="_ _3"/>, and ta<span class="_ _3"/>x eq<span class="_ _3"/>u<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements<span class="_ _0"/> or al<span class="_ _0"/>ternat<span class="_ _0"/>ive w<span class="_ _0"/>ays<span class="_ _0"/> of<span class="_ _0"/> monetising<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ITCs<span class="_ _3"/>. Al<span class="_ _3"/>l the<span class="_ _3"/>se key e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed s<span class="_ _3"/>pe<span class="_ _3"/>cif<span class="_ _3"/>ic<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y for e<span class="_ _3"/>ac<span class="_ _3"/>h CGU.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unt r<span class="_ _3"/>ate ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d wh<span class="_ _3"/>en ca<span class="_ _3"/>lcu<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g va<span class="_ _3"/>lue<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>-u<span class="_ _3"/>se ta<span class="_ _3"/>kes g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>l ri<span class="_ _3"/>sk<span class="_ _3"/>s into a<span class="_ _3"/>cco<span class="_ _3"/>unt a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he we<span class="_ _3"/>ig<span class="_ _3"/>hted a<span class="_ _3"/>ve<span class="_ _3"/>rag<span class="_ _3"/>e cos<span class="_ _3"/>t of ca<span class="_ _3"/>pi<span class="_ _3"/>tal (<span class="_ _3"/>WAC<span class="_ _0"/>C) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter ta<span class="_ _3"/>x<span class="_ _3"/>, wh<span class="_ _3"/>ere<span class="_ _3"/>as t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows a<span class="_ _3"/>re ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d for ri<span class="_ _3"/>sk<span class="_ _3"/>s sp<span class="_ _3"/>eci<span class="_ _3"/>fi<span class="_ _3"/>c to th<span class="_ _3"/>e ass<span class="_ _3"/>et<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>E<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure ca<span class="_ _3"/>sh f<span class="_ _3"/>lows a<span class="_ _3"/>re d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l po<span class="_ _3"/>st-tax d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>t rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>sse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sta<span class="_ _3"/>tem<span class="_ _3"/>ent a<span class="_ _3"/>nd<span class="_ _3"/>, ex<span class="_ _3"/>cep<span class="_ _3"/>t in th<span class="_ _3"/>e ca<span class="_ _3"/>se of g<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>f the<span class="_ _3"/>re h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n a cha<span class="_ _3"/>ng<span class="_ _3"/>e in t<span class="_ _3"/>he <span class="_ _1"/>es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed to d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne t<span class="_ _3"/>he CGU<span class="_ _3"/>'s re<span class="_ _3"/>cove<span class="_ _3"/>ra<span class="_ _3"/>ble a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>rs<span class="_ _3"/>al of a<span class="_ _3"/>n im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>rme<span class="_ _3"/>nt lo<span class="_ _3"/>ss is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt ne<span class="_ _3"/>t of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on if n<span class="_ _3"/>o im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>ss ha<span class="_ _3"/>d be<span class="_ _3"/>en r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e CGU.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r the p<span class="_ _3"/>ur<span class="_ _3"/>po<span class="_ _3"/>se of as<span class="_ _3"/>se<span class="_ _3"/>ssi<span class="_ _3"/>ng i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent l<span class="_ _3"/>oss<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Int<span class="_ _0"/>angible<span class="_ _0"/> asset<span class="_ _0"/>s’<span class="_ _0"/>,<span class="_ _0"/> and<span class="_ _0"/> ‘Property<span class="_ _0"/>,<span class="_ _0"/> plan<span class="_ _0"/>t, and<span class="_ _0"/> equip<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>’ are g<span class="_ _3"/>ro<span class="_ _3"/>upe<span class="_ _3"/>d at t<span class="_ _3"/>he lev<span class="_ _3"/>el fo<span class="_ _3"/>r wh<span class="_ _3"/>ich t<span class="_ _3"/>he<span class="_ _3"/>re ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">separ<span class="_ _0"/>atel<span class="_ _4"/>y ident<span class="_ _0"/>ifiable<span class="_ _0"/> ca<span class="_ _0"/>sh fl<span class="_ _0"/>ow<span class="_ _0"/>s (<span class="_ _0"/>cas<span class="_ _0"/>h-generat<span class="_ _0"/>ing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>it<span class="_ _3"/>s (CGUs)<span class="_ _3"/>). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CGUs a<span class="_ _3"/>re as<span class="_ _3"/>se<span class="_ _3"/>sse<span class="_ _3"/>d for i<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rm<span class="_ _3"/>ent w<span class="_ _3"/>he<span class="_ _3"/>nev<span class="_ _3"/>er ev<span class="_ _3"/>ent<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or c<span class="_ _3"/>irc<span class="_ _3"/>um<span class="_ _3"/>sta<span class="_ _3"/>nce<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>cate th<span class="_ _3"/>at t<span class="_ _3"/>he ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n ass<span class="_ _3"/>et or CG<span class="_ _3"/>U may n<span class="_ _3"/>ot be r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e. If a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>di<span class="_ _3"/>cat<span class="_ _3"/>io<span class="_ _3"/>n of im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt ex<span class="_ _3"/>is<span class="_ _3"/>ts<span class="_ _3"/>, an e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>te of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>'s or CG<span class="_ _3"/>U'<span class="_ _3"/>s reco<span class="_ _3"/>vera<span class="_ _3"/>b<span class="_ _3"/>le am<span class="_ _3"/>ou<span class="_ _3"/>nt is m<span class="_ _3"/>ad<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e va<span class="_ _3"/>lue of a CG<span class="_ _3"/>U is im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>red i<span class="_ _3"/>f the n<span class="_ _3"/>et b<span class="_ _3"/>ook </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue e<span class="_ _3"/>xce<span class="_ _3"/>ed<span class="_ _3"/>s the r<span class="_ _3"/>ecov<span class="_ _3"/>era<span class="_ _3"/>bl<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hic<span class="_ _3"/>h is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hi<span class="_ _3"/>gh<span class="_ _3"/>er of t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se an<span class="_ _3"/>d th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s of di<span class="_ _3"/>sp<span class="_ _3"/>osa<span class="_ _3"/>l<span class="_ _3"/>. Valu<span class="_ _3"/>e-<span class="_ _3"/>in<span class="_ _3"/>-u<span class="_ _3"/>se ca<span class="_ _3"/>lcu<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lat<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt'<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>ctat<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to fu<span class="_ _3"/>ture c<span class="_ _3"/>as<span class="_ _3"/>h flow<span class="_ _3"/>s fro<span class="_ _3"/>m fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l fore<span class="_ _3"/>cas<span class="_ _3"/>ts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss pl<span class="_ _3"/>ans a<span class="_ _3"/>nd i<span class="_ _3"/>nc<span class="_ _3"/>lu<span class="_ _3"/>de a nu<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r of as<span class="_ _3"/>sum<span class="_ _3"/>p<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons a<span class="_ _3"/>nd e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ates<span class="_ _3"/>. Fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e les<span class="_ _3"/>s cos<span class="_ _3"/>ts of d<span class="_ _3"/>is-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>sal i<span class="_ _3"/>s us<span class="_ _3"/>ed fo<span class="_ _3"/>r sea<span class="_ _3"/>be<span class="_ _3"/>ds a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>sed o<span class="_ _3"/>n a mu<span class="_ _3"/>lti<span class="_ _3"/>ple </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>alys<span class="_ _3"/>is a<span class="_ _3"/>nd d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted ca<span class="_ _3"/>sh f<span class="_ _3"/>low m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s, i<span class="_ _3"/>f a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>b<span class="_ _3"/>us<span class="_ _3"/>in<span class="_ _3"/>ess c<span class="_ _3"/>ase i<span class="_ _3"/>s av<span class="_ _3"/>ai<span class="_ _3"/>lab<span class="_ _3"/>le. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tin<span class="_ _3"/>g ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ows in<span class="_ _3"/>volve<span class="_ _3"/>s a nu<span class="_ _3"/>mb<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of as<span class="_ _3"/>su<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>nd es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tes<span class="_ _3"/>. In th<span class="_ _3"/>e US<span class="_ _3"/>, key es<span class="_ _3"/>ti<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns fo<span class="_ _3"/>r the fo<span class="_ _3"/>rec<span class="_ _3"/>as<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>ds a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X (i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g kn<span class="_ _3"/>ock-<span class="_ _3"/>on e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s fro<span class="_ _3"/>m su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>lay<span class="_ _3"/>s, e<span class="_ _3"/>tc.<span class="_ _3"/>), i<span class="_ _3"/>nfl<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, ter<span class="_ _3"/>ms of c<span class="_ _3"/>ond<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>n new </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, p<span class="_ _3"/>os<span class="_ _3"/>sib<span class="_ _3"/>le re<span class="_ _3"/>ne<span class="_ _3"/>got<span class="_ _3"/>ia<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons o<span class="_ _3"/>f ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g OR<span class="_ _3"/>ECs (w<span class="_ _3"/>hi<span class="_ _3"/>ch d<span class="_ _3"/>o not h<span class="_ _3"/>ave i<span class="_ _3"/>nf<span class="_ _3"/>lat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>de<span class="_ _3"/>xat<span class="_ _3"/>io<span class="_ _3"/>n), e<span class="_ _3"/>li<span class="_ _3"/>gi<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty fo<span class="_ _3"/>r bon<span class="_ _3"/>us I<span class="_ _3"/>TCs<span class="_ _3"/>, and ta<span class="_ _3"/>x eq<span class="_ _3"/>u<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements<span class="_ _0"/> or al<span class="_ _0"/>ternat<span class="_ _0"/>ive w<span class="_ _0"/>ays<span class="_ _0"/> of<span class="_ _0"/> monetising<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ITCs<span class="_ _3"/>. Al<span class="_ _3"/>l the<span class="_ _3"/>se key e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes a<span class="_ _3"/>nd a<span class="_ _3"/>ssu<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed s<span class="_ _3"/>pe<span class="_ _3"/>cif<span class="_ _3"/>ic<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y for e<span class="_ _3"/>ac<span class="_ _3"/>h CGU.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unt r<span class="_ _3"/>ate ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d wh<span class="_ _3"/>en ca<span class="_ _3"/>lcu<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g va<span class="_ _3"/>lue<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>-u<span class="_ _3"/>se ta<span class="_ _3"/>kes g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>l ri<span class="_ _3"/>sk<span class="_ _3"/>s into a<span class="_ _3"/>cco<span class="_ _3"/>unt a<span class="_ _3"/>nd i<span class="_ _3"/>s ba<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he we<span class="_ _3"/>ig<span class="_ _3"/>hted a<span class="_ _3"/>ve<span class="_ _3"/>rag<span class="_ _3"/>e cos<span class="_ _3"/>t of ca<span class="_ _3"/>pi<span class="_ _3"/>tal (<span class="_ _3"/>WAC<span class="_ _0"/>C) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>ter ta<span class="_ _3"/>x<span class="_ _3"/>, wh<span class="_ _3"/>ere<span class="_ _3"/>as t<span class="_ _3"/>he es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>ted fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows a<span class="_ _3"/>re ad<span class="_ _3"/>ju<span class="_ _3"/>ste<span class="_ _3"/>d for ri<span class="_ _3"/>sk<span class="_ _3"/>s sp<span class="_ _3"/>eci<span class="_ _3"/>fi<span class="_ _3"/>c to th<span class="_ _3"/>e ass<span class="_ _3"/>et<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>E<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d fut<span class="_ _3"/>ure ca<span class="_ _3"/>sh f<span class="_ _3"/>lows a<span class="_ _3"/>re d<span class="_ _3"/>isc<span class="_ _3"/>ou<span class="_ _3"/>nted u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l po<span class="_ _3"/>st-tax d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>t rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>sse<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sta<span class="_ _3"/>tem<span class="_ _3"/>ent a<span class="_ _3"/>nd<span class="_ _3"/>, ex<span class="_ _3"/>cep<span class="_ _3"/>t in th<span class="_ _3"/>e ca<span class="_ _3"/>se of g<span class="_ _3"/>ood<span class="_ _3"/>wi<span class="_ _3"/>ll<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>rs<span class="_ _3"/>ed i<span class="_ _3"/>f the<span class="_ _3"/>re h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n a cha<span class="_ _3"/>ng<span class="_ _3"/>e in t<span class="_ _3"/>he <span class="_ _1"/>es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed to d<span class="_ _3"/>eter<span class="_ _3"/>mi<span class="_ _3"/>ne t<span class="_ _3"/>he CGU<span class="_ _3"/>'s re<span class="_ _3"/>cove<span class="_ _3"/>ra<span class="_ _3"/>ble a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>rs<span class="_ _3"/>al of a<span class="_ _3"/>n im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>rme<span class="_ _3"/>nt lo<span class="_ _3"/>ss is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt ne<span class="_ _3"/>t of de<span class="_ _3"/>pr<span class="_ _3"/>eci<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on if n<span class="_ _3"/>o im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt lo<span class="_ _3"/>ss ha<span class="_ _3"/>d be<span class="_ _3"/>en r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e CGU.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _0"/>cqu<span class="_ _3"/>isitio<span class="_ _3"/>n of<span class="_ _0"/> enterpri<span class="_ _3"/>ses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:416.84375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 140.426px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s used f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or acquisitions</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 141.715px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value at time of ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>quisition:</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts than goodwill<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">167</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, plant, and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 416.97px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,342</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Joint vent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ures<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 491.501px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">339</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s and liabilities, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(76)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 475.455px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">135</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 474.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">73</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.76px; width: 631.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ociat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and joint ventur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 348.984px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">174</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.775px; width: 631.377px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 530.393px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>432</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.775px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t, ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cl. leas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 370.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(437)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 170.775px; width: 631.295px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 508.71px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(10)</span><span style="position: absolute; display: inline-block; left: 0px; top: 184.775px; width: 631.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 198.791px; width: 631.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 498.176px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(525)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 212.791px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 485.28px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(234)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 226.305px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts acquir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 464.76px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2,380</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.041px; width: 631.301px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Goodwill<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 512.186px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,718</span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Purchase pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 486.99px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,098</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 277.307px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, av<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ailabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e and acquir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.743px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(432)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 291.307px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Contingent consider<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 441.45px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 305.307px; width: 631.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>crued pur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>chase price<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(260)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 318.836px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w used f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 357.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,406</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 337.572px; width: 631.219px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Purchas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e price<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 488.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,091</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 351.572px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or cash<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 460.132px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(432)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 365.572px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ere<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st-bearing debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 388.875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">437</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 379.572px; width: 631.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or other deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t and net working c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al items<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 302.443px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(65)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 393.588px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or cash,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> debt, and ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t working capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems in JV<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 276.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,118</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 407.102px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Enterpris<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e value<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 479.561px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,149</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>d no ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>tio<span class="_ _3"/>n of en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>ses d<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g 2023<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 1<span class="_ _0"/>9 Se<span class="_ _3"/>ptem<span class="_ _3"/>be<span class="_ _3"/>r 2022<span class="_ _3"/>, we acq<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d Ost<span class="_ _3"/>wi<span class="_ _3"/>nd<span class="_ _3"/>, a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>German and F<span class="_ _0"/>rench<span class="_ _0"/> onshore<span class="_ _0"/> wind pl<span class="_ _0"/>atf<span class="_ _0"/>orm. The ac<span class="_ _0"/>qui<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>tio<span class="_ _3"/>n of Ost<span class="_ _3"/>wi<span class="_ _3"/>nd co<span class="_ _3"/>nst<span class="_ _3"/>itute<span class="_ _3"/>d Ør<span class="_ _3"/>sted<span class="_ _3"/>'s en<span class="_ _3"/>tr<span class="_ _3"/>y into th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sizeabl<span class="_ _0"/>e and<span class="_ _0"/> gro<span class="_ _0"/>wing German<span class="_ _0"/> and F<span class="_ _0"/>rench<span class="_ _0"/> onshore<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket<span class="_ _3"/>s an<span class="_ _3"/>d su<span class="_ _3"/>bsta<span class="_ _3"/>ntia<span class="_ _3"/>lly ex<span class="_ _3"/>pa<span class="_ _3"/>nde<span class="_ _3"/>d Ør<span class="_ _3"/>ste<span class="_ _3"/>d's o<span class="_ _3"/>nsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">f<span class="_ _0"/>oot<span class="_ _0"/>print<span class="_ _0"/> in E<span class="_ _0"/>urop<span class="_ _0"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">During 20<span class="_ _0"/>23,<span class="_ _0"/> the opening<span class="_ _0"/> balances<span class="_ _0"/> f<span class="_ _0"/>or Ostw<span class="_ _0"/>ind have<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en f<span class="_ _3"/>in<span class="_ _3"/>al<span class="_ _3"/>ise<span class="_ _3"/>d wi<span class="_ _3"/>tho<span class="_ _3"/>ut a<span class="_ _3"/>ny adj<span class="_ _3"/>us<span class="_ _3"/>tme<span class="_ _3"/>nts to t<span class="_ _3"/>he pr<span class="_ _3"/>ovi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sional opening<span class="_ _0"/> balances.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n of en<span class="_ _3"/>ter<span class="_ _3"/>pri<span class="_ _3"/>se<span class="_ _3"/>s is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d usi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d. U<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>hi<span class="_ _3"/>s met<span class="_ _3"/>ho<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>s wel<span class="_ _3"/>l as co<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>en<span class="_ _3"/>t li<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e on t<span class="_ _3"/>he da<span class="_ _3"/>te of ac<span class="_ _3"/>qu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>ets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>re n<span class="_ _3"/>orm<span class="_ _3"/>al<span class="_ _3"/>ly dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g an i<span class="_ _3"/>nco<span class="_ _3"/>me a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ey are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>v<span class="_ _3"/>alu<span class="_ _3"/>ed a<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sh fl<span class="_ _3"/>ows th<span class="_ _3"/>ey ca<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>rate<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>n-<span class="_ _3"/>se<span class="_ _3"/>par<span class="_ _3"/>ab<span class="_ _3"/>le pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d on i<span class="_ _3"/>nco<span class="_ _3"/>me<span class="_ _3"/>, su<span class="_ _3"/>ch as p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue of d<span class="_ _3"/>er<span class="_ _3"/>iv<span class="_ _3"/>ati<span class="_ _3"/>ves i<span class="_ _3"/>s de<span class="_ _3"/>term<span class="_ _3"/>i<span class="_ _3"/>ned u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r no<span class="_ _3"/>rm<span class="_ _3"/>al a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch fo<span class="_ _3"/>r suc<span class="_ _3"/>h ite<span class="_ _3"/>ms<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ma<span class="_ _3"/>rk<span class="_ _3"/>et pr<span class="_ _3"/>ice<span class="_ _3"/>s or e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>ti<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of oth<span class="_ _3"/>er a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>d us<span class="_ _3"/>in<span class="_ _3"/>g the a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>e fi<span class="_ _3"/>nd m<span class="_ _3"/>ost r<span class="_ _3"/>ele<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>nt for t<span class="_ _3"/>he i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al i<span class="_ _3"/>tem<span class="_ _3"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e ei<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a ma<span class="_ _3"/>rke<span class="_ _3"/>t ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h, a<span class="_ _3"/>n in<span class="_ _3"/>com<span class="_ _3"/>e ap<span class="_ _3"/>pr<span class="_ _3"/>oac<span class="_ _3"/>h, o<span class="_ _3"/>r a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost<span class="_ _0"/> approac<span class="_ _0"/>h.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>red e<span class="_ _3"/>nte<span class="_ _3"/>rp<span class="_ _3"/>ris<span class="_ _3"/>e is i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>li<span class="_ _3"/>date<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l sta<span class="_ _3"/>tem<span class="_ _3"/>ent<span class="_ _3"/>s fro<span class="_ _3"/>m th<span class="_ _3"/>e date o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, whi<span class="_ _3"/>ch i<span class="_ _3"/>s th<span class="_ _3"/>e date w<span class="_ _3"/>he<span class="_ _3"/>n we ob<span class="_ _3"/>tai<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">contro<span class="_ _3"/>l.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en a<span class="_ _3"/>n ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se h<span class="_ _3"/>as e<span class="_ _3"/>nter<span class="_ _3"/>ed i<span class="_ _3"/>nto </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent c<span class="_ _3"/>las<span class="_ _3"/>si<span class="_ _3"/>fi<span class="_ _3"/>ed as a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>, th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue of t<span class="_ _3"/>he ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll b<span class="_ _3"/>e in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in th<span class="_ _3"/>e op<span class="_ _3"/>en<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>lan<span class="_ _3"/>ce<span class="_ _3"/>. Pos<span class="_ _3"/>t<span class="_ _0"/>- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, thi<span class="_ _3"/>s fai<span class="_ _3"/>r va<span class="_ _3"/>lue i<span class="_ _3"/>s re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt to reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>, ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n of en<span class="_ _3"/>ter<span class="_ _3"/>pri<span class="_ _3"/>se<span class="_ _3"/>s is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d usi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d. U<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>hi<span class="_ _3"/>s met<span class="_ _3"/>ho<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>s wel<span class="_ _3"/>l as co<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>en<span class="_ _3"/>t li<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e on t<span class="_ _3"/>he da<span class="_ _3"/>te of ac<span class="_ _3"/>qu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>ets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>re n<span class="_ _3"/>orm<span class="_ _3"/>al<span class="_ _3"/>ly dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g an i<span class="_ _3"/>nco<span class="_ _3"/>me a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ey are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>v<span class="_ _3"/>alu<span class="_ _3"/>ed a<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sh fl<span class="_ _3"/>ows th<span class="_ _3"/>ey ca<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>rate<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>n-<span class="_ _3"/>se<span class="_ _3"/>par<span class="_ _3"/>ab<span class="_ _3"/>le pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d on i<span class="_ _3"/>nco<span class="_ _3"/>me<span class="_ _3"/>, su<span class="_ _3"/>ch as p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue of d<span class="_ _3"/>er<span class="_ _3"/>iv<span class="_ _3"/>ati<span class="_ _3"/>ves i<span class="_ _3"/>s de<span class="_ _3"/>term<span class="_ _3"/>i<span class="_ _3"/>ned u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r no<span class="_ _3"/>rm<span class="_ _3"/>al a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch fo<span class="_ _3"/>r suc<span class="_ _3"/>h ite<span class="_ _3"/>ms<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ma<span class="_ _3"/>rk<span class="_ _3"/>et pr<span class="_ _3"/>ice<span class="_ _3"/>s or e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>ti<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of oth<span class="_ _3"/>er a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>d us<span class="_ _3"/>in<span class="_ _3"/>g the a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>e fi<span class="_ _3"/>nd m<span class="_ _3"/>ost r<span class="_ _3"/>ele<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>nt for t<span class="_ _3"/>he i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al i<span class="_ _3"/>tem<span class="_ _3"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e ei<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a ma<span class="_ _3"/>rke<span class="_ _3"/>t ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h, a<span class="_ _3"/>n in<span class="_ _3"/>com<span class="_ _3"/>e ap<span class="_ _3"/>pr<span class="_ _3"/>oac<span class="_ _3"/>h, o<span class="_ _3"/>r a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost<span class="_ _0"/> approac<span class="_ _0"/>h.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>red e<span class="_ _3"/>nte<span class="_ _3"/>rp<span class="_ _3"/>ris<span class="_ _3"/>e is i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>li<span class="_ _3"/>date<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l sta<span class="_ _3"/>tem<span class="_ _3"/>ent<span class="_ _3"/>s fro<span class="_ _3"/>m th<span class="_ _3"/>e date o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, whi<span class="_ _3"/>ch i<span class="_ _3"/>s th<span class="_ _3"/>e date w<span class="_ _3"/>he<span class="_ _3"/>n we ob<span class="_ _3"/>tai<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">contro<span class="_ _3"/>l.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en a<span class="_ _3"/>n ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se h<span class="_ _3"/>as e<span class="_ _3"/>nter<span class="_ _3"/>ed i<span class="_ _3"/>nto </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent c<span class="_ _3"/>las<span class="_ _3"/>si<span class="_ _3"/>fi<span class="_ _3"/>ed as a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>, th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue of t<span class="_ _3"/>he ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll b<span class="_ _3"/>e in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in th<span class="_ _3"/>e op<span class="_ _3"/>en<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>lan<span class="_ _3"/>ce<span class="_ _3"/>. Pos<span class="_ _3"/>t<span class="_ _0"/>- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, thi<span class="_ _3"/>s fai<span class="_ _3"/>r va<span class="_ _3"/>lue i<span class="_ _3"/>s re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt to reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>, ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acq<span class="_ _3"/>ui<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>n of en<span class="_ _3"/>ter<span class="_ _3"/>pri<span class="_ _3"/>se<span class="_ _3"/>s is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d usi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>d. U<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>hi<span class="_ _3"/>s met<span class="_ _3"/>ho<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>s wel<span class="_ _3"/>l as co<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>en<span class="_ _3"/>t li<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e on t<span class="_ _3"/>he da<span class="_ _3"/>te of ac<span class="_ _3"/>qu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n ass<span class="_ _3"/>et<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>ets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on a<span class="_ _3"/>re n<span class="_ _3"/>orm<span class="_ _3"/>al<span class="_ _3"/>ly dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g an i<span class="_ _3"/>nco<span class="_ _3"/>me a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ey are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>v<span class="_ _3"/>alu<span class="_ _3"/>ed a<span class="_ _3"/>t pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>ed on t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sh fl<span class="_ _3"/>ows th<span class="_ _3"/>ey ca<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>rate<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>n-<span class="_ _3"/>se<span class="_ _3"/>par<span class="_ _3"/>ab<span class="_ _3"/>le pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d on i<span class="_ _3"/>nco<span class="_ _3"/>me<span class="_ _3"/>, su<span class="_ _3"/>ch as p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue of d<span class="_ _3"/>er<span class="_ _3"/>iv<span class="_ _3"/>ati<span class="_ _3"/>ves i<span class="_ _3"/>s de<span class="_ _3"/>term<span class="_ _3"/>i<span class="_ _3"/>ned u<span class="_ _3"/>si<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r no<span class="_ _3"/>rm<span class="_ _3"/>al a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch fo<span class="_ _3"/>r suc<span class="_ _3"/>h ite<span class="_ _3"/>ms<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ma<span class="_ _3"/>rk<span class="_ _3"/>et pr<span class="_ _3"/>ice<span class="_ _3"/>s or e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>ti<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s of oth<span class="_ _3"/>er a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>d us<span class="_ _3"/>in<span class="_ _3"/>g the a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch w<span class="_ _3"/>e fi<span class="_ _3"/>nd m<span class="_ _3"/>ost r<span class="_ _3"/>ele<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>nt for t<span class="_ _3"/>he i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al i<span class="_ _3"/>tem<span class="_ _3"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e ei<span class="_ _3"/>the<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a ma<span class="_ _3"/>rke<span class="_ _3"/>t ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h, a<span class="_ _3"/>n in<span class="_ _3"/>com<span class="_ _3"/>e ap<span class="_ _3"/>pr<span class="_ _3"/>oac<span class="_ _3"/>h, o<span class="_ _3"/>r a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost<span class="_ _0"/> approac<span class="_ _0"/>h.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An a<span class="_ _3"/>cq<span class="_ _3"/>ui<span class="_ _3"/>red e<span class="_ _3"/>nte<span class="_ _3"/>rp<span class="_ _3"/>ris<span class="_ _3"/>e is i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>li<span class="_ _3"/>date<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l sta<span class="_ _3"/>tem<span class="_ _3"/>ent<span class="_ _3"/>s fro<span class="_ _3"/>m th<span class="_ _3"/>e date o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, whi<span class="_ _3"/>ch i<span class="_ _3"/>s th<span class="_ _3"/>e date w<span class="_ _3"/>he<span class="_ _3"/>n we ob<span class="_ _3"/>tai<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">contro<span class="_ _3"/>l.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en a<span class="_ _3"/>n ac<span class="_ _3"/>qu<span class="_ _3"/>ire<span class="_ _3"/>d en<span class="_ _3"/>terp<span class="_ _3"/>ri<span class="_ _3"/>se h<span class="_ _3"/>as e<span class="_ _3"/>nter<span class="_ _3"/>ed i<span class="_ _3"/>nto </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent c<span class="_ _3"/>las<span class="_ _3"/>si<span class="_ _3"/>fi<span class="_ _3"/>ed as a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>, th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue of t<span class="_ _3"/>he ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll b<span class="_ _3"/>e in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d in th<span class="_ _3"/>e op<span class="_ _3"/>en<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>lan<span class="_ _3"/>ce<span class="_ _3"/>. Pos<span class="_ _3"/>t<span class="_ _0"/>- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, thi<span class="_ _3"/>s fai<span class="_ _3"/>r va<span class="_ _3"/>lue i<span class="_ _3"/>s re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt to reve<span class="_ _3"/>nu<span class="_ _3"/>e ove<span class="_ _3"/>r the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>, ba<span class="_ _3"/>sed o<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r val<span class="_ _3"/>ue ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inventories</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.642578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 50.7422px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ent<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ories </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansmission asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 406.23px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,944<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,119</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.289px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Biomass<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 500.947px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>928<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>778</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.395px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coal<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 516.803px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>566<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,169</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.523px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 513.259px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,167<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,557</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.33px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 525.247px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>339<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>354</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.154px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Green c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ertificat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 453.188px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,371<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,053</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carbon emission all<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ances (pur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>chas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 361.705px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">213<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>49</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.76px; width: 631.295px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 517.459px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24</span><span style="position: absolute; display: inline-block; left: 0px; top: 146.539px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>entories<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,539<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,103</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 165.275px; width: 631.412px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ories rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ognised as an expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e in ‘<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Cost of s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ales’ during the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 230.227px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,626<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,427</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inv<span class="_ _0"/>ent<span class="_ _0"/>ories measured at f<span class="_ _4"/>air value are dis<span class="_ _0"/>clos<span class="_ _0"/>ed in not<span class="_ _0"/>e 6.6 ‘Fair v<span class="_ _0"/>alue measur<span class="_ _0"/>ement<span class="_ _0"/>’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘O<span class="_ _3"/>ff<span class="_ _3"/>sho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mis<span class="_ _3"/>si<span class="_ _3"/>on as<span class="_ _3"/>set<span class="_ _3"/>s’ rela<span class="_ _3"/>tes to th<span class="_ _3"/>e <span class="_ _49"/>H<span class="_ _3"/>orn<span class="_ _3"/>sea <span class="_ _3"/>3 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>nsm<span class="_ _3"/>is<span class="_ _3"/>si<span class="_ _3"/>on as<span class="_ _3"/>set<span class="_ _3"/>. Th<span class="_ _3"/>e rem<span class="_ _3"/>ai<span class="_ _3"/>ni<span class="_ _3"/>ng 5<span class="_ _3"/>0 <span class="_ _15c"/>% of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>H<span class="_ _3"/>orn<span class="_ _3"/>se<span class="_ _3"/>a 2 tra<span class="_ _3"/>nsm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>n as<span class="_ _3"/>set wa<span class="_ _3"/>s di<span class="_ _3"/>veste<span class="_ _3"/>d in 20<span class="_ _3"/>23.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ga<span class="_ _3"/>s’ pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ily rela<span class="_ _3"/>tes to ou<span class="_ _3"/>r ga<span class="_ _3"/>s trad<span class="_ _3"/>e ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘G<span class="_ _3"/>ree<span class="_ _3"/>n cer<span class="_ _3"/>ti<span class="_ _3"/>fi<span class="_ _3"/>cates’ a<span class="_ _3"/>re p<span class="_ _3"/>rim<span class="_ _3"/>ar<span class="_ _3"/>ily ren<span class="_ _3"/>ewa<span class="_ _3"/>ble o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on ce<span class="_ _3"/>rt<span class="_ _3"/>if<span class="_ _3"/>icate<span class="_ _3"/>s (ROC<span class="_ _3"/>s)<span class="_ _3"/>, whi<span class="_ _3"/>ch a<span class="_ _3"/>re iss<span class="_ _3"/>ue<span class="_ _3"/>d to ren<span class="_ _3"/>ewab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>erg<span class="_ _3"/>y powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rato<span class="_ _3"/>rs in t<span class="_ _3"/>he U<span class="_ _3"/>K<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>ss<span class="_ _3"/>ets a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>y un<span class="_ _3"/>ti<span class="_ _3"/>l di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt a<span class="_ _3"/>nd m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>. Th<span class="_ _3"/>e cos<span class="_ _3"/>ts co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se co<span class="_ _3"/>sts o<span class="_ _3"/>f mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, site l<span class="_ _3"/>ab<span class="_ _3"/>ou<span class="_ _3"/>r cost<span class="_ _3"/>s, c<span class="_ _3"/>ost<span class="_ _3"/>s of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>nti<span class="_ _3"/>ng e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt as w<span class="_ _3"/>ell a<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>re<span class="_ _3"/>ct p<span class="_ _3"/>rod<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s em<span class="_ _3"/>ploy<span class="_ _3"/>ee co<span class="_ _3"/>st<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s sto<span class="_ _3"/>rag<span class="_ _3"/>e in n<span class="_ _3"/>on<span class="_ _3"/>-D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re ma<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ed o<span class="_ _3"/>n a fai<span class="_ _3"/>r va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>is, a<span class="_ _3"/>nd t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s in t<span class="_ _3"/>hes<span class="_ _3"/>e sto<span class="_ _3"/>rag<span class="_ _3"/>e fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s to se<span class="_ _3"/>ll<span class="_ _3"/>. Ch<span class="_ _3"/>ang<span class="_ _3"/>es i<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue le<span class="_ _3"/>ss co<span class="_ _3"/>st<span class="_ _3"/>s to se<span class="_ _3"/>ll ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>le<span class="_ _3"/>s in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od of t<span class="_ _3"/>he ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s in D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h stor<span class="_ _3"/>ag<span class="_ _3"/>e faci<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>, dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed a<span class="_ _3"/>s a we<span class="_ _3"/>igh<span class="_ _3"/>ted a<span class="_ _3"/>ver<span class="_ _3"/>ag<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>vio<span class="_ _3"/>us m<span class="_ _3"/>ont<span class="_ _3"/>h's pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce, i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>po<span class="_ _3"/>rt c<span class="_ _3"/>ost<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>ed ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measured<span class="_ _0"/> at<span class="_ _0"/> market<span class="_ _0"/> value.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>ee<span class="_ _3"/>n cer<span class="_ _3"/>ti<span class="_ _3"/>fi<span class="_ _3"/>cate<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch we e<span class="_ _3"/>ar<span class="_ _3"/>n by ge<span class="_ _3"/>ne<span class="_ _3"/>rat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pow<span class="_ _3"/>er u<span class="_ _3"/>sin<span class="_ _3"/>g re<span class="_ _3"/>new<span class="_ _3"/>ab<span class="_ _3"/>le en<span class="_ _3"/>erg<span class="_ _3"/>y so<span class="_ _3"/>urce<span class="_ _3"/>s, a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n in<span class="_ _3"/>ven<span class="_ _3"/>tori<span class="_ _3"/>es i<span class="_ _3"/>n ste<span class="_ _3"/>p wit<span class="_ _3"/>h ou<span class="_ _3"/>r ge<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. We me<span class="_ _3"/>as<span class="_ _3"/>ure g<span class="_ _3"/>ree<span class="_ _3"/>n ce<span class="_ _3"/>rt<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>tes (e<span class="_ _3"/>ar<span class="_ _3"/>ne<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bo<span class="_ _3"/>ug<span class="_ _3"/>ht) a<span class="_ _3"/>t cos<span class="_ _3"/>t usi<span class="_ _3"/>ng t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st-in<span class="_ _3"/>, f<span class="_ _3"/>irs<span class="_ _3"/>t-ou<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(FIFO<span class="_ _0"/>) princ<span class="_ _0"/>iple.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ot<span class="_ _3"/>he<span class="_ _3"/>r inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st, d<span class="_ _3"/>ete<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d on a f<span class="_ _3"/>ir<span class="_ _3"/>st-i<span class="_ _3"/>n, f<span class="_ _3"/>ir<span class="_ _3"/>st-o<span class="_ _3"/>ut ba<span class="_ _3"/>si<span class="_ _3"/>s (e.g<span class="_ _3"/>. for c<span class="_ _3"/>oa<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bi<span class="_ _3"/>om<span class="_ _3"/>ass<span class="_ _3"/>) or by ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble v<span class="_ _3"/>alu<span class="_ _3"/>e, i<span class="_ _3"/>f net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>al<span class="_ _3"/>isa<span class="_ _3"/>bl<span class="_ _3"/>e valu<span class="_ _3"/>e is l<span class="_ _3"/>ower. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re wr<span class="_ _3"/>itte<span class="_ _3"/>n do<span class="_ _3"/>wn to th<span class="_ _3"/>e lowe<span class="_ _3"/>r of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble va<span class="_ _3"/>lu<span class="_ _3"/>e an<span class="_ _3"/>d cos<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>. For o<span class="_ _3"/>ff<span class="_ _3"/>sho<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, it i<span class="_ _3"/>s the e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>in<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>no<span class="_ _3"/>un<span class="_ _3"/>ced by O<span class="_ _3"/>fge<span class="_ _3"/>m<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sab<span class="_ _3"/>le va<span class="_ _3"/>lu<span class="_ _3"/>e is th<span class="_ _3"/>e su<span class="_ _3"/>m (di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h the i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>ie<span class="_ _3"/>s are e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted to g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>te </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh a n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>l sa<span class="_ _3"/>le.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>ss<span class="_ _3"/>ets a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>y un<span class="_ _3"/>ti<span class="_ _3"/>l di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt a<span class="_ _3"/>nd m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>. Th<span class="_ _3"/>e cos<span class="_ _3"/>ts co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se co<span class="_ _3"/>sts o<span class="_ _3"/>f mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, site l<span class="_ _3"/>ab<span class="_ _3"/>ou<span class="_ _3"/>r cost<span class="_ _3"/>s, c<span class="_ _3"/>ost<span class="_ _3"/>s of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>nti<span class="_ _3"/>ng e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt as w<span class="_ _3"/>ell a<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>re<span class="_ _3"/>ct p<span class="_ _3"/>rod<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s em<span class="_ _3"/>ploy<span class="_ _3"/>ee co<span class="_ _3"/>st<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s sto<span class="_ _3"/>rag<span class="_ _3"/>e in n<span class="_ _3"/>on<span class="_ _3"/>-D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re ma<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ed o<span class="_ _3"/>n a fai<span class="_ _3"/>r va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>is, a<span class="_ _3"/>nd t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s in t<span class="_ _3"/>hes<span class="_ _3"/>e sto<span class="_ _3"/>rag<span class="_ _3"/>e fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s to se<span class="_ _3"/>ll<span class="_ _3"/>. Ch<span class="_ _3"/>ang<span class="_ _3"/>es i<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue le<span class="_ _3"/>ss co<span class="_ _3"/>st<span class="_ _3"/>s to se<span class="_ _3"/>ll ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>le<span class="_ _3"/>s in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od of t<span class="_ _3"/>he ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s in D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h stor<span class="_ _3"/>ag<span class="_ _3"/>e faci<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>, dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed a<span class="_ _3"/>s a we<span class="_ _3"/>igh<span class="_ _3"/>ted a<span class="_ _3"/>ver<span class="_ _3"/>ag<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>vio<span class="_ _3"/>us m<span class="_ _3"/>ont<span class="_ _3"/>h's pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce, i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>po<span class="_ _3"/>rt c<span class="_ _3"/>ost<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>ed ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measured<span class="_ _0"/> at<span class="_ _0"/> market<span class="_ _0"/> value.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>ee<span class="_ _3"/>n cer<span class="_ _3"/>ti<span class="_ _3"/>fi<span class="_ _3"/>cate<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch we e<span class="_ _3"/>ar<span class="_ _3"/>n by ge<span class="_ _3"/>ne<span class="_ _3"/>rat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pow<span class="_ _3"/>er u<span class="_ _3"/>sin<span class="_ _3"/>g re<span class="_ _3"/>new<span class="_ _3"/>ab<span class="_ _3"/>le en<span class="_ _3"/>erg<span class="_ _3"/>y so<span class="_ _3"/>urce<span class="_ _3"/>s, a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n in<span class="_ _3"/>ven<span class="_ _3"/>tori<span class="_ _3"/>es i<span class="_ _3"/>n ste<span class="_ _3"/>p wit<span class="_ _3"/>h ou<span class="_ _3"/>r ge<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. We me<span class="_ _3"/>as<span class="_ _3"/>ure g<span class="_ _3"/>ree<span class="_ _3"/>n ce<span class="_ _3"/>rt<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>tes (e<span class="_ _3"/>ar<span class="_ _3"/>ne<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bo<span class="_ _3"/>ug<span class="_ _3"/>ht) a<span class="_ _3"/>t cos<span class="_ _3"/>t usi<span class="_ _3"/>ng t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st-in<span class="_ _3"/>, f<span class="_ _3"/>irs<span class="_ _3"/>t-ou<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(FIFO<span class="_ _0"/>) princ<span class="_ _0"/>iple.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ot<span class="_ _3"/>he<span class="_ _3"/>r inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st, d<span class="_ _3"/>ete<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d on a f<span class="_ _3"/>ir<span class="_ _3"/>st-i<span class="_ _3"/>n, f<span class="_ _3"/>ir<span class="_ _3"/>st-o<span class="_ _3"/>ut ba<span class="_ _3"/>si<span class="_ _3"/>s (e.g<span class="_ _3"/>. for c<span class="_ _3"/>oa<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bi<span class="_ _3"/>om<span class="_ _3"/>ass<span class="_ _3"/>) or by ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble v<span class="_ _3"/>alu<span class="_ _3"/>e, i<span class="_ _3"/>f net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>al<span class="_ _3"/>isa<span class="_ _3"/>bl<span class="_ _3"/>e valu<span class="_ _3"/>e is l<span class="_ _3"/>ower. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re wr<span class="_ _3"/>itte<span class="_ _3"/>n do<span class="_ _3"/>wn to th<span class="_ _3"/>e lowe<span class="_ _3"/>r of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble va<span class="_ _3"/>lu<span class="_ _3"/>e an<span class="_ _3"/>d cos<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>. For o<span class="_ _3"/>ff<span class="_ _3"/>sho<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, it i<span class="_ _3"/>s the e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>in<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>no<span class="_ _3"/>un<span class="_ _3"/>ced by O<span class="_ _3"/>fge<span class="_ _3"/>m<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sab<span class="_ _3"/>le va<span class="_ _3"/>lu<span class="_ _3"/>e is th<span class="_ _3"/>e su<span class="_ _3"/>m (di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h the i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>ie<span class="_ _3"/>s are e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted to g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>te </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh a n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>l sa<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>ss<span class="_ _3"/>ets a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>y un<span class="_ _3"/>ti<span class="_ _3"/>l di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt a<span class="_ _3"/>nd m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>. Th<span class="_ _3"/>e cos<span class="_ _3"/>ts co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se co<span class="_ _3"/>sts o<span class="_ _3"/>f mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, site l<span class="_ _3"/>ab<span class="_ _3"/>ou<span class="_ _3"/>r cost<span class="_ _3"/>s, c<span class="_ _3"/>ost<span class="_ _3"/>s of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>nti<span class="_ _3"/>ng e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt as w<span class="_ _3"/>ell a<span class="_ _3"/>s in<span class="_ _3"/>di<span class="_ _3"/>re<span class="_ _3"/>ct p<span class="_ _3"/>rod<span class="_ _3"/>uc-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s em<span class="_ _3"/>ploy<span class="_ _3"/>ee co<span class="_ _3"/>st<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s sto<span class="_ _3"/>rag<span class="_ _3"/>e in n<span class="_ _3"/>on<span class="_ _3"/>-D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re ma<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ed o<span class="_ _3"/>n a fai<span class="_ _3"/>r va<span class="_ _3"/>lue b<span class="_ _3"/>as<span class="_ _3"/>is, a<span class="_ _3"/>nd t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>s in t<span class="_ _3"/>hes<span class="_ _3"/>e sto<span class="_ _3"/>rag<span class="_ _3"/>e fac<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue l<span class="_ _3"/>ess c<span class="_ _3"/>ost<span class="_ _3"/>s to se<span class="_ _3"/>ll<span class="_ _3"/>. Ch<span class="_ _3"/>ang<span class="_ _3"/>es i<span class="_ _3"/>n th<span class="_ _3"/>e fai<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue le<span class="_ _3"/>ss co<span class="_ _3"/>st<span class="_ _3"/>s to se<span class="_ _3"/>ll ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n cos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of sa<span class="_ _3"/>le<span class="_ _3"/>s in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od of t<span class="_ _3"/>he ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>s in D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h stor<span class="_ _3"/>ag<span class="_ _3"/>e faci<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at co<span class="_ _3"/>st<span class="_ _3"/>, dete<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ed a<span class="_ _3"/>s a we<span class="_ _3"/>igh<span class="_ _3"/>ted a<span class="_ _3"/>ver<span class="_ _3"/>ag<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>vio<span class="_ _3"/>us m<span class="_ _3"/>ont<span class="_ _3"/>h's pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce, i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>i<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>po<span class="_ _3"/>rt c<span class="_ _3"/>ost<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>ed ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">measured<span class="_ _0"/> at<span class="_ _0"/> market<span class="_ _0"/> value.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gr<span class="_ _3"/>ee<span class="_ _3"/>n cer<span class="_ _3"/>ti<span class="_ _3"/>fi<span class="_ _3"/>cate<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch we e<span class="_ _3"/>ar<span class="_ _3"/>n by ge<span class="_ _3"/>ne<span class="_ _3"/>rat-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g pow<span class="_ _3"/>er u<span class="_ _3"/>sin<span class="_ _3"/>g re<span class="_ _3"/>new<span class="_ _3"/>ab<span class="_ _3"/>le en<span class="_ _3"/>erg<span class="_ _3"/>y so<span class="_ _3"/>urce<span class="_ _3"/>s, a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n in<span class="_ _3"/>ven<span class="_ _3"/>tori<span class="_ _3"/>es i<span class="_ _3"/>n ste<span class="_ _3"/>p wit<span class="_ _3"/>h ou<span class="_ _3"/>r ge<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. We me<span class="_ _3"/>as<span class="_ _3"/>ure g<span class="_ _3"/>ree<span class="_ _3"/>n ce<span class="_ _3"/>rt<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>tes (e<span class="_ _3"/>ar<span class="_ _3"/>ne<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bo<span class="_ _3"/>ug<span class="_ _3"/>ht) a<span class="_ _3"/>t cos<span class="_ _3"/>t usi<span class="_ _3"/>ng t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st-in<span class="_ _3"/>, f<span class="_ _3"/>irs<span class="_ _3"/>t-ou<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(FIFO<span class="_ _0"/>) princ<span class="_ _0"/>iple.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ot<span class="_ _3"/>he<span class="_ _3"/>r inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at co<span class="_ _3"/>st, d<span class="_ _3"/>ete<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d on a f<span class="_ _3"/>ir<span class="_ _3"/>st-i<span class="_ _3"/>n, f<span class="_ _3"/>ir<span class="_ _3"/>st-o<span class="_ _3"/>ut ba<span class="_ _3"/>si<span class="_ _3"/>s (e.g<span class="_ _3"/>. for c<span class="_ _3"/>oa<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d bi<span class="_ _3"/>om<span class="_ _3"/>ass<span class="_ _3"/>) or by ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble v<span class="_ _3"/>alu<span class="_ _3"/>e, i<span class="_ _3"/>f net </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>al<span class="_ _3"/>isa<span class="_ _3"/>bl<span class="_ _3"/>e valu<span class="_ _3"/>e is l<span class="_ _3"/>ower. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inv<span class="_ _3"/>ento<span class="_ _3"/>ri<span class="_ _3"/>es a<span class="_ _3"/>re wr<span class="_ _3"/>itte<span class="_ _3"/>n do<span class="_ _3"/>wn to th<span class="_ _3"/>e lowe<span class="_ _3"/>r of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>ble va<span class="_ _3"/>lu<span class="_ _3"/>e an<span class="_ _3"/>d cos<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>. For o<span class="_ _3"/>ff<span class="_ _3"/>sho<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>sse<span class="_ _3"/>ts<span class="_ _3"/>, it i<span class="_ _3"/>s the e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>in<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer v<span class="_ _3"/>alu<span class="_ _3"/>e an<span class="_ _3"/>no<span class="_ _3"/>un<span class="_ _3"/>ced by O<span class="_ _3"/>fge<span class="_ _3"/>m<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ne<span class="_ _3"/>t rea<span class="_ _3"/>li<span class="_ _3"/>sab<span class="_ _3"/>le va<span class="_ _3"/>lu<span class="_ _3"/>e is th<span class="_ _3"/>e su<span class="_ _3"/>m (di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h the i<span class="_ _3"/>nve<span class="_ _3"/>ntor<span class="_ _3"/>ie<span class="_ _3"/>s are e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted to g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>te </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh a n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>l sa<span class="_ _3"/>le.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _15c"/>rade <span class="_ _181"> </span>rec<span class="_ _0"/>eivabl<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 79.8164px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7285px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, not due<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 410.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,480<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,025</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, 1-30 days o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>due<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.237px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">291<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>892</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, mor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e than 30 days o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>due<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 337.957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>835</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, writ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e-downs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 404.228px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(22)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(51)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.2734px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ade rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 419.767px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">11,107<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,701</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We cont<span class="_ _3"/>in<span class="_ _3"/>uou<span class="_ _3"/>sly pe<span class="_ _3"/>rfo<span class="_ _3"/>rm cr<span class="_ _3"/>ed<span class="_ _3"/>it rat<span class="_ _3"/>in<span class="_ _3"/>gs of ou<span class="_ _3"/>r cus<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tom<span class="_ _3"/>er<span class="_ _3"/>s. Fo<span class="_ _3"/>r cus<span class="_ _3"/>tom<span class="_ _3"/>er<span class="_ _3"/>s with a g<span class="_ _3"/>en<span class="_ _3"/>er<span class="_ _3"/>al cr<span class="_ _3"/>ed<span class="_ _3"/>it ri<span class="_ _3"/>sk<span class="_ _3"/>, a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>w<span class="_ _3"/>rite<span class="_ _3"/>-<span class="_ _3"/>down of 0<span class="_ _3"/>-<span class="_ _0"/>1 <span class="_ _15c"/>% i<span class="_ _3"/>s car<span class="_ _3"/>rie<span class="_ _3"/>d ou<span class="_ _3"/>t on i<span class="_ _3"/>nit<span class="_ _3"/>ia<span class="_ _3"/>l reco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e wri<span class="_ _3"/>tten<span class="_ _3"/>-<span class="_ _3"/>down a lo<span class="_ _3"/>an g<span class="_ _3"/>ive<span class="_ _3"/>n to sup<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt U<span class="_ _3"/>S su<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>rs i<span class="_ _3"/>n th<span class="_ _3"/>e am<span class="_ _3"/>oun<span class="_ _3"/>t of DKK 5<span class="_ _3"/>71 mil<span class="_ _3"/>li<span class="_ _3"/>on<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>e do not e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to recove<span class="_ _3"/>r af<span class="_ _3"/>ter t<span class="_ _3"/>he te<span class="_ _3"/>rmi<span class="_ _3"/>na<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of Oc<span class="_ _3"/>ea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 a<span class="_ _3"/>nd 2. E<span class="_ _3"/>xce<span class="_ _3"/>pt for t<span class="_ _3"/>hi<span class="_ _3"/>s, we h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not m<span class="_ _3"/>ad<span class="_ _3"/>e any wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>owns o<span class="_ _3"/>f rece<span class="_ _3"/>iva<span class="_ _3"/>ble<span class="_ _3"/>s in 2<span class="_ _3"/>023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or 2<span class="_ _3"/>022. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>rsa<span class="_ _3"/>l of wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>owns wa<span class="_ _3"/>s DK<span class="_ _3"/>K 29 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We kee<span class="_ _3"/>p ou<span class="_ _3"/>r re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>s unt<span class="_ _3"/>il m<span class="_ _3"/>atu<span class="_ _3"/>rit<span class="_ _3"/>y, and t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ey are m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red a<span class="_ _3"/>t am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed c<span class="_ _3"/>ost<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own<span class="_ _3"/>s are ca<span class="_ _3"/>rr<span class="_ _3"/>ie<span class="_ _3"/>d ou<span class="_ _3"/>t fro<span class="_ _3"/>m in<span class="_ _3"/>iti<span class="_ _3"/>al re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>. T<span class="_ _3"/>he wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own i<span class="_ _3"/>s ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ff<span class="_ _3"/>ere<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e car<span class="_ _3"/>r<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e re<span class="_ _3"/>cei<span class="_ _3"/>v-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le a<span class="_ _3"/>nd th<span class="_ _3"/>e ne<span class="_ _3"/>t pre<span class="_ _3"/>sen<span class="_ _3"/>t val<span class="_ _3"/>ue of e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>utu<span class="_ _3"/>re cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows fr<span class="_ _3"/>om th<span class="_ _3"/>e rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>. The d<span class="_ _3"/>is<span class="_ _3"/>cou<span class="_ _3"/>nt ra<span class="_ _3"/>te use<span class="_ _3"/>d is t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve in<span class="_ _3"/>tere<span class="_ _3"/>st ra<span class="_ _3"/>te for t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ce<span class="_ _3"/>iva<span class="_ _3"/>bl<span class="_ _3"/>e or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e <span class="_ _5"> </span> in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al <span class="_ _21"> </span>por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply th<span class="_ _3"/>e si<span class="_ _3"/>mp<span class="_ _3"/>li<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch to th<span class="_ _3"/>e wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of tr<span class="_ _3"/>ad<span class="_ _3"/>e rece<span class="_ _3"/>iv<span class="_ _3"/>ab<span class="_ _3"/>les<span class="_ _3"/>, wh<span class="_ _3"/>ich p<span class="_ _3"/>er<span class="_ _3"/>mi<span class="_ _3"/>ts ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own a<span class="_ _3"/>s the f<span class="_ _3"/>ul<span class="_ _3"/>l los<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e en<span class="_ _3"/>tir<span class="_ _3"/>e ter<span class="_ _3"/>m of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the rece<span class="_ _3"/>ivable<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _15c"/>rade <span class="_ _181"> </span>rec<span class="_ _0"/>eivabl<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 79.8164px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7285px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, not due<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 410.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,480<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,025</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, 1-30 days o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>due<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.237px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">291<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>892</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, mor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e than 30 days o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ver<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>due<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 337.957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>835</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, writ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e-downs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 404.228px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(22)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(51)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.2734px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ade rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 419.767px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">11,107<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,701</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We cont<span class="_ _3"/>in<span class="_ _3"/>uou<span class="_ _3"/>sly pe<span class="_ _3"/>rfo<span class="_ _3"/>rm cr<span class="_ _3"/>ed<span class="_ _3"/>it rat<span class="_ _3"/>in<span class="_ _3"/>gs of ou<span class="_ _3"/>r cus<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tom<span class="_ _3"/>er<span class="_ _3"/>s. Fo<span class="_ _3"/>r cus<span class="_ _3"/>tom<span class="_ _3"/>er<span class="_ _3"/>s with a g<span class="_ _3"/>en<span class="_ _3"/>er<span class="_ _3"/>al cr<span class="_ _3"/>ed<span class="_ _3"/>it ri<span class="_ _3"/>sk<span class="_ _3"/>, a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>w<span class="_ _3"/>rite<span class="_ _3"/>-<span class="_ _3"/>down of 0<span class="_ _3"/>-<span class="_ _0"/>1 <span class="_ _15c"/>% i<span class="_ _3"/>s car<span class="_ _3"/>rie<span class="_ _3"/>d ou<span class="_ _3"/>t on i<span class="_ _3"/>nit<span class="_ _3"/>ia<span class="_ _3"/>l reco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e wri<span class="_ _3"/>tten<span class="_ _3"/>-<span class="_ _3"/>down a lo<span class="_ _3"/>an g<span class="_ _3"/>ive<span class="_ _3"/>n to sup<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt U<span class="_ _3"/>S su<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>rs i<span class="_ _3"/>n th<span class="_ _3"/>e am<span class="_ _3"/>oun<span class="_ _3"/>t of DKK 5<span class="_ _3"/>71 mil<span class="_ _3"/>li<span class="_ _3"/>on<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>e do not e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to recove<span class="_ _3"/>r af<span class="_ _3"/>ter t<span class="_ _3"/>he te<span class="_ _3"/>rmi<span class="_ _3"/>na<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of Oc<span class="_ _3"/>ea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 a<span class="_ _3"/>nd 2. E<span class="_ _3"/>xce<span class="_ _3"/>pt for t<span class="_ _3"/>hi<span class="_ _3"/>s, we h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not m<span class="_ _3"/>ad<span class="_ _3"/>e any wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>owns o<span class="_ _3"/>f rece<span class="_ _3"/>iva<span class="_ _3"/>ble<span class="_ _3"/>s in 2<span class="_ _3"/>023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or 2<span class="_ _3"/>022. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Reve<span class="_ _3"/>rsa<span class="_ _3"/>l of wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>owns wa<span class="_ _3"/>s DK<span class="_ _3"/>K 29 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We kee<span class="_ _3"/>p ou<span class="_ _3"/>r re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>s unt<span class="_ _3"/>il m<span class="_ _3"/>atu<span class="_ _3"/>rit<span class="_ _3"/>y, and t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ey are m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red a<span class="_ _3"/>t am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed c<span class="_ _3"/>ost<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own<span class="_ _3"/>s are ca<span class="_ _3"/>rr<span class="_ _3"/>ie<span class="_ _3"/>d ou<span class="_ _3"/>t fro<span class="_ _3"/>m in<span class="_ _3"/>iti<span class="_ _3"/>al re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>. T<span class="_ _3"/>he wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own i<span class="_ _3"/>s ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ff<span class="_ _3"/>ere<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e car<span class="_ _3"/>r<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e re<span class="_ _3"/>cei<span class="_ _3"/>v-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le a<span class="_ _3"/>nd th<span class="_ _3"/>e ne<span class="_ _3"/>t pre<span class="_ _3"/>sen<span class="_ _3"/>t val<span class="_ _3"/>ue of e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>utu<span class="_ _3"/>re cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows fr<span class="_ _3"/>om th<span class="_ _3"/>e rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>. The d<span class="_ _3"/>is<span class="_ _3"/>cou<span class="_ _3"/>nt ra<span class="_ _3"/>te use<span class="_ _3"/>d is t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve in<span class="_ _3"/>tere<span class="_ _3"/>st ra<span class="_ _3"/>te for t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ce<span class="_ _3"/>iva<span class="_ _3"/>bl<span class="_ _3"/>e or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e <span class="_ _5"> </span> in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al <span class="_ _21"> </span>por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply th<span class="_ _3"/>e si<span class="_ _3"/>mp<span class="_ _3"/>li<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch to th<span class="_ _3"/>e wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of tr<span class="_ _3"/>ad<span class="_ _3"/>e rece<span class="_ _3"/>iv<span class="_ _3"/>ab<span class="_ _3"/>les<span class="_ _3"/>, wh<span class="_ _3"/>ich p<span class="_ _3"/>er<span class="_ _3"/>mi<span class="_ _3"/>ts ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own a<span class="_ _3"/>s the f<span class="_ _3"/>ul<span class="_ _3"/>l los<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e en<span class="_ _3"/>tir<span class="_ _3"/>e ter<span class="_ _3"/>m of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the rece<span class="_ _3"/>ivable<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:198.408203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 78.5215px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 630.205px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 630.387px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es from the div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estment of ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets and ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erpris<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 276.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,472<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,644</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 630.428px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es from the div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estment of equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vestment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s to non-c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eres<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">735<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>713</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 84.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vided</span><span style="position: absolute; display: inline-block; left: 83.2969px; top: 59.3164px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 528.453px; top: 58.7441px; width: 101.396px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,773<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,888</span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 630.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 422.272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 630.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T and o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ther indirect t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,640<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,392</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 630.088px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Prepayment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 470.865px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,265<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>870</span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 630.117px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Deposits<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 498.176px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>308<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>624</span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 630.404px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,990<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,930</span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 630.779px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ther rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 419.31px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">13,664<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>23,532</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.025px; width: 630.334px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, working c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,739<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,896</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.025px; width: 630.281px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, other c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apital empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.351px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,847<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,876</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 528.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eres<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t-bearing net debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 528.662px; top: 189.041px; width: 24.9844px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,078</span><span style="position: absolute; display: inline-block; left: 553.646px; top: 189.041px; width: 51.8086px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 605.455px; top: 189.041px; width: 24.9844px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,760</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The col<span class="_ _0"/>lat<span class="_ _0"/>er<span class="_ _0"/>al pro<span class="_ _0"/>vided b<span class="_ _0"/>y the Group is r<span class="_ _0"/>ec<span class="_ _0"/>eivabl<span class="_ _0"/>es from banks in <span class="_ _49"/>connection with hedging activities.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We kee<span class="_ _3"/>p ou<span class="_ _3"/>r re<span class="_ _3"/>cei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>s unt<span class="_ _3"/>il m<span class="_ _3"/>atu<span class="_ _3"/>rit<span class="_ _3"/>y, and t<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ey are m<span class="_ _3"/>ea<span class="_ _3"/>su<span class="_ _3"/>red a<span class="_ _3"/>t am<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>sed c<span class="_ _3"/>ost<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own<span class="_ _3"/>s are ca<span class="_ _3"/>rr<span class="_ _3"/>ie<span class="_ _3"/>d ou<span class="_ _3"/>t fro<span class="_ _3"/>m in<span class="_ _3"/>iti<span class="_ _3"/>al re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>les<span class="_ _3"/>. T<span class="_ _3"/>he wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own i<span class="_ _3"/>s ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ff<span class="_ _3"/>ere<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e car<span class="_ _3"/>r<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt of th<span class="_ _3"/>e re<span class="_ _3"/>cei<span class="_ _3"/>v-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ab<span class="_ _3"/>le a<span class="_ _3"/>nd th<span class="_ _3"/>e ne<span class="_ _3"/>t pre<span class="_ _3"/>sen<span class="_ _3"/>t val<span class="_ _3"/>ue of e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted f<span class="_ _3"/>utu<span class="_ _3"/>re cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ows fr<span class="_ _3"/>om th<span class="_ _3"/>e rec<span class="_ _3"/>ei<span class="_ _3"/>vab<span class="_ _3"/>le<span class="_ _3"/>. The d<span class="_ _3"/>is<span class="_ _3"/>cou<span class="_ _3"/>nt ra<span class="_ _3"/>te use<span class="_ _3"/>d is t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve in<span class="_ _3"/>tere<span class="_ _3"/>st ra<span class="_ _3"/>te for t<span class="_ _3"/>he in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al re<span class="_ _3"/>ce<span class="_ _3"/>iva<span class="_ _3"/>bl<span class="_ _3"/>e or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e <span class="_ _5"> </span> in<span class="_ _3"/>di<span class="_ _3"/>vi<span class="_ _3"/>du<span class="_ _3"/>al <span class="_ _21"> </span>por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply th<span class="_ _3"/>e si<span class="_ _3"/>mp<span class="_ _3"/>li<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch to th<span class="_ _3"/>e wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of tr<span class="_ _3"/>ad<span class="_ _3"/>e rece<span class="_ _3"/>iv<span class="_ _3"/>ab<span class="_ _3"/>les<span class="_ _3"/>, wh<span class="_ _3"/>ich p<span class="_ _3"/>er<span class="_ _3"/>mi<span class="_ _3"/>ts ca<span class="_ _3"/>lcu<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wr<span class="_ _3"/>ite<span class="_ _3"/>-d<span class="_ _3"/>own a<span class="_ _3"/>s the f<span class="_ _3"/>ul<span class="_ _3"/>l los<span class="_ _3"/>s du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e en<span class="_ _3"/>tir<span class="_ _3"/>e ter<span class="_ _3"/>m of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the rece<span class="_ _3"/>ivable<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Suppl<span class="_ _4"/>y c<span class="_ _0"/>hain<span class="_ _0"/> financ<span class="_ _0"/>e</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:83.095703125px;"><span style="position: absolute; display: inline-block; left: 447.562px; top: 0.0078125px; width: 184.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 399.688px; top: 31.0078px; width: 72.2812px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Of which is paid </span><span style="position: absolute; display: inline-block; left: 561.578px; top: 30.9922px; width: 72.2812px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Of which is paid </span><span style="position: absolute; display: inline-block; left: 0px; top: 43.0078px; width: 278.227px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Suppl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y chain finance – liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s paid by supplier financ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e banks</span><span style="position: absolute; display: inline-block; left: 332.953px; top: 43.0078px; width: 62.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in </span><span style="position: absolute; display: inline-block; left: 420.578px; top: 43.0078px; width: 50.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">b<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y supplier </span><span style="position: absolute; display: inline-block; left: 494.672px; top: 43.0078px; width: 62.6426px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in </span><span style="position: absolute; display: inline-block; left: 583.5px; top: 42.9922px; width: 50.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">b<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y supplier </span><span style="position: absolute; display: inline-block; left: 0px; top: 55.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 331.641px; top: 55.0078px; width: 62.1152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet</span><span style="position: absolute; display: inline-block; left: 408.094px; top: 55.0078px; width: 61.5352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">finance banks</span><span style="position: absolute; display: inline-block; left: 492.797px; top: 55.0078px; width: 62.1152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet</span><span style="position: absolute; display: inline-block; left: 570.5px; top: 54.9922px; width: 61.5352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">finance banks</span><span style="position: absolute; display: inline-block; left: 0px; top: 73.7285px; width: 633.756px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,915<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.1482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 1,571 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 49.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 20,641 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 482 </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve ente<span class="_ _3"/>red i<span class="_ _3"/>nto sup<span class="_ _3"/>ply ch<span class="_ _3"/>ai<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nce a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th a li<span class="_ _3"/>mi<span class="_ _3"/>ted nu<span class="_ _3"/>mb<span class="_ _3"/>er of s<span class="_ _3"/>up<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>rs<span class="_ _3"/>. Th<span class="_ _3"/>is p<span class="_ _3"/>rovid<span class="_ _3"/>es th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>r wi<span class="_ _3"/>th th<span class="_ _3"/>e pos<span class="_ _3"/>si<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y of req<span class="_ _3"/>ue<span class="_ _3"/>sti<span class="_ _3"/>ng th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>tin<span class="_ _3"/>g ba<span class="_ _3"/>nk to pa<span class="_ _3"/>y the i<span class="_ _3"/>nvoi<span class="_ _3"/>ce be<span class="_ _3"/>fore ou<span class="_ _3"/>r du<span class="_ _3"/>e da<span class="_ _3"/>te.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We exp<span class="_ _3"/>ec<span class="_ _3"/>t th<span class="_ _3"/>at mo<span class="_ _3"/>re of ou<span class="_ _3"/>r su<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>er<span class="_ _3"/>s wil<span class="_ _3"/>l ma<span class="_ _3"/>ke use of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">suppl<span class="_ _0"/>y<span class="_ _0"/> chain<span class="_ _0"/> finance<span class="_ _0"/> in<span class="_ _0"/> the<span class="_ _0"/> fut<span class="_ _0"/>ure.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _0"/>rad<span class="_ _3"/>e pa<span class="_ _3"/>yab<span class="_ _3"/>les’, to whi<span class="_ _3"/>ch su<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>r f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>in<span class="_ _3"/>g is of<span class="_ _3"/>fer<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reta<span class="_ _3"/>in th<span class="_ _3"/>ei<span class="_ _3"/>r cla<span class="_ _3"/>ssi<span class="_ _3"/>fi<span class="_ _3"/>cati<span class="_ _3"/>on i<span class="_ _3"/>n ou<span class="_ _3"/>r <span class="_ _49"/>ba<span class="_ _3"/>lan<span class="_ _3"/>ce sh<span class="_ _3"/>ee<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es th<span class="_ _3"/>at ar<span class="_ _3"/>e par<span class="_ _3"/>t of s<span class="_ _3"/>up<span class="_ _3"/>ply cha<span class="_ _3"/>in f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ce ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">du<span class="_ _3"/>e 120<span class="_ _3"/>-<span class="_ _0"/>180 d<span class="_ _3"/>ays a<span class="_ _3"/>fte<span class="_ _3"/>r invo<span class="_ _3"/>ice d<span class="_ _3"/>ate<span class="_ _3"/>. Com<span class="_ _3"/>pa<span class="_ _3"/>rab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies t<span class="_ _3"/>hat a<span class="_ _3"/>re no<span class="_ _3"/>t par<span class="_ _3"/>t of s<span class="_ _3"/>up<span class="_ _3"/>ply cha<span class="_ _3"/>in f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are <span class="_ _3"/>du<span class="_ _3"/>e up to 9<span class="_ _3"/>0 day<span class="_ _3"/>s af<span class="_ _3"/>ter i<span class="_ _3"/>nvoi<span class="_ _3"/>ce da<span class="_ _3"/>te.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:198.392578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 69px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4785px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7285px; width: 630.463px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">M&amp;A r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 433.853px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,753<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,203</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 194.033px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pay<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ated t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estment of ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets</span><span style="position: absolute; display: inline-block; left: 193.203px; top: 45.3008px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 528.453px; top: 44.7441px; width: 101.396px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,900<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,904</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 630.334px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>crued int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erest<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 457.654px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,097<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,358</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 82.5762px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 83.2969px; top: 73.3008px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 3</span><span style="position: absolute; display: inline-block; left: 537.188px; top: 72.7441px; width: 93.6973px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">287<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,184</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7441px; width: 630.316px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Salary<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>-rel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed items pay<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 410.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">844<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>671</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.744px; width: 630.141px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T and o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ther indirect t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>axe<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">535<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 630.223px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">104<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>345</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.76px; width: 630.404px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,978<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,623</span><span style="position: absolute; display: inline-block; left: 0px; top: 142.273px; width: 630.352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ther payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 430.56px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,498<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,881</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.01px; width: 630.334px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, working c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,306<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,384</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.025px; width: 630.281px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, other c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apital empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>yed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.351px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,854<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,574</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.025px; width: 528.662px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eres<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t-bearing net debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 376.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 528.662px; top: 189.025px; width: 24.9844px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,338</span><span style="position: absolute; display: inline-block; left: 553.646px; top: 189.025px; width: 51.8086px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 605.455px; top: 189.025px; width: 24.9844px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,923</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Mainly r<span class="_ _0"/>elat<span class="_ _0"/>ed t<span class="_ _0"/>o the dives<span class="_ _0"/>tment of a portf<span class="_ _0"/>olio of f<span class="_ _4"/>our onshore pr<span class="_ _0"/>ojects.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The col<span class="_ _0"/>lat<span class="_ _0"/>er<span class="_ _0"/>al rec<span class="_ _0"/>eived b<span class="_ _0"/>y the Gr<span class="_ _0"/>oup is cash r<span class="_ _0"/>eceiv<span class="_ _0"/>ed from banks in <span class="_ _49"/>connection with the hedging of derivative<span class="_ _0"/>s.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>T<span class="_ _15c"/>a<span class="_ _3"/>x equity<span class="_ _0"/> liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.9</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:170.392578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 88.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax equity liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">16,393<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,564</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Contribution r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed from t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y partners<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 328.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,942<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,945</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisitions <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">643</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax attribut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and PT<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Cs/IT<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Cs r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecognis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed in other oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.928px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,531)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,521)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash paid t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partners<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 393.03px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(219)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(301)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partners' contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>actual r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>urn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 370.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">965<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,134</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 414.81px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(543)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>929</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.273px; width: 631.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 414.262px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">17,007<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>16,393</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, working c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 413.362px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15,811<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.025px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Of which, int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eres<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t-bearing debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 394.957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,196<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,236</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In t<span class="_ _3"/>he US<span class="_ _3"/>, we h<span class="_ _3"/>ave f<span class="_ _3"/>if<span class="_ _3"/>tee<span class="_ _3"/>n ope<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l win<span class="_ _3"/>d an<span class="_ _3"/>d sol<span class="_ _3"/>ar </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms wi<span class="_ _3"/>th tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s. D<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g 2023<span class="_ _3"/>, we com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">missioned t<span class="_ _0"/>he onshor<span class="_ _0"/>e w<span class="_ _0"/>ind f<span class="_ _0"/>arm Sun<span class="_ _0"/>flo<span class="_ _0"/>wer<span class="_ _0"/>,<span class="_ _0"/> and w<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ei<span class="_ _3"/>ved a tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y cont<span class="_ _3"/>rib<span class="_ _3"/>uti<span class="_ _3"/>on f<span class="_ _3"/>rom o<span class="_ _3"/>ur pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for th<span class="_ _3"/>is p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t. We al<span class="_ _3"/>so re<span class="_ _3"/>ce<span class="_ _3"/>ive<span class="_ _3"/>d a tax eq<span class="_ _3"/>ui<span class="_ _3"/>ty co<span class="_ _3"/>ntri<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>tio<span class="_ _3"/>n rela<span class="_ _3"/>ted to ou<span class="_ _3"/>r of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which is<span class="_ _0"/> still under<span class="_ _0"/> construction. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Description of<span class="_ _0"/> tax equity partnersh<span class="_ _3"/>ips<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>ps ar<span class="_ _3"/>e cha<span class="_ _3"/>rac<span class="_ _3"/>ter<span class="_ _3"/>ise<span class="_ _3"/>d by a tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r<span class="_ _0"/>, wh<span class="_ _3"/>o cont<span class="_ _3"/>ri<span class="_ _3"/>butes a<span class="_ _3"/>n u<span class="_ _3"/>pfron<span class="_ _3"/>t pay<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t inves<span class="_ _3"/>tm<span class="_ _3"/>ent a<span class="_ _3"/>nd g<span class="_ _3"/>en<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l<span class="_ _0"/>y do<span class="_ _3"/>es n<span class="_ _3"/>ot ha<span class="_ _3"/>ve an o<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al ro<span class="_ _3"/>le in t<span class="_ _3"/>he pr<span class="_ _3"/>oje<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r rec<span class="_ _3"/>eiv<span class="_ _3"/>es a co<span class="_ _3"/>ntrac<span class="_ _3"/>tua<span class="_ _3"/>lly ag<span class="_ _3"/>ree<span class="_ _3"/>d retu<span class="_ _3"/>rn on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cont<span class="_ _3"/>rib<span class="_ _3"/>uti<span class="_ _3"/>on<span class="_ _3"/>. In o<span class="_ _3"/>rd<span class="_ _3"/>er to ‘re<span class="_ _3"/>pay<span class="_ _3"/>’ the i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l co<span class="_ _3"/>ntri<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bution<span class="_ _0"/> and the<span class="_ _0"/> re<span class="_ _0"/>turn, a<span class="_ _0"/> disproportionat<span class="_ _0"/>e<span class="_ _0"/> share<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion ta<span class="_ _3"/>x cre<span class="_ _3"/>di<span class="_ _3"/>ts (P<span class="_ _3"/>T<span class="_ _0"/>C<span class="_ _3"/>s) or th<span class="_ _3"/>e inve<span class="_ _3"/>stm<span class="_ _3"/>ent ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts (I<span class="_ _3"/>T<span class="_ _0"/>C<span class="_ _3"/>s) and ot<span class="_ _3"/>he<span class="_ _3"/>r tax at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes (acc<span class="_ _3"/>ele<span class="_ _3"/>rate<span class="_ _3"/>d tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on a<span class="_ _3"/>nd oth<span class="_ _3"/>er ta<span class="_ _3"/>xa<span class="_ _3"/>ble re<span class="_ _3"/>sult<span class="_ _3"/>s) are a<span class="_ _3"/>lloc<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er d<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the f<span class="_ _3"/>ir<span class="_ _3"/>st p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e pro<span class="_ _3"/>jec<span class="_ _3"/>t's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>feti<span class="_ _3"/>me<span class="_ _3"/>. The p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er a<span class="_ _3"/>l<span class="_ _3"/>so rec<span class="_ _3"/>eiv<span class="_ _3"/>es so<span class="_ _3"/>me ca<span class="_ _3"/>sh pa<span class="_ _3"/>y<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _0"/>-b<span class="_ _3"/>ase<span class="_ _3"/>d pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>es sp<span class="_ _3"/>ec<span class="_ _3"/>ifi<span class="_ _3"/>ed i<span class="_ _3"/>n th<span class="_ _3"/>e par<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s. O<span class="_ _3"/>nce t<span class="_ _3"/>he pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r re<span class="_ _3"/>cei<span class="_ _3"/>ves th<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">retu<span class="_ _3"/>rn<span class="_ _3"/>, the a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nt fl<span class="_ _3"/>ips<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r is ty<span class="_ _3"/>pi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>lly enti<span class="_ _3"/>tled to a m<span class="_ _3"/>ino<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of the c<span class="_ _3"/>ash d<span class="_ _3"/>is<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t, u<span class="_ _3"/>nle<span class="_ _3"/>ss we re<span class="_ _3"/>pu<span class="_ _3"/>rch<span class="_ _3"/>ase th<span class="_ _3"/>is r<span class="_ _3"/>ig<span class="_ _3"/>ht fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>em<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s hi<span class="_ _3"/>gh<span class="_ _3"/>l<span class="_ _0"/>y li<span class="_ _3"/>kely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to th<span class="_ _3"/>e op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l an<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l na<span class="_ _3"/>ture o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip<span class="_ _3"/>s, we n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>lly ha<span class="_ _3"/>ve th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pow<span class="_ _3"/>er to a<span class="_ _3"/>ffe<span class="_ _3"/>ct re<span class="_ _3"/>lev<span class="_ _3"/>ant a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>tes a<span class="_ _3"/>nd m<span class="_ _3"/>ake d<span class="_ _3"/>ec<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>s for th<span class="_ _3"/>e pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s as th<span class="_ _3"/>e ma<span class="_ _3"/>na<span class="_ _3"/>gi<span class="_ _3"/>ng p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, we n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>lly fu<span class="_ _3"/>lly co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>li<span class="_ _3"/>date c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es th<span class="_ _3"/>at h<span class="_ _3"/>ave ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity c<span class="_ _3"/>ont<span class="_ _3"/>ri<span class="_ _3"/>but<span class="_ _3"/>io<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ral<span class="_ _3"/>ly has t<span class="_ _3"/>he c<span class="_ _3"/>ha<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>ter<span class="_ _3"/>is<span class="_ _3"/>tic<span class="_ _3"/>s of a l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty as t<span class="_ _3"/>he i<span class="_ _3"/>nit<span class="_ _3"/>ia<span class="_ _3"/>l con<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>id<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>d retu<span class="_ _3"/>rn<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>es n<span class="_ _3"/>ot sh<span class="_ _3"/>are i<span class="_ _3"/>n th<span class="_ _3"/>e ri<span class="_ _3"/>sks o<span class="_ _3"/>f the p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t in t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>me wa<span class="_ _3"/>y as a s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As s<span class="_ _3"/>uc<span class="_ _3"/>h, t<span class="_ _3"/>he co<span class="_ _3"/>ntr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on i<span class="_ _3"/>s acc<span class="_ _3"/>oun<span class="_ _3"/>ted fo<span class="_ _3"/>r as a l<span class="_ _3"/>ia<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d at a<span class="_ _3"/>mo<span class="_ _3"/>rt<span class="_ _3"/>is<span class="_ _3"/>ed co<span class="_ _3"/>st<span class="_ _3"/>. The l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted m<span class="_ _3"/>eth<span class="_ _3"/>od of re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d is d<span class="_ _3"/>iv<span class="_ _3"/>id<span class="_ _3"/>ed i<span class="_ _3"/>nto: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>a ne<span class="_ _3"/>t wor<span class="_ _3"/>ki<span class="_ _3"/>ng ca<span class="_ _3"/>pi<span class="_ _3"/>tal e<span class="_ _3"/>le<span class="_ _3"/>me<span class="_ _3"/>nt to be r<span class="_ _3"/>epa<span class="_ _3"/>id </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh P<span class="_ _3"/>TCs/<span class="_ _3"/>ITCs a<span class="_ _3"/>nd o<span class="_ _3"/>the<span class="_ _3"/>r tax a<span class="_ _3"/>tt<span class="_ _3"/>rib<span class="_ _3"/>ute<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>an i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng d<span class="_ _3"/>eb<span class="_ _3"/>t ele<span class="_ _3"/>me<span class="_ _3"/>nt ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d to </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be repaid<span class="_ _0"/> through c<span class="_ _0"/>ash distributions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r'<span class="_ _3"/>s ag<span class="_ _3"/>ree<span class="_ _3"/>d retu<span class="_ _3"/>rn i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>d as a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se an<span class="_ _3"/>d is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as a<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. PTCs<span class="_ _3"/>, ITC<span class="_ _3"/>s an<span class="_ _3"/>d oth<span class="_ _3"/>er ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes tr<span class="_ _3"/>an<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to the ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>com<span class="_ _3"/>e. P<span class="_ _3"/>TCs a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>ods e<span class="_ _3"/>ar<span class="_ _3"/>ne<span class="_ _3"/>d, w<span class="_ _3"/>hi<span class="_ _3"/>le ITC<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er ta<span class="_ _3"/>x at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ne b<span class="_ _3"/>as<span class="_ _3"/>is ove<span class="_ _3"/>r th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d con<span class="_ _3"/>tra<span class="_ _3"/>ctu<span class="_ _3"/>al le<span class="_ _3"/>ng<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>dd<span class="_ _3"/>it<span class="_ _3"/>ion to t<span class="_ _3"/>he a<span class="_ _3"/>bove<span class="_ _3"/>, we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se a l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>e pr<span class="_ _3"/>ice fo<span class="_ _3"/>r the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">post<span class="_ _0"/>-<span class="_ _0"/>flip rights<span class="_ _0"/> to<span class="_ _0"/> cash distributions.<span class="_ _0"/> This liabil<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">it<span class="_ _3"/>y is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d at fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e exp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>d as a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l ite<span class="_ _3"/>m<span class="_ _3"/>. Th<span class="_ _3"/>is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ref<span class="_ _3"/>le<span class="_ _3"/>ct<span class="_ _3"/>s the i<span class="_ _3"/>nte<span class="_ _3"/>nti<span class="_ _3"/>on a<span class="_ _3"/>nd hi<span class="_ _3"/>gh l<span class="_ _3"/>ik<span class="_ _3"/>el<span class="_ _3"/>ih<span class="_ _3"/>ood t<span class="_ _3"/>ha<span class="_ _3"/>t we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r's p<span class="_ _3"/>os<span class="_ _3"/>t<span class="_ _0"/>-fl<span class="_ _3"/>ip r<span class="_ _3"/>ig<span class="_ _3"/>hts<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>ey </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e pa<span class="_ _3"/>rt of t<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al co<span class="_ _3"/>sts o<span class="_ _3"/>f the a<span class="_ _3"/>rr<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> judgement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rec<span class="_ _0"/>ognitio<span class="_ _0"/>n o<span class="_ _0"/>f t<span class="_ _0"/>ax<span class="_ _0"/> equity<span class="_ _0"/> part<span class="_ _0"/>nerships<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On fo<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on o<span class="_ _3"/>f a tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip, w<span class="_ _3"/>e ass<span class="_ _3"/>ess<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ap<span class="_ _3"/>pro<span class="_ _3"/>pr<span class="_ _3"/>iate r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>it<span class="_ _3"/>ion o<span class="_ _3"/>f the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>'s co<span class="_ _3"/>ntr<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>tio<span class="_ _3"/>n as w<span class="_ _3"/>ell a<span class="_ _3"/>s th<span class="_ _3"/>e met<span class="_ _3"/>ho<span class="_ _3"/>d of re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n for t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">el<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s us<span class="_ _3"/>ed to re<span class="_ _3"/>pay t<span class="_ _3"/>he p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er, su<span class="_ _3"/>ch as P<span class="_ _3"/>TCs<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ITC<span class="_ _3"/>s, a<span class="_ _3"/>nd ta<span class="_ _3"/>x att<span class="_ _3"/>ri<span class="_ _3"/>bute<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en a<span class="_ _3"/>sse<span class="_ _3"/>ss<span class="_ _3"/>in<span class="_ _3"/>g the r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of t<span class="_ _3"/>he p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntri<span class="_ _3"/>bu<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, we loo<span class="_ _3"/>k at<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d flow<span class="_ _3"/>s of PTC<span class="_ _3"/>s/I<span class="_ _3"/>TCs<span class="_ _3"/>, tax a<span class="_ _3"/>ttr<span class="_ _3"/>ib<span class="_ _3"/>utes<span class="_ _3"/>, </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d cas<span class="_ _3"/>h pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s to the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e ri<span class="_ _3"/>ght<span class="_ _3"/>s an<span class="_ _3"/>d ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>ns of b<span class="_ _3"/>oth u<span class="_ _3"/>s an<span class="_ _3"/>d the ta<span class="_ _3"/>x </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>r. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e de<span class="_ _3"/>fer<span class="_ _3"/>ral of t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me r<span class="_ _3"/>ela<span class="_ _3"/>ted to ta<span class="_ _3"/>x att<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>tes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>it<span class="_ _3"/>io<span class="_ _3"/>n of the c<span class="_ _3"/>ont<span class="_ _3"/>ri<span class="_ _3"/>but<span class="_ _3"/>io<span class="_ _3"/>n as <span class="_ _1"/>wor<span class="_ _3"/>ki<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pita<span class="_ _3"/>l or i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng d<span class="_ _3"/>eb<span class="_ _3"/>t are a<span class="_ _3"/>ffe<span class="_ _3"/>cte<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>n to th<span class="_ _3"/>e size<span class="_ _3"/>, me<span class="_ _3"/>tho<span class="_ _3"/>d, a<span class="_ _3"/>nd t<span class="_ _3"/>im<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> repa<span class="_ _0"/>yments.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gov<span class="_ _3"/>er<span class="_ _3"/>nm<span class="_ _3"/>en<span class="_ _3"/>t su<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>t in t<span class="_ _3"/>he U<span class="_ _3"/>S </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In t<span class="_ _3"/>he U<span class="_ _3"/>S, P<span class="_ _3"/>TCs, I<span class="_ _3"/>TCs<span class="_ _3"/>, an<span class="_ _3"/>d othe<span class="_ _3"/>r ta<span class="_ _3"/>x att<span class="_ _3"/>ri<span class="_ _3"/>bute<span class="_ _3"/>s ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>ed to i<span class="_ _3"/>nce<span class="_ _3"/>nti<span class="_ _3"/>vi<span class="_ _3"/>se in<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt i<span class="_ _3"/>n ren<span class="_ _3"/>ewa<span class="_ _3"/>ble e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s – si<span class="_ _3"/>mi<span class="_ _3"/>lar to s<span class="_ _3"/>ub<span class="_ _3"/>sid<span class="_ _3"/>ie<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r cou<span class="_ _3"/>ntr<span class="_ _3"/>ie<span class="_ _3"/>s.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to th<span class="_ _3"/>e op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l an<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l na<span class="_ _3"/>ture o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip<span class="_ _3"/>s, we n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>lly ha<span class="_ _3"/>ve th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pow<span class="_ _3"/>er to a<span class="_ _3"/>ffe<span class="_ _3"/>ct re<span class="_ _3"/>lev<span class="_ _3"/>ant a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>tes a<span class="_ _3"/>nd m<span class="_ _3"/>ake d<span class="_ _3"/>ec<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>s for th<span class="_ _3"/>e pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s as th<span class="_ _3"/>e ma<span class="_ _3"/>na<span class="_ _3"/>gi<span class="_ _3"/>ng p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s. T<span class="_ _3"/>he<span class="_ _3"/>refo<span class="_ _3"/>re, we n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>lly fu<span class="_ _3"/>lly co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>li<span class="_ _3"/>date c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es th<span class="_ _3"/>at h<span class="_ _3"/>ave ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity c<span class="_ _3"/>ont<span class="_ _3"/>ri<span class="_ _3"/>but<span class="_ _3"/>io<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ral<span class="_ _3"/>ly has t<span class="_ _3"/>he c<span class="_ _3"/>ha<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>ter<span class="_ _3"/>is<span class="_ _3"/>tic<span class="_ _3"/>s of a l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty as t<span class="_ _3"/>he i<span class="_ _3"/>nit<span class="_ _3"/>ia<span class="_ _3"/>l con<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>pa<span class="_ _3"/>id<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>d retu<span class="_ _3"/>rn<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>es n<span class="_ _3"/>ot sh<span class="_ _3"/>are i<span class="_ _3"/>n th<span class="_ _3"/>e ri<span class="_ _3"/>sks o<span class="_ _3"/>f the p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t in t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>me wa<span class="_ _3"/>y as a s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As s<span class="_ _3"/>uc<span class="_ _3"/>h, t<span class="_ _3"/>he co<span class="_ _3"/>ntr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on i<span class="_ _3"/>s acc<span class="_ _3"/>oun<span class="_ _3"/>ted fo<span class="_ _3"/>r as a l<span class="_ _3"/>ia<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>li<span class="_ _3"/>ty a<span class="_ _3"/>nd me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d at a<span class="_ _3"/>mo<span class="_ _3"/>rt<span class="_ _3"/>is<span class="_ _3"/>ed co<span class="_ _3"/>st<span class="_ _3"/>. The l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted m<span class="_ _3"/>eth<span class="_ _3"/>od of re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d is d<span class="_ _3"/>iv<span class="_ _3"/>id<span class="_ _3"/>ed i<span class="_ _3"/>nto: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>a ne<span class="_ _3"/>t wor<span class="_ _3"/>ki<span class="_ _3"/>ng ca<span class="_ _3"/>pi<span class="_ _3"/>tal e<span class="_ _3"/>le<span class="_ _3"/>me<span class="_ _3"/>nt to be r<span class="_ _3"/>epa<span class="_ _3"/>id </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>rou<span class="_ _3"/>gh P<span class="_ _3"/>TCs/<span class="_ _3"/>ITCs a<span class="_ _3"/>nd o<span class="_ _3"/>the<span class="_ _3"/>r tax a<span class="_ _3"/>tt<span class="_ _3"/>rib<span class="_ _3"/>ute<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>an i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng d<span class="_ _3"/>eb<span class="_ _3"/>t ele<span class="_ _3"/>me<span class="_ _3"/>nt ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d to </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be repaid<span class="_ _0"/> through c<span class="_ _0"/>ash distributions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r'<span class="_ _3"/>s ag<span class="_ _3"/>ree<span class="_ _3"/>d retu<span class="_ _3"/>rn i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>d as a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>se an<span class="_ _3"/>d is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as a<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty. PTCs<span class="_ _3"/>, ITC<span class="_ _3"/>s an<span class="_ _3"/>d oth<span class="_ _3"/>er ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes tr<span class="_ _3"/>an<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to the ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>com<span class="_ _3"/>e. P<span class="_ _3"/>TCs a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>ods e<span class="_ _3"/>ar<span class="_ _3"/>ne<span class="_ _3"/>d, w<span class="_ _3"/>hi<span class="_ _3"/>le ITC<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oth<span class="_ _3"/>er ta<span class="_ _3"/>x at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed o<span class="_ _3"/>n a st<span class="_ _3"/>rai<span class="_ _3"/>ght-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ne b<span class="_ _3"/>as<span class="_ _3"/>is ove<span class="_ _3"/>r th<span class="_ _3"/>e est<span class="_ _3"/>im<span class="_ _3"/>ate<span class="_ _3"/>d con<span class="_ _3"/>tra<span class="_ _3"/>ctu<span class="_ _3"/>al le<span class="_ _3"/>ng<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>dd<span class="_ _3"/>it<span class="_ _3"/>ion to t<span class="_ _3"/>he a<span class="_ _3"/>bove<span class="_ _3"/>, we re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se a l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pu<span class="_ _3"/>rch<span class="_ _3"/>as<span class="_ _3"/>e pr<span class="_ _3"/>ice fo<span class="_ _3"/>r the p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">post<span class="_ _0"/>-<span class="_ _0"/>flip rights<span class="_ _0"/> to<span class="_ _0"/> cash distributions.<span class="_ _0"/> This liabil<span class="_ _0"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">it<span class="_ _3"/>y is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d at fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, an<span class="_ _3"/>d ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e exp<span class="_ _3"/>en<span class="_ _3"/>se<span class="_ _3"/>d as a f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l ite<span class="_ _3"/>m<span class="_ _3"/>. Th<span class="_ _3"/>is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ref<span class="_ _3"/>le<span class="_ _3"/>ct<span class="_ _3"/>s the i<span class="_ _3"/>nte<span class="_ _3"/>nti<span class="_ _3"/>on a<span class="_ _3"/>nd hi<span class="_ _3"/>gh l<span class="_ _3"/>ik<span class="_ _3"/>el<span class="_ _3"/>ih<span class="_ _3"/>ood t<span class="_ _3"/>ha<span class="_ _3"/>t we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se th<span class="_ _3"/>e pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r's p<span class="_ _3"/>os<span class="_ _3"/>t<span class="_ _0"/>-fl<span class="_ _3"/>ip r<span class="_ _3"/>ig<span class="_ _3"/>hts<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>ey </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e pa<span class="_ _3"/>rt of t<span class="_ _3"/>he f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al co<span class="_ _3"/>sts o<span class="_ _3"/>f the a<span class="_ _3"/>rr<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _4b"/>Provisions and c<span class="_ _0"/>ontingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.10</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:297.408203125px;"><span style="position: absolute; display: inline-block; left: 621.453px; top: 0.0078125px; width: 337.939px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 380.5px; top: 31.0078px; width: 36.4277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Decom-<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 695.75px; top: 30.9922px; width: 36.4277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Decom-<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.0078px; width: 44.6426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 46.3418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">missioning</span><span style="position: absolute; display: inline-block; left: 455.406px; top: 43.0078px; width: 39.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onerous </span><span style="position: absolute; display: inline-block; left: 542.375px; top: 43.0078px; width: 26.2676px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other</span><span style="position: absolute; display: inline-block; left: 683.953px; top: 42.9922px; width: 46.3418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">missioning</span><span style="position: absolute; display: inline-block; left: 768.609px; top: 42.9922px; width: 39.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onerous </span><span style="position: absolute; display: inline-block; left: 857.969px; top: 42.9922px; width: 26.2676px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other</span><span style="position: absolute; display: inline-block; left: 0px; top: 55.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 365.656px; top: 55.0078px; width: 50.0449px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">obligations</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 55.0078px; width: 42.5273px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>acts</span><span style="position: absolute; display: inline-block; left: 524.594px; top: 55.0078px; width: 119.602px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">pro<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 680.312px; top: 54.9922px; width: 50.0449px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">obligations</span><span style="position: absolute; display: inline-block; left: 764.078px; top: 54.9922px; width: 42.5273px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>acts</span><span style="position: absolute; display: inline-block; left: 839.969px; top: 54.9922px; width: 119.602px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">pro<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.7285px; width: 959.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.188px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,350<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,706<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>866<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,888</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 87.7285px; width: 960.053px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">62<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(675)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(602)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(203)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(41)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(249)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 101.744px; width: 959.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Used during the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 309.193px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,206)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(824)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,060)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(304)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,078)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,382)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.744px; width: 959.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersed during the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 262.067px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,447)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,447)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(300)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,359)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,659)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 129.744px; width: 959.648px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions made during the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 259.57px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">526<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,246<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,150<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21,922<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>832<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,495</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 143.744px; width: 959.895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(349)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(361)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(376)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(376)</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.76px; width: 960.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 247.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">33</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 171.76px; width: 960.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Divestment o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f enterpris<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.76px; width: 959.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Change in estimat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 297.24px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,790)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,790)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,087</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 199.775px; width: 960.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o or from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets and liabilities cl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified as hel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 118.898px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">414<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">414</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 213.775px; width: 959.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 270.27px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">482<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">495<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">460</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 227.289px; width: 960.311px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,977<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,654<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,232<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>32,863<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,350<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,706</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.539px; width: 97.7344px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alling due as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ollo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.025px; width: 959.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">In 0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,007<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>698<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,955<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>217<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>31<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>337<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 274.041px; width: 959.602px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">In 1-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,499<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>536<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,350<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,385<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,798<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>154<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,632<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,584</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 288.041px; width: 959.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Af<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ter 5 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 328.705px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,228<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>111<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>184<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,523<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,061<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>95<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>381<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,537</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 183.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Decommissioning obligations b<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y segment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 300.715px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 300.715px; top: 12.0078px; width: 424.078px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 29.1445px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 23.5605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10-20 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 13.2246px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 20 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 724.963px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,160<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,544<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,833<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,303<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,840<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,233</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 725.045px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 302.443px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>42<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,020<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,062<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,769</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 724.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 243.715px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">589<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>204<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,075<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,074</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 725.262px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,804<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,079<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,345<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,977<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,076</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Decommissioning obligati<span class="_ _0"/>ons</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Decommissioning obligations c<span class="_ _0"/>omprise estimat<span class="_ _0"/>ed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses<span class="_ _0"/> relat<span class="_ _0"/>ing t<span class="_ _0"/>o dec<span class="_ _0"/>ommissioning and<span class="_ _0"/> disposal<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>ind<span class="_ _3"/>, on<span class="_ _3"/>sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d, a<span class="_ _3"/>nd so<span class="_ _3"/>lar fa<span class="_ _3"/>rm<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the r<span class="_ _0"/>est<span class="_ _0"/>orat<span class="_ _0"/>ion o<span class="_ _0"/>f seabeds,<span class="_ _0"/> the dec<span class="_ _0"/>ommissioning o<span class="_ _0"/>f<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r CH<span class="_ _3"/>P pla<span class="_ _3"/>nts<span class="_ _3"/>, the N<span class="_ _3"/>ybr<span class="_ _3"/>o gas p<span class="_ _3"/>lan<span class="_ _3"/>t, a<span class="_ _3"/>nd ou<span class="_ _3"/>r oi<span class="_ _3"/>l an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gas pipes.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ed to de<span class="_ _3"/>com<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>ion o<span class="_ _3"/>ur w<span class="_ _3"/>in<span class="_ _3"/>d and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>lar fa<span class="_ _3"/>rms a<span class="_ _3"/>nd re<span class="_ _3"/>stor<span class="_ _3"/>e the s<span class="_ _3"/>urro<span class="_ _3"/>un<span class="_ _3"/>di<span class="_ _3"/>ng<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>n we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>construct<span class="_ _0"/> offshore<span class="_ _0"/> wind<span class="_ _0"/> farms<span class="_ _0"/> in c<span class="_ _0"/>ooperat<span class="_ _0"/>ion wit<span class="_ _0"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>, they a<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>le for t<span class="_ _3"/>hei<span class="_ _3"/>r sh<span class="_ _3"/>are o<span class="_ _3"/>f the d<span class="_ _3"/>eco<span class="_ _3"/>m<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">missioning c<span class="_ _0"/>osts. Ther<span class="_ _0"/>ef<span class="_ _0"/>ore,<span class="_ _0"/> we<span class="_ _0"/> have<span class="_ _0"/> onl<span class="_ _0"/>y incl<span class="_ _0"/>uded </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the decommissioni<span class="_ _3"/>ng obligations associat<span class="_ _0"/>ed with<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r own<span class="_ _3"/>er<span class="_ _3"/>shi<span class="_ _3"/>p in<span class="_ _3"/>teres<span class="_ _3"/>t in t<span class="_ _3"/>he of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other pro<span class="_ _0"/>visions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other pr<span class="_ _0"/>o<span class="_ _0"/>visions<span class="_ _0"/> compri<span class="_ _0"/>se pr<span class="_ _0"/>imaril<span class="_ _0"/>y:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>offshore<span class="_ _0"/> partnership pro<span class="_ _0"/>visions,<span class="_ _0"/> including<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">warran<span class="_ _0"/>ty obligations<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ons i<span class="_ _3"/>n rel<span class="_ _3"/>ati<span class="_ _3"/>on to th<span class="_ _3"/>e di<span class="_ _3"/>vest<span class="_ _3"/>me<span class="_ _3"/>nt of ou<span class="_ _3"/>r <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oi<span class="_ _3"/>l an<span class="_ _3"/>d ga<span class="_ _3"/>s bus<span class="_ _3"/>in<span class="_ _3"/>ess i<span class="_ _3"/>n 2017 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _16"> </span> <span class="_ _6"/>ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in re<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>t of ou<span class="_ _3"/>r own ca<span class="_ _3"/>rbo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ns</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>other c<span class="_ _0"/>ontr<span class="_ _0"/>actual<span class="_ _0"/> obligations.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Onerous c<span class="_ _0"/>ontr<span class="_ _0"/>acts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On<span class="_ _3"/>ero<span class="_ _3"/>us co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ily rela<span class="_ _3"/>te to ceas<span class="_ _3"/>in<span class="_ _3"/>g the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>ent of O<span class="_ _3"/>cea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 w<span class="_ _3"/>he<span class="_ _3"/>re we ha<span class="_ _3"/>ve a prov<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on of D<span class="_ _3"/>KK 15 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n at th<span class="_ _3"/>e en<span class="_ _3"/>d of 202<span class="_ _3"/>3. Th<span class="_ _3"/>e <span class="_ _0"/>provisi<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lates to ca<span class="_ _3"/>nce<span class="_ _3"/>llat<span class="_ _3"/>io<span class="_ _3"/>n fees o<span class="_ _3"/>n co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>t<span class="_ _3"/>s a<span class="_ _3"/>nd<span class="_ _3"/> ha<span class="_ _3"/>s b<span class="_ _3"/>e<span class="_ _3"/>e<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n two s<span class="_ _3"/>teps<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>rs<span class="_ _3"/>t, a<span class="_ _3"/>s an on<span class="_ _3"/>er<span class="_ _3"/>ous co<span class="_ _3"/>ntra<span class="_ _3"/>ct p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>n as p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 in t<span class="_ _3"/>he i<span class="_ _3"/>nter<span class="_ _3"/>im f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>t for t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st ni<span class="_ _3"/>ne m<span class="_ _3"/>ont<span class="_ _3"/>hs of 20<span class="_ _3"/>23 (C<span class="_ _3"/>APE<span class="_ _3"/>X pro<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vi<span class="_ _3"/>sio<span class="_ _3"/>n), n<span class="_ _3"/>et of i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts i<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>d on t<span class="_ _3"/>he p<span class="_ _3"/>roje<span class="_ _3"/>ct u<span class="_ _3"/>p </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">unt<span class="_ _3"/>il i<span class="_ _3"/>t was te<span class="_ _3"/>rmi<span class="_ _3"/>na<span class="_ _3"/>ted on 1 N<span class="_ _3"/>ove<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>con<span class="_ _3"/>dly<span class="_ _0"/>, a fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r prov<span class="_ _3"/>isi<span class="_ _3"/>on wa<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed at y<span class="_ _3"/>ea<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">end (‘<span class="_ _0"/>Other operat<span class="_ _0"/>ing expenses<span class="_ _0"/>’ pr<span class="_ _0"/>ov<span class="_ _0"/>ision)<span class="_ _0"/> t<span class="_ _0"/>o c<span class="_ _0"/>ov<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>nce<span class="_ _3"/>llat<span class="_ _3"/>ion fe<span class="_ _3"/>es n<span class="_ _3"/>ot cover<span class="_ _3"/>ed by the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">30 Sep<span class="_ _0"/>t<span class="_ _0"/>ember<span class="_ _0"/> 202<span class="_ _0"/>3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a r<span class="_ _3"/>esu<span class="_ _3"/>lt, a total of D<span class="_ _3"/>KK 9.6 bi<span class="_ _3"/>ll<span class="_ _3"/>ion w<span class="_ _3"/>as re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in ‘Ot<span class="_ _0"/>her operat<span class="_ _0"/>ing expenses<span class="_ _0"/>’<span class="_ _4"/>, with<span class="_ _0"/> the r<span class="_ _0"/>emaining </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>ou<span class="_ _3"/>nt be<span class="_ _3"/>in<span class="_ _3"/>g reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed in ‘<span class="_ _3"/>I<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rme<span class="_ _3"/>nt los<span class="_ _3"/>ses o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">int<span class="_ _0"/>angibl<span class="_ _0"/>e as<span class="_ _0"/>sets,<span class="_ _0"/> and<span class="_ _0"/> property<span class="_ _4"/>, plan<span class="_ _0"/>t and<span class="_ _0"/> equipment’<span class="_ _4"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘U<span class="_ _3"/>sed d<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the y<span class="_ _3"/>ea<span class="_ _3"/>r’ p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily re<span class="_ _3"/>lates to C<span class="_ _3"/>APE<span class="_ _3"/>X </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sp<span class="_ _3"/>ent o<span class="_ _3"/>n con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 un<span class="_ _3"/>til t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>te<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ati<span class="_ _3"/>on of th<span class="_ _3"/>e pro<span class="_ _3"/>je<span class="_ _3"/>ct a<span class="_ _3"/>nd oth<span class="_ _3"/>er co<span class="_ _3"/>st<span class="_ _3"/>s ass<span class="_ _3"/>oci<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th ter<span class="_ _3"/>mi<span class="_ _3"/>nat<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>roj<span class="_ _3"/>ect<span class="_ _3"/>. ‘<span class="_ _3"/>Use<span class="_ _3"/>d du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e yea<span class="_ _3"/>r’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>so re<span class="_ _3"/>late<span class="_ _3"/>s to CAP<span class="_ _3"/>EX s<span class="_ _3"/>pe<span class="_ _3"/>nt on t<span class="_ _3"/>he co<span class="_ _3"/>nst<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sunrise Wind.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When measuring<span class="_ _0"/> the<span class="_ _0"/> pro<span class="_ _0"/>vision f<span class="_ _0"/>or<span class="_ _0"/> ‘Onerous<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/>’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lated to th<span class="_ _3"/>e can<span class="_ _3"/>ce<span class="_ _3"/>llat<span class="_ _3"/>ion fe<span class="_ _3"/>es<span class="_ _3"/>, we ha<span class="_ _3"/>ve as<span class="_ _3"/>sess<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>ts re<span class="_ _3"/>lated to t<span class="_ _3"/>he Oce<span class="_ _3"/>an W<span class="_ _3"/>i<span class="_ _3"/>nd 1 pr<span class="_ _3"/>oje<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is a<span class="_ _3"/>sse<span class="_ _3"/>ssm<span class="_ _3"/>ent h<span class="_ _3"/>as i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed a<span class="_ _3"/>n evalu<span class="_ _3"/>at<span class="_ _3"/>ion of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _0"/>tract<span class="_ _0"/>ual t<span class="_ _0"/>erms, incl<span class="_ _0"/>uding whet<span class="_ _0"/>her the<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll be <span class="_ _6"/>ter<span class="_ _3"/>mi<span class="_ _3"/>nate<span class="_ _3"/>d for ca<span class="_ _3"/>use o<span class="_ _3"/>r conve<span class="_ _3"/>ni<span class="_ _3"/>en<span class="_ _3"/>ce, a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expected<span class="_ _0"/> cos<span class="_ _0"/>ts o<span class="_ _0"/>f ful<span class="_ _0"/>filling or<span class="_ _0"/> cancelling<span class="_ _0"/> the c<span class="_ _0"/>ontr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e mos<span class="_ _3"/>t si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt cont<span class="_ _3"/>rac<span class="_ _3"/>ts re<span class="_ _3"/>late to th<span class="_ _3"/>e con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion<span class="_ _0"/> and inst<span class="_ _0"/>allat<span class="_ _0"/>ion o<span class="_ _0"/>f wind<span class="_ _0"/> turbine<span class="_ _0"/> generat<span class="_ _0"/>ors, export<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cable<span class="_ _0"/> syst<span class="_ _0"/>ems, f<span class="_ _0"/>abrication<span class="_ _0"/> and construction<span class="_ _0"/> of<span class="_ _0"/> pipes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and f<span class="_ _0"/>oundations,<span class="_ _0"/> offshor<span class="_ _0"/>e and<span class="_ _0"/> onshore<span class="_ _0"/> subst<span class="_ _0"/>ations,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and o<span class="_ _0"/>ther c<span class="_ _0"/>ontr<span class="_ _0"/>actual<span class="_ _0"/> agreements f<span class="_ _0"/>or<span class="_ _0"/> transp<span class="_ _0"/>ortation,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mobilisation,<span class="_ _0"/> and inst<span class="_ _0"/>allat<span class="_ _0"/>ion o<span class="_ _0"/>f c<span class="_ _0"/>omponents. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ass<span class="_ _3"/>ess<span class="_ _3"/>me<span class="_ _3"/>nt a<span class="_ _3"/>lso i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es a<span class="_ _3"/>n evalu<span class="_ _3"/>at<span class="_ _3"/>ion of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s of reu<span class="_ _3"/>sin<span class="_ _3"/>g or s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g ce<span class="_ _3"/>rta<span class="_ _3"/>in p<span class="_ _3"/>roje<span class="_ _3"/>ct d<span class="_ _3"/>eve<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/>set<span class="_ _3"/>s and r<span class="_ _3"/>ese<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g the se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>as<span class="_ _3"/>e to a<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ird p<span class="_ _3"/>ar<span class="_ _3"/>ty. We exp<span class="_ _3"/>ec<span class="_ _3"/>t to reu<span class="_ _3"/>se th<span class="_ _3"/>e exp<span class="_ _3"/>or<span class="_ _3"/>t ca<span class="_ _3"/>ble<span class="_ _3"/>s for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>oth<span class="_ _3"/>er of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t, wh<span class="_ _3"/>ic<span class="_ _3"/>h is ref<span class="_ _3"/>le<span class="_ _3"/>cted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he p<span class="_ _3"/>rovis<span class="_ _3"/>io<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>me<span class="_ _3"/>nt of the tota<span class="_ _3"/>l prov<span class="_ _3"/>isi<span class="_ _3"/>on i<span class="_ _3"/>s im<span class="_ _3"/>pac<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>cant e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes a<span class="_ _3"/>nd ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on nego<span class="_ _0"/>tiations<span class="_ _0"/> with<span class="_ _0"/> subc<span class="_ _0"/>ontr<span class="_ _0"/>actors<span class="_ _0"/> and <span class="_ _49"/>con<span class="_ _0"/>tract<span class="_ _0"/>ual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>. As of 31 D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, we h<span class="_ _3"/>ave o<span class="_ _3"/>nly ag<span class="_ _3"/>ree<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on s<span class="_ _3"/>ettle<span class="_ _3"/>me<span class="_ _3"/>nt of a sm<span class="_ _3"/>al<span class="_ _3"/>l po<span class="_ _3"/>rt<span class="_ _3"/>ion of t<span class="_ _3"/>he co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s' </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>. Whi<span class="_ _3"/>le th<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed pr<span class="_ _3"/>ovis<span class="_ _3"/>ion i<span class="_ _3"/>s ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>, the o<span class="_ _3"/>utcom<span class="_ _3"/>e cou<span class="_ _3"/>ld d<span class="_ _3"/>evia<span class="_ _3"/>te mate<span class="_ _3"/>ri<span class="_ _3"/>ally. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns ar<span class="_ _3"/>e rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed w<span class="_ _3"/>he<span class="_ _3"/>n the fo<span class="_ _3"/>llow<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>ri<span class="_ _3"/>ter<span class="_ _3"/>ia a<span class="_ _3"/>re fu<span class="_ _3"/>lfi<span class="_ _3"/>lle<span class="_ _3"/>d: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>We hav<span class="_ _3"/>e a leg<span class="_ _3"/>al o<span class="_ _3"/>r con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>ve ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n as </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a res<span class="_ _3"/>ult of a<span class="_ _3"/>n ea<span class="_ _3"/>rl<span class="_ _3"/>ie<span class="_ _3"/>r eve<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The s<span class="_ _3"/>ett<span class="_ _3"/>lem<span class="_ _3"/>en<span class="_ _3"/>t of the o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to res<span class="_ _3"/>ult i<span class="_ _3"/>n an o<span class="_ _3"/>utf<span class="_ _3"/>low of r<span class="_ _3"/>eso<span class="_ _3"/>ur<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion c<span class="_ _3"/>an b<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d rel<span class="_ _3"/>ia<span class="_ _3"/>bly. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>com<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>io<span class="_ _3"/>ni<span class="_ _3"/>ng o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he f<span class="_ _3"/>utu<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n re<span class="_ _3"/>spe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of d<span class="_ _3"/>eco<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng a<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/>. Th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>t of pr<span class="_ _3"/>op<span class="_ _3"/>er<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciated t<span class="_ _0"/>ogether with t<span class="_ _0"/>he associated<span class="_ _0"/> asset. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ad<span class="_ _3"/>di<span class="_ _3"/>ti<span class="_ _3"/>on of i<span class="_ _3"/>nter<span class="_ _3"/>est o<span class="_ _3"/>n pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>s reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt un<span class="_ _3"/>de<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r one<span class="_ _3"/>ro<span class="_ _3"/>us co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>ts<span class="_ _3"/>, a prov<span class="_ _3"/>isi<span class="_ _3"/>on i<span class="_ _3"/>s ma<span class="_ _3"/>de w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted i<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e to be d<span class="_ _3"/>er<span class="_ _3"/>ive<span class="_ _3"/>d fro<span class="_ _3"/>m a con<span class="_ _3"/>tra<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is lo<span class="_ _3"/>wer t<span class="_ _3"/>ha<span class="_ _3"/>n the u<span class="_ _3"/>na<span class="_ _3"/>voi<span class="_ _3"/>da<span class="_ _3"/>bl<span class="_ _3"/>e cos<span class="_ _3"/>t of me<span class="_ _3"/>eti<span class="_ _3"/>ng o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns u<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>he co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ns a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d whe<span class="_ _3"/>n ou<span class="_ _3"/>r ac<span class="_ _3"/>tua<span class="_ _3"/>l e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>s exc<span class="_ _3"/>eed o<span class="_ _3"/>ur h<span class="_ _3"/>ol<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g of ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assumptions f<span class="_ _0"/>or<span class="_ _0"/> provisions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We con<span class="_ _3"/>ti<span class="_ _3"/>nua<span class="_ _3"/>lly as<span class="_ _3"/>se<span class="_ _3"/>ss ou<span class="_ _3"/>r pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to cove<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ctu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>s an<span class="_ _3"/>d cla<span class="_ _3"/>im<span class="_ _3"/>s ra<span class="_ _3"/>ise<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">against<span class="_ _0"/> Ørsted.<span class="_ _0"/> Timing, p<span class="_ _0"/>robabilit<span class="_ _0"/>ies, amoun<span class="_ _0"/>ts, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">etc<span class="_ _3"/>., w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve a b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng on o<span class="_ _3"/>ur p<span class="_ _3"/>rov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s' </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s, a<span class="_ _3"/>re u<span class="_ _3"/>pda<span class="_ _3"/>ted q<span class="_ _3"/>ua<span class="_ _3"/>r<span class="_ _3"/>ter<span class="_ _3"/>ly base<span class="_ _3"/>d on o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tes of p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>ons a<span class="_ _3"/>re b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tat<span class="_ _3"/>ion<span class="_ _3"/>s of, for e<span class="_ _3"/>xa<span class="_ _3"/>mp<span class="_ _3"/>le:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>ti<span class="_ _3"/>mi<span class="_ _3"/>ng a<span class="_ _3"/>nd s<span class="_ _3"/>cop<span class="_ _3"/>e of ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>fu<span class="_ _3"/>tur<span class="_ _3"/>e cos<span class="_ _3"/>t leve<span class="_ _3"/>l </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 lsb9 ws162"> <span class="_ _174"> </span> legal <span class="_ _5"> </span>assessment.<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If d<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>d ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>l, n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>urr<span class="_ _3"/>ent p<span class="_ _3"/>rov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">discount<span class="_ _0"/>ed using<span class="_ _0"/> either the<span class="_ _0"/> structural<span class="_ _0"/> risk-<span class="_ _0"/>free<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st ra<span class="_ _3"/>te or t<span class="_ _3"/>he in<span class="_ _3"/>cr<span class="_ _3"/>em<span class="_ _3"/>enta<span class="_ _3"/>l bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e st<span class="_ _3"/>ruc<span class="_ _3"/>tu<span class="_ _3"/>ral r<span class="_ _3"/>is<span class="_ _3"/>k-fre<span class="_ _3"/>e inte<span class="_ _3"/>res<span class="_ _3"/>t rate i<span class="_ _3"/>s us<span class="_ _3"/>ed fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">decommissioning liabilities and<span class="_ _0"/> onerous c<span class="_ _0"/>ontracts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It i<span class="_ _3"/>s cal<span class="_ _3"/>cul<span class="_ _3"/>ated a<span class="_ _3"/>s th<span class="_ _3"/>e sum o<span class="_ _3"/>f rea<span class="_ _3"/>l retu<span class="_ _3"/>rn (g<span class="_ _3"/>ros<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>me<span class="_ _3"/>sti<span class="_ _3"/>c pr<span class="_ _3"/>odu<span class="_ _3"/>ct g<span class="_ _3"/>row<span class="_ _3"/>th ra<span class="_ _3"/>te)<span class="_ _3"/>, inf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n, a<span class="_ _3"/>nd i<span class="_ _3"/>nf<span class="_ _3"/>la<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>rem<span class="_ _3"/>iu<span class="_ _3"/>m for ot<span class="_ _3"/>he<span class="_ _3"/>r ri<span class="_ _3"/>sks<span class="_ _3"/>. S<span class="_ _3"/>epa<span class="_ _3"/>ra<span class="_ _3"/>te str<span class="_ _3"/>uc<span class="_ _3"/>tur<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk-fr<span class="_ _3"/>ee i<span class="_ _3"/>nter<span class="_ _3"/>est r<span class="_ _3"/>ates a<span class="_ _3"/>re ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d for E<span class="_ _3"/>uro<span class="_ _3"/>pe<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e UK<span class="_ _3"/>, th<span class="_ _3"/>e US<span class="_ _3"/>, an<span class="_ _3"/>d T<span class="_ _4"/>a<span class="_ _3"/>iw<span class="_ _3"/>an<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ou<span class="_ _3"/>tcom<span class="_ _3"/>e of ou<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ctu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cla<span class="_ _3"/>im<span class="_ _3"/>s ma<span class="_ _3"/>y de<span class="_ _3"/>pe<span class="_ _3"/>nd o<span class="_ _3"/>n fut<span class="_ _3"/>ure ev<span class="_ _3"/>ent<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in by n<span class="_ _3"/>atu<span class="_ _3"/>re.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key as<span class="_ _3"/>su<span class="_ _3"/>mp<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>s in e<span class="_ _3"/>sti<span class="_ _3"/>m<span class="_ _3"/>ati<span class="_ _3"/>n<span class="_ _3"/>g can<span class="_ _3"/>ce<span class="_ _3"/>lla<span class="_ _3"/>ti<span class="_ _3"/>on fe<span class="_ _3"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Me<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on fo<span class="_ _3"/>r ‘On<span class="_ _3"/>er<span class="_ _3"/>ous c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>late<span class="_ _3"/>d to can<span class="_ _3"/>ce<span class="_ _3"/>lla<span class="_ _3"/>tio<span class="_ _3"/>n fee<span class="_ _3"/>s for O<span class="_ _3"/>cea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>olve<span class="_ _3"/>s a nu<span class="_ _3"/>mb<span class="_ _3"/>er of a<span class="_ _3"/>ssu<span class="_ _3"/>m<span class="_ _3"/>ptio<span class="_ _3"/>ns a<span class="_ _3"/>nd s<span class="_ _3"/>ig<span class="_ _3"/>nif<span class="_ _3"/>ic<span class="_ _3"/>ant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s<span class="_ _3"/>. On co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>eve<span class="_ _3"/>l, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve as<span class="_ _3"/>se<span class="_ _3"/>sse<span class="_ _3"/>d the c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>tua<span class="_ _3"/>l te<span class="_ _3"/>rms a<span class="_ _3"/>nd o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons<span class="_ _3"/>, i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>in<span class="_ _3"/>g the e<span class="_ _3"/>xp<span class="_ _3"/>ex<span class="_ _3"/>ted co<span class="_ _3"/>st<span class="_ _3"/>s of fu<span class="_ _3"/>lfi<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>nce<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. Th<span class="_ _3"/>e as<span class="_ _3"/>ses<span class="_ _3"/>sm<span class="_ _3"/>ent a<span class="_ _3"/>l<span class="_ _3"/>so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s an ev<span class="_ _3"/>alu<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of the p<span class="_ _3"/>os<span class="_ _3"/>si<span class="_ _3"/>bil<span class="_ _3"/>it<span class="_ _3"/>ie<span class="_ _3"/>s of reu<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g or s<span class="_ _3"/>ell<span class="_ _3"/>i<span class="_ _3"/>ng ce<span class="_ _3"/>rta<span class="_ _3"/>in p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t de<span class="_ _3"/>vel<span class="_ _3"/>opm<span class="_ _3"/>en<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d res<span class="_ _3"/>el<span class="_ _3"/>li<span class="_ _3"/>ng of t<span class="_ _3"/>he se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>as<span class="_ _3"/>e to a th<span class="_ _3"/>ird p<span class="_ _3"/>ar<span class="_ _3"/>ty. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o a hi<span class="_ _3"/>gh d<span class="_ _3"/>eg<span class="_ _3"/>ree<span class="_ _3"/>, the e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he tota<span class="_ _3"/>l pro<span class="_ _3"/>vi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>ds o<span class="_ _3"/>n neg<span class="_ _3"/>oti<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>s wi<span class="_ _3"/>th su<span class="_ _3"/>bco<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>tor<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d con<span class="_ _3"/>tra<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t the s<span class="_ _3"/>ettl<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. Th<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>ri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e total p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on fo<span class="_ _3"/>r ‘On<span class="_ _3"/>er<span class="_ _3"/>ous </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s’ is b<span class="_ _3"/>as<span class="_ _3"/>ed on m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t's e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">an<span class="_ _3"/>d be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te of total c<span class="_ _3"/>ost<span class="_ _3"/>s<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liability<span class="_ _0"/> to<span class="_ _0"/> pay<span class="_ _0"/> compensat<span class="_ _0"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In ca<span class="_ _3"/>se of a<span class="_ _3"/>ny envi<span class="_ _3"/>ron<span class="_ _3"/>me<span class="_ _3"/>ntal a<span class="_ _3"/>cci<span class="_ _3"/>de<span class="_ _3"/>nts o<span class="_ _3"/>r oth<span class="_ _3"/>er ty<span class="_ _3"/>pes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of da<span class="_ _3"/>ma<span class="_ _3"/>ge ca<span class="_ _3"/>us<span class="_ _3"/>ed by ou<span class="_ _3"/>r ga<span class="_ _3"/>s an<span class="_ _3"/>d oi<span class="_ _3"/>l tran<span class="_ _3"/>sp<span class="_ _3"/>or<span class="_ _3"/>t, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es Ø<span class="_ _3"/>rs<span class="_ _3"/>ted Sa<span class="_ _3"/>lg &amp; Se<span class="_ _3"/>r<span class="_ _3"/>vice A<span class="_ _2"/>/S a<span class="_ _3"/>nd Da<span class="_ _3"/>ni<span class="_ _3"/>sh O<span class="_ _3"/>il </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>pe A<span class="_ _3"/>/S a<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>le to pay c<span class="_ _3"/>om<span class="_ _3"/>pe<span class="_ _3"/>nsa<span class="_ _3"/>tio<span class="_ _3"/>n acco<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to leg<span class="_ _3"/>is<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>. Th<span class="_ _3"/>is a<span class="_ _3"/>ls<span class="_ _3"/>o ap<span class="_ _3"/>pl<span class="_ _3"/>ies i<span class="_ _3"/>f the<span class="_ _3"/>re is n<span class="_ _3"/>o pro<span class="_ _3"/>of of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>n<span class="_ _3"/>eg<span class="_ _3"/>lig<span class="_ _3"/>en<span class="_ _3"/>ce (st<span class="_ _3"/>ri<span class="_ _3"/>ct l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>ity)<span class="_ _3"/>. We hav<span class="_ _3"/>e taken o<span class="_ _3"/>ut i<span class="_ _3"/>nsu<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>ce to cove<span class="_ _3"/>r any su<span class="_ _3"/>ch cla<span class="_ _3"/>im<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Secondary liability</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of o<span class="_ _3"/>ur oi<span class="_ _3"/>l an<span class="_ _3"/>d ga<span class="_ _3"/>s bu<span class="_ _3"/>si<span class="_ _3"/>nes<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>01<span class="_ _0"/>7<span class="_ _4"/>, we as<span class="_ _3"/>su<span class="_ _3"/>med a s<span class="_ _3"/>eco<span class="_ _3"/>nd<span class="_ _3"/>ar<span class="_ _3"/>y li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the dec<span class="_ _0"/>ommissioning o<span class="_ _0"/>f o<span class="_ _0"/>ffshore<span class="_ _0"/> inst<span class="_ _0"/>allation<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Litigatio<span class="_ _3"/>n</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are p<span class="_ _3"/>ar<span class="_ _3"/>ty to a nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f cou<span class="_ _3"/>rt c<span class="_ _3"/>ase<span class="_ _3"/>s and l<span class="_ _3"/>ega<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>sp<span class="_ _3"/>utes<span class="_ _3"/>. In o<span class="_ _3"/>ur a<span class="_ _3"/>sse<span class="_ _3"/>ssm<span class="_ _3"/>ent<span class="_ _3"/>, no<span class="_ _3"/>ne of th<span class="_ _3"/>es<span class="_ _3"/>e wil<span class="_ _3"/>l sig<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nificantl<span class="_ _4"/>y impact Ørsted's<span class="_ _0"/> financial position,<span class="_ _0"/> neither </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>individuall<span class="_ _0"/>y nor<span class="_ _0"/> coll<span class="_ _0"/>ectivel<span class="_ _0"/>y<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve be<span class="_ _3"/>en pa<span class="_ _3"/>r<span class="_ _3"/>ty to ac<span class="_ _3"/>tio<span class="_ _3"/>ns re<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g to the D<span class="_ _3"/>an<span class="_ _3"/>ish </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion aut<span class="_ _0"/>horities<span class="_ _0"/>' c<span class="_ _0"/>laim t<span class="_ _0"/>hat t<span class="_ _0"/>he f<span class="_ _0"/>ormer Elsam<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>/S a<span class="_ _3"/>nd El<span class="_ _3"/>sa<span class="_ _3"/>m Kra<span class="_ _3"/>ft A<span class="_ _3"/>/<span class="_ _3"/>S (‘<span class="_ _3"/>El<span class="_ _3"/>sam<span class="_ _3"/>’)<span class="_ _3"/>, now pa<span class="_ _3"/>r<span class="_ _3"/>t of Ør<span class="_ _3"/>ste<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>arg<span class="_ _3"/>ed e<span class="_ _3"/>xces<span class="_ _3"/>siv<span class="_ _3"/>e pri<span class="_ _3"/>ces i<span class="_ _3"/>n the D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h who<span class="_ _3"/>les<span class="_ _3"/>ale p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>rio<span class="_ _3"/>d 1 Ju<span class="_ _3"/>ly 20<span class="_ _3"/>03 to 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 20<span class="_ _3"/>0<span class="_ _3"/>6.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">There<span class="_ _0"/> are no<span class="_ _0"/> longer<span class="_ _0"/> any<span class="_ _0"/> outst<span class="_ _0"/>anding c<span class="_ _0"/>ases<span class="_ _0"/> with<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion aut<span class="_ _0"/>horities<span class="_ _0"/> claiming<span class="_ _0"/> Elsam inf<span class="_ _0"/>ringed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion l<span class="_ _0"/>aw<span class="_ _0"/>,<span class="_ _0"/> but<span class="_ _0"/> in connection<span class="_ _0"/> with<span class="_ _0"/> the<span class="_ _0"/> <span class="_ _49"/>former<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>es<span class="_ _3"/>, som<span class="_ _3"/>e en<span class="_ _3"/>erg<span class="_ _3"/>y trad<span class="_ _3"/>in<span class="_ _3"/>g com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es<span class="_ _3"/>, som<span class="_ _3"/>e of th<span class="_ _3"/>ei<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cus<span class="_ _3"/>tom<span class="_ _3"/>er<span class="_ _3"/>s, a<span class="_ _3"/>nd oth<span class="_ _3"/>er<span class="_ _3"/>s ha<span class="_ _3"/>ve fi<span class="_ _3"/>led c<span class="_ _3"/>lai<span class="_ _3"/>ms for d<span class="_ _3"/>am<span class="_ _3"/>ag<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich a<span class="_ _3"/>re st<span class="_ _3"/>il<span class="_ _3"/>l pe<span class="_ _3"/>ndi<span class="_ _3"/>ng<span class="_ _3"/>. Th<span class="_ _3"/>e bi<span class="_ _3"/>gg<span class="_ _3"/>est c<span class="_ _3"/>lai<span class="_ _3"/>m was f<span class="_ _3"/>i<span class="_ _3"/>led </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>0<span class="_ _3"/>07 befo<span class="_ _3"/>re the C<span class="_ _3"/>ope<span class="_ _3"/>nh<span class="_ _3"/>ag<span class="_ _3"/>en M<span class="_ _3"/>ar<span class="_ _3"/>iti<span class="_ _3"/>me &amp; C<span class="_ _3"/>om<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>rci<span class="_ _3"/>al Co<span class="_ _3"/>ur<span class="_ _3"/>t<span class="_ _3"/>, am<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g to ap<span class="_ _3"/>prox<span class="_ _3"/>. D<span class="_ _3"/>KK 4<span class="_ _3"/>.4 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n of li<span class="_ _3"/>tig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _3"/>. Th<span class="_ _3"/>e case i<span class="_ _3"/>s at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e mom<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r pre<span class="_ _3"/>pa<span class="_ _3"/>rati<span class="_ _3"/>on for t<span class="_ _3"/>he M<span class="_ _3"/>ar<span class="_ _3"/>iti<span class="_ _3"/>me &amp; </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Com<span class="_ _3"/>merci<span class="_ _3"/>al Cou<span class="_ _3"/>rt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d is inv<span class="_ _3"/>olved i<span class="_ _3"/>n on<span class="_ _3"/>goi<span class="_ _3"/>ng t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>r pri<span class="_ _3"/>ci<span class="_ _3"/>ng d<span class="_ _3"/>is<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pu<span class="_ _3"/>tes. F<span class="_ _3"/>or fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r i<span class="_ _3"/>nform<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, we refe<span class="_ _3"/>r to sec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.<span class="_ _3"/>1 ‘<span class="_ _0"/>App<span class="_ _3"/>roa<span class="_ _3"/>ch to tax<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Change o<span class="_ _0"/>f c<span class="_ _0"/>ontr<span class="_ _0"/>ol</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">So<span class="_ _3"/>me of o<span class="_ _3"/>ur a<span class="_ _3"/>cti<span class="_ _3"/>vit<span class="_ _3"/>ie<span class="_ _3"/>s are su<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>t to cons<span class="_ _3"/>ent<span class="_ _3"/>s, p<span class="_ _3"/>er<span class="_ _3"/>mi<span class="_ _3"/>ts, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>cen<span class="_ _3"/>ces g<span class="_ _3"/>ran<span class="_ _3"/>ted by pu<span class="_ _3"/>bl<span class="_ _3"/>ic au<span class="_ _3"/>th<span class="_ _3"/>ori<span class="_ _3"/>tie<span class="_ _3"/>s. We m<span class="_ _3"/>ay </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be fa<span class="_ _3"/>ced w<span class="_ _3"/>ith a cl<span class="_ _3"/>ai<span class="_ _3"/>m for acc<span class="_ _3"/>epta<span class="_ _3"/>nce of a<span class="_ _3"/>ny tran<span class="_ _3"/>sfe<span class="_ _3"/>r<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>bly wit<span class="_ _3"/>h ad<span class="_ _3"/>dit<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l term<span class="_ _3"/>s an<span class="_ _3"/>d con<span class="_ _3"/>dit<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>, if th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Da<span class="_ _3"/>ni<span class="_ _3"/>sh sta<span class="_ _3"/>te hold<span class="_ _3"/>s les<span class="_ _3"/>s tha<span class="_ _3"/>n 50 <span class="_ _4"/>% of th<span class="_ _3"/>e sh<span class="_ _3"/>are ca<span class="_ _3"/>pi<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tal o<span class="_ _3"/>r voti<span class="_ _3"/>ng ri<span class="_ _3"/>ght<span class="_ _3"/>s in Ø<span class="_ _3"/>rs<span class="_ _3"/>ted A<span class="_ _3"/>/S<span class="_ _3"/>. Re<span class="_ _3"/>ad m<span class="_ _3"/>ore i<span class="_ _3"/>n note </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5.<span class="_ _3"/>1 ‘I<span class="_ _3"/>ntere<span class="_ _3"/>st-be<span class="_ _3"/>ar<span class="_ _3"/>in<span class="_ _3"/>g net d<span class="_ _3"/>ebt a<span class="_ _3"/>nd F<span class="_ _3"/>FO’.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:297.408203125px;"><span style="position: absolute; display: inline-block; left: 621.453px; top: 0.0078125px; width: 337.939px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 291.85px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 380.5px; top: 31.0078px; width: 36.4277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Decom-<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 695.75px; top: 30.9922px; width: 36.4277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Decom-<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.0078px; width: 44.6426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 46.3418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">missioning</span><span style="position: absolute; display: inline-block; left: 455.406px; top: 43.0078px; width: 39.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onerous </span><span style="position: absolute; display: inline-block; left: 542.375px; top: 43.0078px; width: 26.2676px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other</span><span style="position: absolute; display: inline-block; left: 683.953px; top: 42.9922px; width: 46.3418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">missioning</span><span style="position: absolute; display: inline-block; left: 768.609px; top: 42.9922px; width: 39.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onerous </span><span style="position: absolute; display: inline-block; left: 857.969px; top: 42.9922px; width: 26.2676px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other</span><span style="position: absolute; display: inline-block; left: 0px; top: 55.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 365.656px; top: 55.0078px; width: 50.0449px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">obligations</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 55.0078px; width: 42.5273px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>acts</span><span style="position: absolute; display: inline-block; left: 524.594px; top: 55.0078px; width: 119.602px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">pro<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 680.312px; top: 54.9922px; width: 50.0449px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">obligations</span><span style="position: absolute; display: inline-block; left: 764.078px; top: 54.9922px; width: 42.5273px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>acts</span><span style="position: absolute; display: inline-block; left: 839.969px; top: 54.9922px; width: 119.602px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">pro<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.7285px; width: 959.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.188px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,350<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,706<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>866<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,888</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 87.7285px; width: 960.053px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">62<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(675)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(602)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(203)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(41)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(249)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 101.744px; width: 959.707px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Used during the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 309.193px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(30)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,206)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(824)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,060)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(304)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,078)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,382)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 115.744px; width: 959.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ersed during the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 262.067px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,447)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,447)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(300)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,359)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,659)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 129.744px; width: 959.648px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions made during the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 259.57px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">526<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,246<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,150<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21,922<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>832<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,495</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 143.744px; width: 959.895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Disposals<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(349)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(361)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(376)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(376)</span><span style="position: absolute; display: inline-block; left: 0px; top: 157.76px; width: 960.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Additions on ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erprises<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 247.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">33</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 171.76px; width: 960.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Divestment o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f enterpris<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.137px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.76px; width: 959.895px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Change in estimat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 297.24px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,790)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,790)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,087</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 199.775px; width: 960.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o or from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets and liabilities cl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>assified as hel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 118.898px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">414<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">414</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 213.775px; width: 959.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 270.27px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">482<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">495<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">460</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 227.289px; width: 960.311px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>visions at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,977<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,654<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,232<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>32,863<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,076<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,350<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>19,706</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.539px; width: 97.7344px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alling due as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ollo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 260.025px; width: 959.812px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">In 0-1 year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,007<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>698<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,955<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>217<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>31<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>337<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 274.041px; width: 959.602px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">In 1-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,499<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>536<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,350<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,385<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,798<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>154<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,632<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,584</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 288.041px; width: 959.93px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Af<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ter 5 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 328.705px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,228<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>111<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>184<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,523<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,061<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>95<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>381<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,537</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 183.838px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Decommissioning obligations b<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y segment</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 300.715px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 272.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 300.715px; top: 12.0078px; width: 424.078px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">0-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 29.1445px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5-10 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 23.5605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10-20 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 13.2246px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 20 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 724.963px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,160<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,544<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,833<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,303<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,840<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,233</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 725.045px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Onshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 302.443px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>42<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,020<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,062<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,769</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 724.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 243.715px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">589<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>204<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,075<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,074</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 725.262px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 295.389px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,804<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,079<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,345<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,977<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,076</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Decommissioning obligati<span class="_ _0"/>ons</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Decommissioning obligations c<span class="_ _0"/>omprise estimat<span class="_ _0"/>ed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses<span class="_ _0"/> relat<span class="_ _0"/>ing t<span class="_ _0"/>o dec<span class="_ _0"/>ommissioning and<span class="_ _0"/> disposal<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>ind<span class="_ _3"/>, on<span class="_ _3"/>sh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d, a<span class="_ _3"/>nd so<span class="_ _3"/>lar fa<span class="_ _3"/>rm<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the r<span class="_ _0"/>est<span class="_ _0"/>orat<span class="_ _0"/>ion o<span class="_ _0"/>f seabeds,<span class="_ _0"/> the dec<span class="_ _0"/>ommissioning o<span class="_ _0"/>f<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r CH<span class="_ _3"/>P pla<span class="_ _3"/>nts<span class="_ _3"/>, the N<span class="_ _3"/>ybr<span class="_ _3"/>o gas p<span class="_ _3"/>lan<span class="_ _3"/>t, a<span class="_ _3"/>nd ou<span class="_ _3"/>r oi<span class="_ _3"/>l an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gas pipes.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ed to de<span class="_ _3"/>com<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>ion o<span class="_ _3"/>ur w<span class="_ _3"/>in<span class="_ _3"/>d and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>lar fa<span class="_ _3"/>rms a<span class="_ _3"/>nd re<span class="_ _3"/>stor<span class="_ _3"/>e the s<span class="_ _3"/>urro<span class="_ _3"/>un<span class="_ _3"/>di<span class="_ _3"/>ng<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>n we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>construct<span class="_ _0"/> offshore<span class="_ _0"/> wind<span class="_ _0"/> farms<span class="_ _0"/> in c<span class="_ _0"/>ooperat<span class="_ _0"/>ion wit<span class="_ _0"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>, they a<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>le for t<span class="_ _3"/>hei<span class="_ _3"/>r sh<span class="_ _3"/>are o<span class="_ _3"/>f the d<span class="_ _3"/>eco<span class="_ _3"/>m<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">missioning c<span class="_ _0"/>osts. Ther<span class="_ _0"/>ef<span class="_ _0"/>ore,<span class="_ _0"/> we<span class="_ _0"/> have<span class="_ _0"/> onl<span class="_ _0"/>y incl<span class="_ _0"/>uded </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the decommissioni<span class="_ _3"/>ng obligations associat<span class="_ _0"/>ed with<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r own<span class="_ _3"/>er<span class="_ _3"/>shi<span class="_ _3"/>p in<span class="_ _3"/>teres<span class="_ _3"/>t in t<span class="_ _3"/>he of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other pro<span class="_ _0"/>visions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Other pr<span class="_ _0"/>o<span class="_ _0"/>visions<span class="_ _0"/> compri<span class="_ _0"/>se pr<span class="_ _0"/>imaril<span class="_ _0"/>y:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>offshore<span class="_ _0"/> partnership pro<span class="_ _0"/>visions,<span class="_ _0"/> including<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">warran<span class="_ _0"/>ty obligations<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ons i<span class="_ _3"/>n rel<span class="_ _3"/>ati<span class="_ _3"/>on to th<span class="_ _3"/>e di<span class="_ _3"/>vest<span class="_ _3"/>me<span class="_ _3"/>nt of ou<span class="_ _3"/>r <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">oi<span class="_ _3"/>l an<span class="_ _3"/>d ga<span class="_ _3"/>s bus<span class="_ _3"/>in<span class="_ _3"/>ess i<span class="_ _3"/>n 2017 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _16"> </span> <span class="_ _6"/>ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>ion<span class="_ _3"/>s in re<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>t of ou<span class="_ _3"/>r own ca<span class="_ _3"/>rbo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ns</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>other c<span class="_ _0"/>ontr<span class="_ _0"/>actual<span class="_ _0"/> obligations.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Onerous c<span class="_ _0"/>ontr<span class="_ _0"/>acts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On<span class="_ _3"/>ero<span class="_ _3"/>us co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ily rela<span class="_ _3"/>te to ceas<span class="_ _3"/>in<span class="_ _3"/>g the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>ent of O<span class="_ _3"/>cea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 w<span class="_ _3"/>he<span class="_ _3"/>re we ha<span class="_ _3"/>ve a prov<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on of D<span class="_ _3"/>KK 15 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n at th<span class="_ _3"/>e en<span class="_ _3"/>d of 202<span class="_ _3"/>3. Th<span class="_ _3"/>e <span class="_ _0"/>provisi<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lates to ca<span class="_ _3"/>nce<span class="_ _3"/>llat<span class="_ _3"/>io<span class="_ _3"/>n fees o<span class="_ _3"/>n co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>t<span class="_ _3"/>s a<span class="_ _3"/>nd<span class="_ _3"/> ha<span class="_ _3"/>s b<span class="_ _3"/>e<span class="_ _3"/>e<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n two s<span class="_ _3"/>teps<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>rs<span class="_ _3"/>t, a<span class="_ _3"/>s an on<span class="_ _3"/>er<span class="_ _3"/>ous co<span class="_ _3"/>ntra<span class="_ _3"/>ct p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>n as p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nt of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 in t<span class="_ _3"/>he i<span class="_ _3"/>nter<span class="_ _3"/>im f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>t for t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st ni<span class="_ _3"/>ne m<span class="_ _3"/>ont<span class="_ _3"/>hs of 20<span class="_ _3"/>23 (C<span class="_ _3"/>APE<span class="_ _3"/>X pro<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vi<span class="_ _3"/>sio<span class="_ _3"/>n), n<span class="_ _3"/>et of i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts i<span class="_ _3"/>ncu<span class="_ _3"/>rre<span class="_ _3"/>d on t<span class="_ _3"/>he p<span class="_ _3"/>roje<span class="_ _3"/>ct u<span class="_ _3"/>p </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">unt<span class="_ _3"/>il i<span class="_ _3"/>t was te<span class="_ _3"/>rmi<span class="_ _3"/>na<span class="_ _3"/>ted on 1 N<span class="_ _3"/>ove<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>con<span class="_ _3"/>dly<span class="_ _0"/>, a fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r prov<span class="_ _3"/>isi<span class="_ _3"/>on wa<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed at y<span class="_ _3"/>ea<span class="_ _3"/>r<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">end (‘<span class="_ _0"/>Other operat<span class="_ _0"/>ing expenses<span class="_ _0"/>’ pr<span class="_ _0"/>ov<span class="_ _0"/>ision)<span class="_ _0"/> t<span class="_ _0"/>o c<span class="_ _0"/>ov<span class="_ _0"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>nce<span class="_ _3"/>llat<span class="_ _3"/>ion fe<span class="_ _3"/>es n<span class="_ _3"/>ot cover<span class="_ _3"/>ed by the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">30 Sep<span class="_ _0"/>t<span class="_ _0"/>ember<span class="_ _0"/> 202<span class="_ _0"/>3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a r<span class="_ _3"/>esu<span class="_ _3"/>lt, a total of D<span class="_ _3"/>KK 9.6 bi<span class="_ _3"/>ll<span class="_ _3"/>ion w<span class="_ _3"/>as re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in ‘Ot<span class="_ _0"/>her operat<span class="_ _0"/>ing expenses<span class="_ _0"/>’<span class="_ _4"/>, with<span class="_ _0"/> the r<span class="_ _0"/>emaining </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>ou<span class="_ _3"/>nt be<span class="_ _3"/>in<span class="_ _3"/>g reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed in ‘<span class="_ _3"/>I<span class="_ _3"/>mp<span class="_ _3"/>ai<span class="_ _3"/>rme<span class="_ _3"/>nt los<span class="_ _3"/>ses o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">int<span class="_ _0"/>angibl<span class="_ _0"/>e as<span class="_ _0"/>sets,<span class="_ _0"/> and<span class="_ _0"/> property<span class="_ _4"/>, plan<span class="_ _0"/>t and<span class="_ _0"/> equipment’<span class="_ _4"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘U<span class="_ _3"/>sed d<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the y<span class="_ _3"/>ea<span class="_ _3"/>r’ p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily re<span class="_ _3"/>lates to C<span class="_ _3"/>APE<span class="_ _3"/>X </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sp<span class="_ _3"/>ent o<span class="_ _3"/>n con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n of Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 un<span class="_ _3"/>til t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>te<span class="_ _3"/>rm<span class="_ _3"/>in<span class="_ _3"/>ati<span class="_ _3"/>on of th<span class="_ _3"/>e pro<span class="_ _3"/>je<span class="_ _3"/>ct a<span class="_ _3"/>nd oth<span class="_ _3"/>er co<span class="_ _3"/>st<span class="_ _3"/>s ass<span class="_ _3"/>oci<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th ter<span class="_ _3"/>mi<span class="_ _3"/>nat<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>roj<span class="_ _3"/>ect<span class="_ _3"/>. ‘<span class="_ _3"/>Use<span class="_ _3"/>d du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e yea<span class="_ _3"/>r’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>so re<span class="_ _3"/>late<span class="_ _3"/>s to CAP<span class="_ _3"/>EX s<span class="_ _3"/>pe<span class="_ _3"/>nt on t<span class="_ _3"/>he co<span class="_ _3"/>nst<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sunrise Wind.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When measuring<span class="_ _0"/> the<span class="_ _0"/> pro<span class="_ _0"/>vision f<span class="_ _0"/>or<span class="_ _0"/> ‘Onerous<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/>’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lated to th<span class="_ _3"/>e can<span class="_ _3"/>ce<span class="_ _3"/>llat<span class="_ _3"/>ion fe<span class="_ _3"/>es<span class="_ _3"/>, we ha<span class="_ _3"/>ve as<span class="_ _3"/>sess<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>ts re<span class="_ _3"/>lated to t<span class="_ _3"/>he Oce<span class="_ _3"/>an W<span class="_ _3"/>i<span class="_ _3"/>nd 1 pr<span class="_ _3"/>oje<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>is a<span class="_ _3"/>sse<span class="_ _3"/>ssm<span class="_ _3"/>ent h<span class="_ _3"/>as i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed a<span class="_ _3"/>n evalu<span class="_ _3"/>at<span class="_ _3"/>ion of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _0"/>tract<span class="_ _0"/>ual t<span class="_ _0"/>erms, incl<span class="_ _0"/>uding whet<span class="_ _0"/>her the<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>ll be <span class="_ _6"/>ter<span class="_ _3"/>mi<span class="_ _3"/>nate<span class="_ _3"/>d for ca<span class="_ _3"/>use o<span class="_ _3"/>r conve<span class="_ _3"/>ni<span class="_ _3"/>en<span class="_ _3"/>ce, a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expected<span class="_ _0"/> cos<span class="_ _0"/>ts o<span class="_ _0"/>f ful<span class="_ _0"/>filling or<span class="_ _0"/> cancelling<span class="_ _0"/> the c<span class="_ _0"/>ontr<span class="_ _0"/>acts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e mos<span class="_ _3"/>t si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt cont<span class="_ _3"/>rac<span class="_ _3"/>ts re<span class="_ _3"/>late to th<span class="_ _3"/>e con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion<span class="_ _0"/> and inst<span class="_ _0"/>allat<span class="_ _0"/>ion o<span class="_ _0"/>f wind<span class="_ _0"/> turbine<span class="_ _0"/> generat<span class="_ _0"/>ors, export<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cable<span class="_ _0"/> syst<span class="_ _0"/>ems, f<span class="_ _0"/>abrication<span class="_ _0"/> and construction<span class="_ _0"/> of<span class="_ _0"/> pipes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and f<span class="_ _0"/>oundations,<span class="_ _0"/> offshor<span class="_ _0"/>e and<span class="_ _0"/> onshore<span class="_ _0"/> subst<span class="_ _0"/>ations,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and o<span class="_ _0"/>ther c<span class="_ _0"/>ontr<span class="_ _0"/>actual<span class="_ _0"/> agreements f<span class="_ _0"/>or<span class="_ _0"/> transp<span class="_ _0"/>ortation,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mobilisation,<span class="_ _0"/> and inst<span class="_ _0"/>allat<span class="_ _0"/>ion o<span class="_ _0"/>f c<span class="_ _0"/>omponents. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ass<span class="_ _3"/>ess<span class="_ _3"/>me<span class="_ _3"/>nt a<span class="_ _3"/>lso i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es a<span class="_ _3"/>n evalu<span class="_ _3"/>at<span class="_ _3"/>ion of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s of reu<span class="_ _3"/>sin<span class="_ _3"/>g or s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g ce<span class="_ _3"/>rta<span class="_ _3"/>in p<span class="_ _3"/>roje<span class="_ _3"/>ct d<span class="_ _3"/>eve<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>me<span class="_ _3"/>nt as<span class="_ _3"/>set<span class="_ _3"/>s and r<span class="_ _3"/>ese<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g the se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>as<span class="_ _3"/>e to a<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ird p<span class="_ _3"/>ar<span class="_ _3"/>ty. We exp<span class="_ _3"/>ec<span class="_ _3"/>t to reu<span class="_ _3"/>se th<span class="_ _3"/>e exp<span class="_ _3"/>or<span class="_ _3"/>t ca<span class="_ _3"/>ble<span class="_ _3"/>s for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>oth<span class="_ _3"/>er of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t, wh<span class="_ _3"/>ic<span class="_ _3"/>h is ref<span class="_ _3"/>le<span class="_ _3"/>cted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he p<span class="_ _3"/>rovis<span class="_ _3"/>io<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>me<span class="_ _3"/>nt of the tota<span class="_ _3"/>l prov<span class="_ _3"/>isi<span class="_ _3"/>on i<span class="_ _3"/>s im<span class="_ _3"/>pac<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>cant e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>tes a<span class="_ _3"/>nd ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on nego<span class="_ _0"/>tiations<span class="_ _0"/> with<span class="_ _0"/> subc<span class="_ _0"/>ontr<span class="_ _0"/>actors<span class="_ _0"/> and <span class="_ _49"/>con<span class="_ _0"/>tract<span class="_ _0"/>ual </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>. As of 31 D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, we h<span class="_ _3"/>ave o<span class="_ _3"/>nly ag<span class="_ _3"/>ree<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on s<span class="_ _3"/>ettle<span class="_ _3"/>me<span class="_ _3"/>nt of a sm<span class="_ _3"/>al<span class="_ _3"/>l po<span class="_ _3"/>rt<span class="_ _3"/>ion of t<span class="_ _3"/>he co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s' </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>. Whi<span class="_ _3"/>le th<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed pr<span class="_ _3"/>ovis<span class="_ _3"/>ion i<span class="_ _3"/>s ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>, the o<span class="_ _3"/>utcom<span class="_ _3"/>e cou<span class="_ _3"/>ld d<span class="_ _3"/>evia<span class="_ _3"/>te mate<span class="_ _3"/>ri<span class="_ _3"/>ally. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns ar<span class="_ _3"/>e rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed w<span class="_ _3"/>he<span class="_ _3"/>n the fo<span class="_ _3"/>llow<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>ri<span class="_ _3"/>ter<span class="_ _3"/>ia a<span class="_ _3"/>re fu<span class="_ _3"/>lfi<span class="_ _3"/>lle<span class="_ _3"/>d: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>We hav<span class="_ _3"/>e a leg<span class="_ _3"/>al o<span class="_ _3"/>r con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>ve ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n as </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a res<span class="_ _3"/>ult of a<span class="_ _3"/>n ea<span class="_ _3"/>rl<span class="_ _3"/>ie<span class="_ _3"/>r eve<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The s<span class="_ _3"/>ett<span class="_ _3"/>lem<span class="_ _3"/>en<span class="_ _3"/>t of the o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to res<span class="_ _3"/>ult i<span class="_ _3"/>n an o<span class="_ _3"/>utf<span class="_ _3"/>low of r<span class="_ _3"/>eso<span class="_ _3"/>ur<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion c<span class="_ _3"/>an b<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d rel<span class="_ _3"/>ia<span class="_ _3"/>bly. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>com<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>io<span class="_ _3"/>ni<span class="_ _3"/>ng o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he f<span class="_ _3"/>utu<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n re<span class="_ _3"/>spe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of d<span class="_ _3"/>eco<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng a<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/>. Th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>t of pr<span class="_ _3"/>op<span class="_ _3"/>er<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciated t<span class="_ _0"/>ogether with t<span class="_ _0"/>he associated<span class="_ _0"/> asset. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ad<span class="_ _3"/>di<span class="_ _3"/>ti<span class="_ _3"/>on of i<span class="_ _3"/>nter<span class="_ _3"/>est o<span class="_ _3"/>n pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>s reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt un<span class="_ _3"/>de<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r one<span class="_ _3"/>ro<span class="_ _3"/>us co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>ts<span class="_ _3"/>, a prov<span class="_ _3"/>isi<span class="_ _3"/>on i<span class="_ _3"/>s ma<span class="_ _3"/>de w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted i<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e to be d<span class="_ _3"/>er<span class="_ _3"/>ive<span class="_ _3"/>d fro<span class="_ _3"/>m a con<span class="_ _3"/>tra<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is lo<span class="_ _3"/>wer t<span class="_ _3"/>ha<span class="_ _3"/>n the u<span class="_ _3"/>na<span class="_ _3"/>voi<span class="_ _3"/>da<span class="_ _3"/>bl<span class="_ _3"/>e cos<span class="_ _3"/>t of me<span class="_ _3"/>eti<span class="_ _3"/>ng o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns u<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>he co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ns a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d whe<span class="_ _3"/>n ou<span class="_ _3"/>r ac<span class="_ _3"/>tua<span class="_ _3"/>l e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>s exc<span class="_ _3"/>eed o<span class="_ _3"/>ur h<span class="_ _3"/>ol<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g of ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Assumptions f<span class="_ _0"/>or<span class="_ _0"/> provisions</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We con<span class="_ _3"/>ti<span class="_ _3"/>nua<span class="_ _3"/>lly as<span class="_ _3"/>se<span class="_ _3"/>ss ou<span class="_ _3"/>r pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to cove<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ctu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>s an<span class="_ _3"/>d cla<span class="_ _3"/>im<span class="_ _3"/>s ra<span class="_ _3"/>ise<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">against<span class="_ _0"/> Ørsted.<span class="_ _0"/> Timing, p<span class="_ _0"/>robabilit<span class="_ _0"/>ies, amoun<span class="_ _0"/>ts, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">etc<span class="_ _3"/>., w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve a b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng on o<span class="_ _3"/>ur p<span class="_ _3"/>rov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s' </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s, a<span class="_ _3"/>re u<span class="_ _3"/>pda<span class="_ _3"/>ted q<span class="_ _3"/>ua<span class="_ _3"/>r<span class="_ _3"/>ter<span class="_ _3"/>ly base<span class="_ _3"/>d on o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>tes of p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>ons a<span class="_ _3"/>re b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tat<span class="_ _3"/>ion<span class="_ _3"/>s of, for e<span class="_ _3"/>xa<span class="_ _3"/>mp<span class="_ _3"/>le:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>ti<span class="_ _3"/>mi<span class="_ _3"/>ng a<span class="_ _3"/>nd s<span class="_ _3"/>cop<span class="_ _3"/>e of ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>fu<span class="_ _3"/>tur<span class="_ _3"/>e cos<span class="_ _3"/>t leve<span class="_ _3"/>l </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 lsb9 ws162"> <span class="_ _174"> </span> legal <span class="_ _5"> </span>assessment.<span class="_ _0"/> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If d<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>d ma<span class="_ _3"/>ter<span class="_ _3"/>ia<span class="_ _3"/>l, n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>urr<span class="_ _3"/>ent p<span class="_ _3"/>rov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">discount<span class="_ _0"/>ed using<span class="_ _0"/> either the<span class="_ _0"/> structural<span class="_ _0"/> risk-<span class="_ _0"/>free<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>tere<span class="_ _3"/>st ra<span class="_ _3"/>te or t<span class="_ _3"/>he in<span class="_ _3"/>cr<span class="_ _3"/>em<span class="_ _3"/>enta<span class="_ _3"/>l bo<span class="_ _3"/>rrow<span class="_ _3"/>in<span class="_ _3"/>g rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e st<span class="_ _3"/>ruc<span class="_ _3"/>tu<span class="_ _3"/>ral r<span class="_ _3"/>is<span class="_ _3"/>k-fre<span class="_ _3"/>e inte<span class="_ _3"/>res<span class="_ _3"/>t rate i<span class="_ _3"/>s us<span class="_ _3"/>ed fo<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">decommissioning liabilities and<span class="_ _0"/> onerous c<span class="_ _0"/>ontracts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It i<span class="_ _3"/>s cal<span class="_ _3"/>cul<span class="_ _3"/>ated a<span class="_ _3"/>s th<span class="_ _3"/>e sum o<span class="_ _3"/>f rea<span class="_ _3"/>l retu<span class="_ _3"/>rn (g<span class="_ _3"/>ros<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>me<span class="_ _3"/>sti<span class="_ _3"/>c pr<span class="_ _3"/>odu<span class="_ _3"/>ct g<span class="_ _3"/>row<span class="_ _3"/>th ra<span class="_ _3"/>te)<span class="_ _3"/>, inf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n, a<span class="_ _3"/>nd i<span class="_ _3"/>nf<span class="_ _3"/>la<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on p<span class="_ _3"/>rem<span class="_ _3"/>iu<span class="_ _3"/>m for ot<span class="_ _3"/>he<span class="_ _3"/>r ri<span class="_ _3"/>sks<span class="_ _3"/>. S<span class="_ _3"/>epa<span class="_ _3"/>ra<span class="_ _3"/>te str<span class="_ _3"/>uc<span class="_ _3"/>tur<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk-fr<span class="_ _3"/>ee i<span class="_ _3"/>nter<span class="_ _3"/>est r<span class="_ _3"/>ates a<span class="_ _3"/>re ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d for E<span class="_ _3"/>uro<span class="_ _3"/>pe<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e UK<span class="_ _3"/>, th<span class="_ _3"/>e US<span class="_ _3"/>, an<span class="_ _3"/>d T<span class="_ _4"/>a<span class="_ _3"/>iw<span class="_ _3"/>an<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ou<span class="_ _3"/>tcom<span class="_ _3"/>e of ou<span class="_ _3"/>r co<span class="_ _3"/>ntra<span class="_ _3"/>ctu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cla<span class="_ _3"/>im<span class="_ _3"/>s ma<span class="_ _3"/>y de<span class="_ _3"/>pe<span class="_ _3"/>nd o<span class="_ _3"/>n fut<span class="_ _3"/>ure ev<span class="_ _3"/>ent<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in by n<span class="_ _3"/>atu<span class="_ _3"/>re.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Key as<span class="_ _3"/>su<span class="_ _3"/>mp<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>s in e<span class="_ _3"/>sti<span class="_ _3"/>m<span class="_ _3"/>ati<span class="_ _3"/>n<span class="_ _3"/>g can<span class="_ _3"/>ce<span class="_ _3"/>lla<span class="_ _3"/>ti<span class="_ _3"/>on fe<span class="_ _3"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Me<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on fo<span class="_ _3"/>r ‘On<span class="_ _3"/>er<span class="_ _3"/>ous c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>late<span class="_ _3"/>d to can<span class="_ _3"/>ce<span class="_ _3"/>lla<span class="_ _3"/>tio<span class="_ _3"/>n fee<span class="_ _3"/>s for O<span class="_ _3"/>cea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>olve<span class="_ _3"/>s a nu<span class="_ _3"/>mb<span class="_ _3"/>er of a<span class="_ _3"/>ssu<span class="_ _3"/>m<span class="_ _3"/>ptio<span class="_ _3"/>ns a<span class="_ _3"/>nd s<span class="_ _3"/>ig<span class="_ _3"/>nif<span class="_ _3"/>ic<span class="_ _3"/>ant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s<span class="_ _3"/>. On co<span class="_ _3"/>ntra<span class="_ _3"/>ct l<span class="_ _3"/>eve<span class="_ _3"/>l, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve as<span class="_ _3"/>se<span class="_ _3"/>sse<span class="_ _3"/>d the c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>tua<span class="_ _3"/>l te<span class="_ _3"/>rms a<span class="_ _3"/>nd o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>a-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons<span class="_ _3"/>, i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>in<span class="_ _3"/>g the e<span class="_ _3"/>xp<span class="_ _3"/>ex<span class="_ _3"/>ted co<span class="_ _3"/>st<span class="_ _3"/>s of fu<span class="_ _3"/>lfi<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g or </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>nce<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. Th<span class="_ _3"/>e as<span class="_ _3"/>ses<span class="_ _3"/>sm<span class="_ _3"/>ent a<span class="_ _3"/>l<span class="_ _3"/>so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>s an ev<span class="_ _3"/>alu<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of the p<span class="_ _3"/>os<span class="_ _3"/>si<span class="_ _3"/>bil<span class="_ _3"/>it<span class="_ _3"/>ie<span class="_ _3"/>s of reu<span class="_ _3"/>s-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g or s<span class="_ _3"/>ell<span class="_ _3"/>i<span class="_ _3"/>ng ce<span class="_ _3"/>rta<span class="_ _3"/>in p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t de<span class="_ _3"/>vel<span class="_ _3"/>opm<span class="_ _3"/>en<span class="_ _3"/>t as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d res<span class="_ _3"/>el<span class="_ _3"/>li<span class="_ _3"/>ng of t<span class="_ _3"/>he se<span class="_ _3"/>ab<span class="_ _3"/>ed le<span class="_ _3"/>as<span class="_ _3"/>e to a th<span class="_ _3"/>ird p<span class="_ _3"/>ar<span class="_ _3"/>ty. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o a hi<span class="_ _3"/>gh d<span class="_ _3"/>eg<span class="_ _3"/>ree<span class="_ _3"/>, the e<span class="_ _3"/>st<span class="_ _3"/>im<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he tota<span class="_ _3"/>l pro<span class="_ _3"/>vi-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>ds o<span class="_ _3"/>n neg<span class="_ _3"/>oti<span class="_ _3"/>at<span class="_ _3"/>ion<span class="_ _3"/>s wi<span class="_ _3"/>th su<span class="_ _3"/>bco<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>tor<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d con<span class="_ _3"/>tra<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s, w<span class="_ _3"/>hi<span class="_ _3"/>ch i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t the s<span class="_ _3"/>ettl<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt of t<span class="_ _3"/>he i<span class="_ _3"/>nd<span class="_ _3"/>ivi<span class="_ _3"/>du<span class="_ _3"/>al c<span class="_ _3"/>ont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>. Th<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>ri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>at<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e total p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on fo<span class="_ _3"/>r ‘On<span class="_ _3"/>er<span class="_ _3"/>ous </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s’ is b<span class="_ _3"/>as<span class="_ _3"/>ed on m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t's e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>tati<span class="_ _3"/>on<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te of total c<span class="_ _3"/>ost<span class="_ _3"/>s<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns ar<span class="_ _3"/>e rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed w<span class="_ _3"/>he<span class="_ _3"/>n the fo<span class="_ _3"/>llow<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>ri<span class="_ _3"/>ter<span class="_ _3"/>ia a<span class="_ _3"/>re fu<span class="_ _3"/>lfi<span class="_ _3"/>lle<span class="_ _3"/>d: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>We hav<span class="_ _3"/>e a leg<span class="_ _3"/>al o<span class="_ _3"/>r con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>ve ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n as </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a res<span class="_ _3"/>ult of a<span class="_ _3"/>n ea<span class="_ _3"/>rl<span class="_ _3"/>ie<span class="_ _3"/>r eve<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The s<span class="_ _3"/>ett<span class="_ _3"/>lem<span class="_ _3"/>en<span class="_ _3"/>t of the o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to res<span class="_ _3"/>ult i<span class="_ _3"/>n an o<span class="_ _3"/>utf<span class="_ _3"/>low of r<span class="_ _3"/>eso<span class="_ _3"/>ur<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion c<span class="_ _3"/>an b<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d rel<span class="_ _3"/>ia<span class="_ _3"/>bly. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>com<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>io<span class="_ _3"/>ni<span class="_ _3"/>ng o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he f<span class="_ _3"/>utu<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n re<span class="_ _3"/>spe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of d<span class="_ _3"/>eco<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng a<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/>. Th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>t of pr<span class="_ _3"/>op<span class="_ _3"/>er<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciated t<span class="_ _0"/>ogether with t<span class="_ _0"/>he associated<span class="_ _0"/> asset. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ad<span class="_ _3"/>di<span class="_ _3"/>ti<span class="_ _3"/>on of i<span class="_ _3"/>nter<span class="_ _3"/>est o<span class="_ _3"/>n pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>s reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt un<span class="_ _3"/>de<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r one<span class="_ _3"/>ro<span class="_ _3"/>us co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>ts<span class="_ _3"/>, a prov<span class="_ _3"/>isi<span class="_ _3"/>on i<span class="_ _3"/>s ma<span class="_ _3"/>de w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted i<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e to be d<span class="_ _3"/>er<span class="_ _3"/>ive<span class="_ _3"/>d fro<span class="_ _3"/>m a con<span class="_ _3"/>tra<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is lo<span class="_ _3"/>wer t<span class="_ _3"/>ha<span class="_ _3"/>n the u<span class="_ _3"/>na<span class="_ _3"/>voi<span class="_ _3"/>da<span class="_ _3"/>bl<span class="_ _3"/>e cos<span class="_ _3"/>t of me<span class="_ _3"/>eti<span class="_ _3"/>ng o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns u<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>he co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ns a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d whe<span class="_ _3"/>n ou<span class="_ _3"/>r ac<span class="_ _3"/>tua<span class="_ _3"/>l e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>s exc<span class="_ _3"/>eed o<span class="_ _3"/>ur h<span class="_ _3"/>ol<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g of ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns ar<span class="_ _3"/>e rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed w<span class="_ _3"/>he<span class="_ _3"/>n the fo<span class="_ _3"/>llow<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>ri<span class="_ _3"/>ter<span class="_ _3"/>ia a<span class="_ _3"/>re fu<span class="_ _3"/>lfi<span class="_ _3"/>lle<span class="_ _3"/>d: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>We hav<span class="_ _3"/>e a leg<span class="_ _3"/>al o<span class="_ _3"/>r con<span class="_ _3"/>st<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>ve ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n as </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a res<span class="_ _3"/>ult of a<span class="_ _3"/>n ea<span class="_ _3"/>rl<span class="_ _3"/>ie<span class="_ _3"/>r eve<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The s<span class="_ _3"/>ett<span class="_ _3"/>lem<span class="_ _3"/>en<span class="_ _3"/>t of the o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion i<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to res<span class="_ _3"/>ult i<span class="_ _3"/>n an o<span class="_ _3"/>utf<span class="_ _3"/>low of r<span class="_ _3"/>eso<span class="_ _3"/>ur<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/> <span class="_ _1"/>The o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>at<span class="_ _3"/>ion c<span class="_ _3"/>an b<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d rel<span class="_ _3"/>ia<span class="_ _3"/>bly. </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>com<span class="_ _3"/>mi<span class="_ _3"/>ss<span class="_ _3"/>io<span class="_ _3"/>ni<span class="_ _3"/>ng o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>ons a<span class="_ _3"/>re m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue of t<span class="_ _3"/>he f<span class="_ _3"/>utu<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n re<span class="_ _3"/>spe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of d<span class="_ _3"/>eco<span class="_ _3"/>mm<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ni<span class="_ _3"/>ng a<span class="_ _3"/>s ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/>. Th<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt va<span class="_ _3"/>lue o<span class="_ _3"/>f the p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in es<span class="_ _3"/>ti<span class="_ _3"/>ma<span class="_ _3"/>te are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>t of pr<span class="_ _3"/>op<span class="_ _3"/>er<span class="_ _3"/>ty, pla<span class="_ _3"/>nt<span class="_ _3"/>, an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>pm<span class="_ _3"/>ent a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">depreciated t<span class="_ _0"/>ogether with t<span class="_ _0"/>he associated<span class="_ _0"/> asset. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ad<span class="_ _3"/>di<span class="_ _3"/>ti<span class="_ _3"/>on of i<span class="_ _3"/>nter<span class="_ _3"/>est o<span class="_ _3"/>n pr<span class="_ _3"/>ovis<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>s reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he i<span class="_ _3"/>nco<span class="_ _3"/>me s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt un<span class="_ _3"/>de<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r one<span class="_ _3"/>ro<span class="_ _3"/>us co<span class="_ _3"/>ntr<span class="_ _3"/>ac<span class="_ _3"/>ts<span class="_ _3"/>, a prov<span class="_ _3"/>isi<span class="_ _3"/>on i<span class="_ _3"/>s ma<span class="_ _3"/>de w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted i<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e to be d<span class="_ _3"/>er<span class="_ _3"/>ive<span class="_ _3"/>d fro<span class="_ _3"/>m a con<span class="_ _3"/>tra<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is lo<span class="_ _3"/>wer t<span class="_ _3"/>ha<span class="_ _3"/>n the u<span class="_ _3"/>na<span class="_ _3"/>voi<span class="_ _3"/>da<span class="_ _3"/>bl<span class="_ _3"/>e cos<span class="_ _3"/>t of me<span class="_ _3"/>eti<span class="_ _3"/>ng o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>ns u<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>he co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Prov<span class="_ _3"/>is<span class="_ _3"/>io<span class="_ _3"/>ns co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>is<span class="_ _3"/>sio<span class="_ _3"/>ns a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d whe<span class="_ _3"/>n ou<span class="_ _3"/>r ac<span class="_ _3"/>tua<span class="_ _3"/>l e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>s exc<span class="_ _3"/>eed o<span class="_ _3"/>ur h<span class="_ _3"/>ol<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g of ca<span class="_ _3"/>rb<span class="_ _3"/>on e<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on a<span class="_ _3"/>llow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Contingent liabilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liability<span class="_ _0"/> to<span class="_ _0"/> pay<span class="_ _0"/> compensat<span class="_ _0"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In ca<span class="_ _3"/>se of a<span class="_ _3"/>ny envi<span class="_ _3"/>ron<span class="_ _3"/>me<span class="_ _3"/>ntal a<span class="_ _3"/>cci<span class="_ _3"/>de<span class="_ _3"/>nts o<span class="_ _3"/>r oth<span class="_ _3"/>er ty<span class="_ _3"/>pes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of da<span class="_ _3"/>ma<span class="_ _3"/>ge ca<span class="_ _3"/>us<span class="_ _3"/>ed by ou<span class="_ _3"/>r ga<span class="_ _3"/>s an<span class="_ _3"/>d oi<span class="_ _3"/>l tran<span class="_ _3"/>sp<span class="_ _3"/>or<span class="_ _3"/>t, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es Ø<span class="_ _3"/>rs<span class="_ _3"/>ted Sa<span class="_ _3"/>lg &amp; Se<span class="_ _3"/>r<span class="_ _3"/>vice A<span class="_ _2"/>/S a<span class="_ _3"/>nd Da<span class="_ _3"/>ni<span class="_ _3"/>sh O<span class="_ _3"/>il </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>pe A<span class="_ _3"/>/S a<span class="_ _3"/>re li<span class="_ _3"/>ab<span class="_ _3"/>le to pay c<span class="_ _3"/>om<span class="_ _3"/>pe<span class="_ _3"/>nsa<span class="_ _3"/>tio<span class="_ _3"/>n acco<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to leg<span class="_ _3"/>is<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>. Th<span class="_ _3"/>is a<span class="_ _3"/>ls<span class="_ _3"/>o ap<span class="_ _3"/>pl<span class="_ _3"/>ies i<span class="_ _3"/>f the<span class="_ _3"/>re is n<span class="_ _3"/>o pro<span class="_ _3"/>of of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>n<span class="_ _3"/>eg<span class="_ _3"/>lig<span class="_ _3"/>en<span class="_ _3"/>ce (st<span class="_ _3"/>ri<span class="_ _3"/>ct l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>ity)<span class="_ _3"/>. We hav<span class="_ _3"/>e taken o<span class="_ _3"/>ut i<span class="_ _3"/>nsu<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>ce to cove<span class="_ _3"/>r any su<span class="_ _3"/>ch cla<span class="_ _3"/>im<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Secondary liability</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As p<span class="_ _3"/>ar<span class="_ _3"/>t of th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of o<span class="_ _3"/>ur oi<span class="_ _3"/>l an<span class="_ _3"/>d ga<span class="_ _3"/>s bu<span class="_ _3"/>si<span class="_ _3"/>nes<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>01<span class="_ _0"/>7<span class="_ _4"/>, we as<span class="_ _3"/>su<span class="_ _3"/>med a s<span class="_ _3"/>eco<span class="_ _3"/>nd<span class="_ _3"/>ar<span class="_ _3"/>y li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the dec<span class="_ _0"/>ommissioning o<span class="_ _0"/>f o<span class="_ _0"/>ffshore<span class="_ _0"/> inst<span class="_ _0"/>allation<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Litigatio<span class="_ _3"/>n</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are p<span class="_ _3"/>ar<span class="_ _3"/>ty to a nu<span class="_ _3"/>mb<span class="_ _3"/>er o<span class="_ _3"/>f cou<span class="_ _3"/>rt c<span class="_ _3"/>ase<span class="_ _3"/>s and l<span class="_ _3"/>ega<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>sp<span class="_ _3"/>utes<span class="_ _3"/>. In o<span class="_ _3"/>ur a<span class="_ _3"/>sse<span class="_ _3"/>ssm<span class="_ _3"/>ent<span class="_ _3"/>, no<span class="_ _3"/>ne of th<span class="_ _3"/>es<span class="_ _3"/>e wil<span class="_ _3"/>l sig<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nificantl<span class="_ _4"/>y impact Ørsted's<span class="_ _0"/> financial position,<span class="_ _0"/> neither </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>individuall<span class="_ _0"/>y nor<span class="_ _0"/> coll<span class="_ _0"/>ectivel<span class="_ _0"/>y<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve be<span class="_ _3"/>en pa<span class="_ _3"/>r<span class="_ _3"/>ty to ac<span class="_ _3"/>tio<span class="_ _3"/>ns re<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g to the D<span class="_ _3"/>an<span class="_ _3"/>ish </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion aut<span class="_ _0"/>horities<span class="_ _0"/>' c<span class="_ _0"/>laim t<span class="_ _0"/>hat t<span class="_ _0"/>he f<span class="_ _0"/>ormer Elsam<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>/S a<span class="_ _3"/>nd El<span class="_ _3"/>sa<span class="_ _3"/>m Kra<span class="_ _3"/>ft A<span class="_ _3"/>/<span class="_ _3"/>S (‘<span class="_ _3"/>El<span class="_ _3"/>sam<span class="_ _3"/>’)<span class="_ _3"/>, now pa<span class="_ _3"/>r<span class="_ _3"/>t of Ør<span class="_ _3"/>ste<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>arg<span class="_ _3"/>ed e<span class="_ _3"/>xces<span class="_ _3"/>siv<span class="_ _3"/>e pri<span class="_ _3"/>ces i<span class="_ _3"/>n the D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h who<span class="_ _3"/>les<span class="_ _3"/>ale p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket i<span class="_ _3"/>n th<span class="_ _3"/>e pe<span class="_ _3"/>rio<span class="_ _3"/>d 1 Ju<span class="_ _3"/>ly 20<span class="_ _3"/>03 to 31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 20<span class="_ _3"/>0<span class="_ _3"/>6.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">There<span class="_ _0"/> are no<span class="_ _0"/> longer<span class="_ _0"/> any<span class="_ _0"/> outst<span class="_ _0"/>anding c<span class="_ _0"/>ases<span class="_ _0"/> with<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion aut<span class="_ _0"/>horities<span class="_ _0"/> claiming<span class="_ _0"/> Elsam inf<span class="_ _0"/>ringed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">competi<span class="_ _0"/>tion l<span class="_ _0"/>aw<span class="_ _0"/>,<span class="_ _0"/> but<span class="_ _0"/> in connection<span class="_ _0"/> with<span class="_ _0"/> the<span class="_ _0"/> <span class="_ _49"/>former<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>es<span class="_ _3"/>, som<span class="_ _3"/>e en<span class="_ _3"/>erg<span class="_ _3"/>y trad<span class="_ _3"/>in<span class="_ _3"/>g com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es<span class="_ _3"/>, som<span class="_ _3"/>e of th<span class="_ _3"/>ei<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cus<span class="_ _3"/>tom<span class="_ _3"/>er<span class="_ _3"/>s, a<span class="_ _3"/>nd oth<span class="_ _3"/>er<span class="_ _3"/>s ha<span class="_ _3"/>ve fi<span class="_ _3"/>led c<span class="_ _3"/>lai<span class="_ _3"/>ms for d<span class="_ _3"/>am<span class="_ _3"/>ag<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich a<span class="_ _3"/>re st<span class="_ _3"/>il<span class="_ _3"/>l pe<span class="_ _3"/>ndi<span class="_ _3"/>ng<span class="_ _3"/>. Th<span class="_ _3"/>e bi<span class="_ _3"/>gg<span class="_ _3"/>est c<span class="_ _3"/>lai<span class="_ _3"/>m was f<span class="_ _3"/>i<span class="_ _3"/>led </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>0<span class="_ _3"/>07 befo<span class="_ _3"/>re the C<span class="_ _3"/>ope<span class="_ _3"/>nh<span class="_ _3"/>ag<span class="_ _3"/>en M<span class="_ _3"/>ar<span class="_ _3"/>iti<span class="_ _3"/>me &amp; C<span class="_ _3"/>om<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>rci<span class="_ _3"/>al Co<span class="_ _3"/>ur<span class="_ _3"/>t<span class="_ _3"/>, am<span class="_ _3"/>oun<span class="_ _3"/>tin<span class="_ _3"/>g to ap<span class="_ _3"/>prox<span class="_ _3"/>. D<span class="_ _3"/>KK 4<span class="_ _3"/>.4 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n of li<span class="_ _3"/>tig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _3"/>. Th<span class="_ _3"/>e case i<span class="_ _3"/>s at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e mom<span class="_ _3"/>en<span class="_ _3"/>t un<span class="_ _3"/>de<span class="_ _3"/>r pre<span class="_ _3"/>pa<span class="_ _3"/>rati<span class="_ _3"/>on for t<span class="_ _3"/>he M<span class="_ _3"/>ar<span class="_ _3"/>iti<span class="_ _3"/>me &amp; </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Com<span class="_ _3"/>merci<span class="_ _3"/>al Cou<span class="_ _3"/>rt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d is inv<span class="_ _3"/>olved i<span class="_ _3"/>n on<span class="_ _3"/>goi<span class="_ _3"/>ng t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>r pri<span class="_ _3"/>ci<span class="_ _3"/>ng d<span class="_ _3"/>is<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pu<span class="_ _3"/>tes. F<span class="_ _3"/>or fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r i<span class="_ _3"/>nform<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, we refe<span class="_ _3"/>r to sec<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.<span class="_ _3"/>1 ‘<span class="_ _0"/>App<span class="_ _3"/>roa<span class="_ _3"/>ch to tax<span class="_ _3"/>es’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Change o<span class="_ _0"/>f c<span class="_ _0"/>ontr<span class="_ _0"/>ol</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">So<span class="_ _3"/>me of o<span class="_ _3"/>ur a<span class="_ _3"/>cti<span class="_ _3"/>vit<span class="_ _3"/>ie<span class="_ _3"/>s are su<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>t to cons<span class="_ _3"/>ent<span class="_ _3"/>s, p<span class="_ _3"/>er<span class="_ _3"/>mi<span class="_ _3"/>ts, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>cen<span class="_ _3"/>ces g<span class="_ _3"/>ran<span class="_ _3"/>ted by pu<span class="_ _3"/>bl<span class="_ _3"/>ic au<span class="_ _3"/>th<span class="_ _3"/>ori<span class="_ _3"/>tie<span class="_ _3"/>s. We m<span class="_ _3"/>ay </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be fa<span class="_ _3"/>ced w<span class="_ _3"/>ith a cl<span class="_ _3"/>ai<span class="_ _3"/>m for acc<span class="_ _3"/>epta<span class="_ _3"/>nce of a<span class="_ _3"/>ny tran<span class="_ _3"/>sfe<span class="_ _3"/>r<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>bly wit<span class="_ _3"/>h ad<span class="_ _3"/>dit<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l term<span class="_ _3"/>s an<span class="_ _3"/>d con<span class="_ _3"/>dit<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>, if th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Da<span class="_ _3"/>ni<span class="_ _3"/>sh sta<span class="_ _3"/>te hold<span class="_ _3"/>s les<span class="_ _3"/>s tha<span class="_ _3"/>n 50 <span class="_ _4"/>% of th<span class="_ _3"/>e sh<span class="_ _3"/>are ca<span class="_ _3"/>pi<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tal o<span class="_ _3"/>r voti<span class="_ _3"/>ng ri<span class="_ _3"/>ght<span class="_ _3"/>s in Ø<span class="_ _3"/>rs<span class="_ _3"/>ted A<span class="_ _3"/>/S<span class="_ _3"/>. Re<span class="_ _3"/>ad m<span class="_ _3"/>ore i<span class="_ _3"/>n note </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">5.<span class="_ _3"/>1 ‘I<span class="_ _3"/>ntere<span class="_ _3"/>st-be<span class="_ _3"/>ar<span class="_ _3"/>in<span class="_ _3"/>g net d<span class="_ _3"/>ebt a<span class="_ _3"/>nd F<span class="_ _3"/>FO’.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ran<span class="_ _3"/>sa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s wi<span class="_ _3"/>th no<span class="_ _3"/>n-<span class="_ _3"/>co<span class="_ _3"/>ntro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g inte<span class="_ _3"/>re<span class="_ _3"/>sts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e acc<span class="_ _3"/>oun<span class="_ _3"/>ted fo<span class="_ _3"/>r as tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>ons w<span class="_ _3"/>ith t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> sh<span class="_ _3"/>are<span class="_ _3"/>ho<span class="_ _3"/>ld<span class="_ _3"/>er <span class="_ _5"> </span>b<span class="_ _3"/>as<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>in<span class="_ _3"/>s an<span class="_ _3"/>d los<span class="_ _3"/>ses o<span class="_ _3"/>n th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of e<span class="_ _3"/>qu<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt<span class="_ _3"/>s to non<span class="_ _3"/>-<span class="_ _3"/>cont<span class="_ _3"/>rol<span class="_ _3"/>li<span class="_ _3"/>ng i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty wh<span class="_ _3"/>en t<span class="_ _3"/>he d<span class="_ _3"/>ive<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nt do<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _3"/>esu<span class="_ _3"/>lt in a l<span class="_ _3"/>oss of c<span class="_ _3"/>ont<span class="_ _3"/>rol<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s acq<span class="_ _3"/>ui<span class="_ _3"/>red a<span class="_ _3"/>re n<span class="_ _3"/>ot reva<span class="_ _3"/>lu<span class="_ _3"/>ed o<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on of n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>ontr<span class="_ _3"/>ol<span class="_ _3"/>li<span class="_ _3"/>ng in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s. A<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ff<span class="_ _3"/>ere<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e car<span class="_ _3"/>r<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n or s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g pr<span class="_ _3"/>ic<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in equi<span class="_ _0"/>ty<span class="_ _0"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Non-cont<span class="_ _0"/>roll<span class="_ _0"/>ing int<span class="_ _0"/>erest<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 3.11</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:292.658203125px;"><span style="position: absolute; display: inline-block; left: 571.891px; top: 0.0078125px; width: 69.1582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Gunflee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t Sands <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 705.562px; top: 0.0078125px; width: 98.0391px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y (UK) Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>shore <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 909.016px; top: 0.0078125px; width: 55.8457px; white-space: pre; word-spacing: -0.333px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ocean Wind<span style="word-spacing: -0.333px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: -0.333px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 557.625px; top: 12.0078px; width: 82.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Holding L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>d. Gr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oup</span><span style="position: absolute; display: inline-block; left: 733.453px; top: 12.0078px; width: 67.7051px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Windfarms L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>d.</span><span style="position: absolute; display: inline-block; left: 899.156px; top: 12.0078px; width: 64.4238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">JV Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>dCo LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>C</span><span style="position: absolute; display: inline-block; left: 0px; top: 25.5078px; width: 112.664px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 0px; top: 37.9785px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 539.625px; top: 37.4922px; width: 422.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 55.7422px; width: 162.152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>omprehensiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e income</span><span style="position: absolute; display: inline-block; left: 0px; top: 70.2285px; width: 963.199px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 508.71px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>564<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>518<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,462<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,348<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 83.8066px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 513.259px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>318<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>317<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>608<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 97.4004px; width: 962.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>fit (loss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 451.466px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">65<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>215<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>76<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(21)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.979px; width: 962.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>omprehensiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 427.26px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">93<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">298<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(113)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 124.557px; width: 963.229px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>fit (loss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the year attribut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>abl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e to non-c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontrol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erest<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 277.588px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>108<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.32px; width: 62.666px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet</span><span style="position: absolute; display: inline-block; left: 0px; top: 156.385px; width: 963.1px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Non-current ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 455.884px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,582<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,778<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,424<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,234</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.979px; width: 963.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 483.544px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">205<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>338<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>364<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">444</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 183.557px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Non-current liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 452.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">538<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>607<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,072<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,352<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">310</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 197.135px; width: 963.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 472.748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">135<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>58<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>235<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>290<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">908</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 210.713px; width: 963.141px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount of non-c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontrol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ling inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.711px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">454<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>543<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,402<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,570<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,843</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 228.477px; width: 107.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 242.541px; width: 963.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s from oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ating activities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 389.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">360<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>246<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>597<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>544<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">93</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 256.135px; width: 963.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s from in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting activities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 394.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(61)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(8)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(29)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,710)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 269.713px; width: 963.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s from financing activities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(275)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(261)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(647)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(413)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,838</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 283.291px; width: 962.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">– of which, dividends paid t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ests<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 309.193px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(135)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(128)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(278)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(166)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:165.3125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 189.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ransactions with non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 639.932px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 512.186px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 189.99px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ransactions with non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.3223px; width: 639.896px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dividends paid to non-c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eres<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 357.897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(413)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(294)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 57.916px; width: 639.949px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quisition of non-c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ontrol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ling inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 367.084px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,032)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 71.4941px; width: 640.025px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Divestment o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f equity in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ests<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 275.555px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(153)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 85.0723px; width: 639.768px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansactions with non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ests<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 301.629px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">537<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,461</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.1641px; width: 639.779px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansactions,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> stat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 329.818px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,061)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,170</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.414px; width: 272.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Divestment o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f equity in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ve<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>stments t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ests</span><span style="position: absolute; display: inline-block; left: 0px; top: 130.479px; width: 287.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Changes in r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the acquisition and div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estment <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.479px; width: 639.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">of non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ests<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 416.355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,185)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 155.57px; width: 639.592px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash selling pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 429.967px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,185)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In the tabl<span class="_ _0"/>e<span class="_ _0"/>, we pr<span class="_ _0"/>o<span class="_ _0"/>vide financial inf<span class="_ _0"/>ormation f<span class="_ _0"/>or subsidiaries with signific<span class="_ _0"/>ant non-contr<span class="_ _0"/>olling int<span class="_ _0"/>er<span class="_ _0"/>ests<span class="_ _0"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The amounts st<span class="_ _0"/>at<span class="_ _0"/>ed are the c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed acc<span class="_ _0"/>ounting figure<span class="_ _0"/>s of the individual ent<span class="_ _0"/>erprises or gr<span class="_ _0"/>oups,<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">det<span class="_ _0"/>ermined acc<span class="_ _0"/>ording t<span class="_ _0"/>o our ac<span class="_ _0"/>counting policies.<span class="_ _0"/> Amount<span class="_ _0"/>s are s<span class="_ _0"/>tat<span class="_ _0"/>ed bef<span class="_ _4"/>ore intr<span class="_ _0"/>a-group eliminations<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:65.689453125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 126.844px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Subsidiaries with signific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 153.078px; top: 0.0078125px; width: 72.4395px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling </span><span style="position: absolute; display: inline-block; left: 252.531px; top: 0.0078125px; width: 49.6934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Regist<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ered </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 111.064px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 109.266px; top: 12.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 189.969px; top: 12.0078px; width: 34.1895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est</span><span style="position: absolute; display: inline-block; left: 274.344px; top: 12.0078px; width: 25.4297px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">office</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 300.234px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gunflee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t Sands Holding L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">49.9 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 26.4844px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>London, UK</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.3223px; width: 98.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y (UK) Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.3223px; width: 300.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Windf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">49.9 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 26.0332px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>London, UK</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Entities are full<span class="_ _0"/>y c<span class="_ _0"/>onsolidat<span class="_ _0"/>ed. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2023, we ac<span class="_ _0"/>quir<span class="_ _0"/>ed the remaining 25 <span class="_ _15c"/>% equity st<span class="_ _0"/>ak<span class="_ _0"/>e in Ocean <span class="_ _0"/>Wind </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">JV Hol<span class="_ _0"/>dCo LL<span class="_ _4"/>C. The ac<span class="_ _0"/>quisition pro<span class="_ _0"/>vided Ørst<span class="_ _0"/>ed with 100 <span class="_ _15c"/>% owner<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ship of Ocean <span class="_ _0"/>Wind JV<span class="_ _0"/> HoldC<span class="_ _0"/>o LL<span class="_ _0"/>C. Henc<span class="_ _0"/>e,<span class="_ _0"/> financial inf<span class="_ _0"/>ormation is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">onl<span class="_ _0"/>y pro<span class="_ _0"/>vided f<span class="_ _0"/>or 2022.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2023, we als<span class="_ _0"/>o acquir<span class="_ _0"/>ed the r<span class="_ _0"/>emaining 50 <span class="_ _4"/>% equity st<span class="_ _0"/>ak<span class="_ _0"/>es in Bay </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Stat<span class="_ _0"/>e <span class="_ _0"/>Wind LL<span class="_ _0"/>C and BS<span class="_ _0"/>W Pr<span class="_ _0"/>oject<span class="_ _0"/>co LL<span class="_ _4"/>C (Lease <span class="_ _0"/>Ar<span class="_ _0"/>ea 500), r<span class="_ _0"/>espectivel<span class="_ _0"/>y<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Subsidiaries with immat<span class="_ _0"/>erial non-contr<span class="_ _0"/>olling int<span class="_ _0"/>er<span class="_ _0"/>ests.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ran<span class="_ _3"/>sa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s wi<span class="_ _3"/>th no<span class="_ _3"/>n-<span class="_ _3"/>co<span class="_ _3"/>ntro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g inte<span class="_ _3"/>re<span class="_ _3"/>sts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e acc<span class="_ _3"/>oun<span class="_ _3"/>ted fo<span class="_ _3"/>r as tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>ti<span class="_ _3"/>ons w<span class="_ _3"/>ith t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> sh<span class="_ _3"/>are<span class="_ _3"/>ho<span class="_ _3"/>ld<span class="_ _3"/>er <span class="_ _5"> </span>b<span class="_ _3"/>as<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ga<span class="_ _3"/>in<span class="_ _3"/>s an<span class="_ _3"/>d los<span class="_ _3"/>ses o<span class="_ _3"/>n th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt of e<span class="_ _3"/>qu<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt<span class="_ _3"/>s to non<span class="_ _3"/>-<span class="_ _3"/>cont<span class="_ _3"/>rol<span class="_ _3"/>li<span class="_ _3"/>ng i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>ts a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty wh<span class="_ _3"/>en t<span class="_ _3"/>he d<span class="_ _3"/>ive<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nt do<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not r<span class="_ _3"/>esu<span class="_ _3"/>lt in a l<span class="_ _3"/>oss of c<span class="_ _3"/>ont<span class="_ _3"/>rol<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t ass<span class="_ _3"/>et<span class="_ _3"/>s acq<span class="_ _3"/>ui<span class="_ _3"/>red a<span class="_ _3"/>re n<span class="_ _3"/>ot reva<span class="_ _3"/>lu<span class="_ _3"/>ed o<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on of n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>ontr<span class="_ _3"/>ol<span class="_ _3"/>li<span class="_ _3"/>ng in<span class="_ _3"/>tere<span class="_ _3"/>st<span class="_ _3"/>s. A<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ff<span class="_ _3"/>ere<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e car<span class="_ _3"/>r<span class="_ _3"/>yin<span class="_ _3"/>g am<span class="_ _3"/>ou<span class="_ _3"/>nt an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n or s<span class="_ _3"/>ell<span class="_ _3"/>in<span class="_ _3"/>g pr<span class="_ _3"/>ic<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in equi<span class="_ _0"/>ty<span class="_ _0"/>.</span> Denmark Denmark <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ap<span class="_ _3"/>proa<span class="_ _3"/>ch to taxe<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 4.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At Ør<span class="_ _3"/>sted<span class="_ _3"/>, we wa<span class="_ _3"/>nt to provi<span class="_ _3"/>de u<span class="_ _3"/>se<span class="_ _3"/>r<span class="_ _0"/>-fri<span class="_ _3"/>en<span class="_ _3"/>dly an<span class="_ _3"/>d tran<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">parent<span class="_ _0"/> inf<span class="_ _0"/>ormation about<span class="_ _0"/> our global t<span class="_ _0"/>ax<span class="_ _0"/> positions. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are co<span class="_ _3"/>mm<span class="_ _3"/>it<span class="_ _3"/>ted to pay<span class="_ _3"/>in<span class="_ _3"/>g the r<span class="_ _3"/>ig<span class="_ _3"/>ht am<span class="_ _3"/>ou<span class="_ _3"/>nt of tax<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at th<span class="_ _3"/>e ri<span class="_ _3"/>ght t<span class="_ _3"/>im<span class="_ _3"/>e, in t<span class="_ _3"/>he r<span class="_ _3"/>igh<span class="_ _3"/>t pla<span class="_ _3"/>ce – in a<span class="_ _3"/>ccor<span class="_ _3"/>da<span class="_ _3"/>nce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th the ta<span class="_ _3"/>x law<span class="_ _3"/>s of the c<span class="_ _3"/>oun<span class="_ _3"/>tri<span class="_ _3"/>es wh<span class="_ _3"/>ere w<span class="_ _3"/>e ope<span class="_ _3"/>rate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We see<span class="_ _3"/>k to com<span class="_ _3"/>ply not o<span class="_ _3"/>nly wit<span class="_ _3"/>h the le<span class="_ _3"/>tter of t<span class="_ _3"/>he la<span class="_ _3"/>w </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>t al<span class="_ _3"/>so wi<span class="_ _3"/>th th<span class="_ _3"/>e un<span class="_ _3"/>de<span class="_ _3"/>rlyin<span class="_ _3"/>g tax p<span class="_ _3"/>ol<span class="_ _3"/>icy i<span class="_ _3"/>ntent<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We be<span class="_ _3"/>lie<span class="_ _3"/>ve tha<span class="_ _3"/>t taxe<span class="_ _3"/>s are a c<span class="_ _3"/>ore pa<span class="_ _3"/>r<span class="_ _3"/>t of ou<span class="_ _3"/>r cor<span class="_ _3"/>po<span class="_ _3"/>rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">social responsibility.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are co<span class="_ _3"/>mm<span class="_ _3"/>it<span class="_ _3"/>ted to con<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>ng o<span class="_ _3"/>ur b<span class="_ _3"/>us<span class="_ _3"/>ine<span class="_ _3"/>ss i<span class="_ _3"/>n a way </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at con<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes to the U<span class="_ _3"/>ni<span class="_ _3"/>ted Na<span class="_ _3"/>tio<span class="_ _3"/>ns' Su<span class="_ _3"/>sta<span class="_ _3"/>in<span class="_ _3"/>ab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Deve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt Go<span class="_ _3"/>al<span class="_ _3"/>s (S<span class="_ _3"/>DGs)<span class="_ _3"/>. T<span class="_ _4"/>a<span class="_ _3"/>xes a<span class="_ _3"/>re a key cont<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on to th<span class="_ _3"/>e SDG<span class="_ _3"/>s, i<span class="_ _3"/>n pa<span class="_ _3"/>rt<span class="_ _3"/>icu<span class="_ _3"/>lar ta<span class="_ _3"/>rget 16<span class="_ _3"/>.6 o<span class="_ _3"/>n the d<span class="_ _3"/>eve<span class="_ _3"/>l<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>me<span class="_ _3"/>nt of ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve, ac<span class="_ _3"/>cou<span class="_ _3"/>ntab<span class="_ _3"/>le, a<span class="_ _3"/>nd tra<span class="_ _3"/>ns<span class="_ _3"/>pa<span class="_ _3"/>rent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">institution<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For m<span class="_ _3"/>or<span class="_ _3"/>e deta<span class="_ _3"/>il<span class="_ _3"/>s on o<span class="_ _3"/>ur a<span class="_ _3"/>pp<span class="_ _3"/>roa<span class="_ _3"/>ch to taxe<span class="_ _3"/>s, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>r to our ta<span class="_ _3"/>x po<span class="_ _3"/>lic<span class="_ _3"/>y<span class="_ _0"/>, wh<span class="_ _3"/>ic<span class="_ _3"/>h can b<span class="_ _3"/>e foun<span class="_ _3"/>d he<span class="_ _3"/>re: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">orsted.c<span class="_ _0"/>om/tax<span class="_ _0"/>-policy<span class="_ _0"/><span class="ls0 ws0">.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ransp<span class="_ _0"/>arenc<span class="_ _0"/>y and<span class="_ _0"/> sus<span class="_ _0"/>tainab<span class="_ _0"/>ilit<span class="_ _0"/>y</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We cont<span class="_ _3"/>in<span class="_ _3"/>ue to rep<span class="_ _3"/>or<span class="_ _3"/>t wi<span class="_ _3"/>th i<span class="_ _3"/>nsp<span class="_ _3"/>ira<span class="_ _3"/>tio<span class="_ _3"/>n fro<span class="_ _3"/>m the G<span class="_ _3"/>RI </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(Glo<span class="_ _3"/>ba<span class="_ _3"/>l Re<span class="_ _3"/>por<span class="_ _3"/>ti<span class="_ _3"/>ng I<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>tiv<span class="_ _3"/>e) 207<span class="_ _0"/>: T<span class="_ _4"/>a<span class="_ _3"/>x stan<span class="_ _3"/>da<span class="_ _3"/>rd wh<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pre<span class="_ _3"/>se<span class="_ _3"/>nti<span class="_ _3"/>ng ou<span class="_ _3"/>r ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h to and re<span class="_ _3"/>po<span class="_ _3"/>r<span class="_ _3"/>tin<span class="_ _3"/>g of tax<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rp<span class="_ _3"/>ose of o<span class="_ _3"/>ur tra<span class="_ _3"/>ns<span class="_ _3"/>pa<span class="_ _3"/>ren<span class="_ _3"/>cy i<span class="_ _3"/>nit<span class="_ _3"/>iat<span class="_ _3"/>ive<span class="_ _3"/>s is to cre<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>y aro<span class="_ _3"/>und o<span class="_ _3"/>ur ta<span class="_ _3"/>x pos<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s for ou<span class="_ _3"/>r sta<span class="_ _3"/>keh<span class="_ _3"/>old<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>s, s<span class="_ _3"/>uch a<span class="_ _3"/>s inve<span class="_ _3"/>sto<span class="_ _3"/>rs an<span class="_ _3"/>d th<span class="_ _3"/>e loca<span class="_ _3"/>l com<span class="_ _3"/>mu<span class="_ _3"/>ni<span class="_ _3"/>tie<span class="_ _3"/>s whe<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we pa<span class="_ _3"/>y ou<span class="_ _3"/>r taxe<span class="_ _3"/>s, a<span class="_ _3"/>nd wh<span class="_ _3"/>ere w<span class="_ _3"/>e ope<span class="_ _3"/>rate<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In l<span class="_ _3"/>in<span class="_ _3"/>e wit<span class="_ _3"/>h ou<span class="_ _3"/>r tax po<span class="_ _3"/>li<span class="_ _3"/>cy, we en<span class="_ _3"/>gag<span class="_ _3"/>e co<span class="_ _3"/>nst<span class="_ _3"/>ruc<span class="_ _3"/>ti<span class="_ _3"/>vely </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in nat<span class="_ _0"/>ional and in<span class="_ _0"/>t<span class="_ _0"/>ernational dial<span class="_ _0"/>ogue wit<span class="_ _0"/>h go<span class="_ _0"/>vern<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts<span class="_ _3"/>, bu<span class="_ _3"/>si<span class="_ _3"/>nes<span class="_ _3"/>s gro<span class="_ _3"/>up<span class="_ _3"/>s, a<span class="_ _3"/>nd ci<span class="_ _3"/>vi<span class="_ _3"/>l soc<span class="_ _3"/>iet<span class="_ _3"/>y to sup<span class="_ _3"/>por<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e deve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt of ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e tax sys<span class="_ _3"/>tem<span class="_ _3"/>s, le<span class="_ _3"/>gi<span class="_ _3"/>sla<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ad<span class="_ _3"/>mi<span class="_ _3"/>nis<span class="_ _3"/>tra<span class="_ _3"/>tio<span class="_ _3"/>n. We b<span class="_ _3"/>el<span class="_ _3"/>ieve th<span class="_ _3"/>at by p<span class="_ _3"/>rovid<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>levant a<span class="_ _3"/>nd co<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>ct<span class="_ _3"/>ive i<span class="_ _3"/>np<span class="_ _3"/>ut, w<span class="_ _3"/>e can co<span class="_ _3"/>ntr<span class="_ _3"/>ibu<span class="_ _3"/>te to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an i<span class="_ _3"/>nfor<span class="_ _3"/>me<span class="_ _3"/>d di<span class="_ _3"/>scus<span class="_ _3"/>sio<span class="_ _3"/>n ar<span class="_ _3"/>oun<span class="_ _3"/>d taxe<span class="_ _3"/>s an<span class="_ _3"/>d tax <span class="_ _49"/>p<span class="_ _3"/>ol<span class="_ _3"/>icy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of ou<span class="_ _3"/>r e<span class="_ _3"/>nga<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt is to p<span class="_ _3"/>rom<span class="_ _3"/>ote the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dev<span class="_ _3"/>elo<span class="_ _3"/>pm<span class="_ _3"/>ent of ta<span class="_ _3"/>x reg<span class="_ _3"/>im<span class="_ _3"/>es th<span class="_ _3"/>at su<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>t th<span class="_ _3"/>e gre<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">transformatio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>ri<span class="_ _3"/>ng 20<span class="_ _3"/>23, we h<span class="_ _3"/>ave s<span class="_ _3"/>ub<span class="_ _3"/>mit<span class="_ _3"/>ted t<span class="_ _3"/>wo res<span class="_ _3"/>pon<span class="_ _3"/>ses to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pu<span class="_ _3"/>bl<span class="_ _3"/>ic co<span class="_ _3"/>nsu<span class="_ _3"/>ltati<span class="_ _3"/>ons by th<span class="_ _3"/>e OECD o<span class="_ _3"/>n Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2 as we<span class="_ _3"/>ll as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _3"/>fere<span class="_ _3"/>d ou<span class="_ _3"/>r pe<span class="_ _3"/>rsp<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ves i<span class="_ _3"/>n a pan<span class="_ _3"/>el d<span class="_ _3"/>eb<span class="_ _3"/>ate a<span class="_ _3"/>rran<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by OECD o<span class="_ _3"/>n si<span class="_ _3"/>mp<span class="_ _3"/>lif<span class="_ _3"/>ic<span class="_ _3"/>ati<span class="_ _3"/>on of th<span class="_ _3"/>e Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2 rul<span class="_ _3"/>es<span class="_ _3"/>. Fur<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>er, we have p<span class="_ _3"/>rovi<span class="_ _3"/>de<span class="_ _3"/>d ou<span class="_ _3"/>r resp<span class="_ _3"/>on<span class="_ _3"/>ses o<span class="_ _3"/>n seve<span class="_ _3"/>ral p<span class="_ _3"/>ub<span class="_ _3"/>li<span class="_ _3"/>c </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/>at<span class="_ _3"/>ion<span class="_ _3"/>s in t<span class="_ _3"/>he US p<span class="_ _3"/>er<span class="_ _3"/>ta<span class="_ _3"/>in<span class="_ _3"/>ing to t<span class="_ _3"/>he i<span class="_ _3"/>mp<span class="_ _3"/>lem<span class="_ _3"/>en<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tati<span class="_ _3"/>on of a<span class="_ _3"/>nd g<span class="_ _3"/>ui<span class="_ _3"/>da<span class="_ _3"/>nce to th<span class="_ _3"/>e Inf<span class="_ _3"/>lat<span class="_ _3"/>ion R<span class="_ _3"/>ed<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n Act<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o p<span class="_ _3"/>rom<span class="_ _3"/>ote res<span class="_ _3"/>po<span class="_ _3"/>nsi<span class="_ _3"/>ble ta<span class="_ _3"/>x pra<span class="_ _3"/>ct<span class="_ _3"/>ices<span class="_ _3"/>, we a<span class="_ _3"/>re en<span class="_ _3"/>ga<span class="_ _3"/>g<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing wit<span class="_ _0"/>h CSR<span class="_ _0"/> Europe<span class="_ _0"/> on de<span class="_ _0"/>vel<span class="_ _0"/>oping a<span class="_ _0"/> European<span class="_ _0"/> index<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for re<span class="_ _3"/>spo<span class="_ _3"/>ns<span class="_ _3"/>ib<span class="_ _3"/>le tax pr<span class="_ _3"/>ac<span class="_ _3"/>tice<span class="_ _3"/>s. Fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r, we par<span class="_ _3"/>ti<span class="_ _3"/>ci<span class="_ _3"/>pate<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in s<span class="_ _3"/>evera<span class="_ _3"/>l pa<span class="_ _3"/>ne<span class="_ _3"/>l de<span class="_ _3"/>ba<span class="_ _3"/>tes, i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g at th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh pe<span class="_ _3"/>o<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ple<span class="_ _3"/>'s me<span class="_ _3"/>eti<span class="_ _3"/>ng<span class="_ _3"/>, ‘Fo<span class="_ _3"/>lke<span class="_ _3"/>mø<span class="_ _3"/>de<span class="_ _3"/>t’, in De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k, w<span class="_ _3"/>ith a v<span class="_ _3"/>iew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to pro<span class="_ _3"/>moti<span class="_ _3"/>ng r<span class="_ _3"/>esp<span class="_ _3"/>ons<span class="_ _3"/>ib<span class="_ _3"/>le tax p<span class="_ _3"/>rac<span class="_ _3"/>ti<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In c<span class="_ _0"/>onnection wit<span class="_ _0"/>h the<span class="_ _0"/> national<span class="_ _0"/> implement<span class="_ _0"/>ation<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Eur<span class="_ _3"/>ope<span class="_ _3"/>an r<span class="_ _3"/>even<span class="_ _3"/>ue ca<span class="_ _3"/>p, we h<span class="_ _3"/>ave e<span class="_ _3"/>ng<span class="_ _3"/>age<span class="_ _3"/>d in d<span class="_ _3"/>is<span class="_ _3"/>cus<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>ons w<span class="_ _3"/>ith t<span class="_ _3"/>he g<span class="_ _3"/>overn<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s in De<span class="_ _3"/>n<span class="_ _3"/>ma<span class="_ _3"/>rk<span class="_ _3"/>, Ge<span class="_ _3"/>rma<span class="_ _3"/>ny<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and the<span class="_ _0"/> Netherl<span class="_ _0"/>ands, o<span class="_ _0"/>ffering our<span class="_ _0"/> industry insigh<span class="_ _0"/>ts on<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e work<span class="_ _3"/>in<span class="_ _3"/>gs of t<span class="_ _3"/>he pow<span class="_ _3"/>er m<span class="_ _3"/>ar<span class="_ _3"/>kets a<span class="_ _3"/>s wel<span class="_ _3"/>l as <span class="_ _49"/>h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>i<span class="_ _3"/>les of la<span class="_ _3"/>rge i<span class="_ _3"/>nteg<span class="_ _3"/>rated e<span class="_ _3"/>ne<span class="_ _3"/>rgy co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ie<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Si<span class="_ _3"/>mi<span class="_ _3"/>lar<span class="_ _3"/>ly<span class="_ _0"/>, we ha<span class="_ _3"/>ve pa<span class="_ _3"/>rt<span class="_ _3"/>ici<span class="_ _3"/>pa<span class="_ _3"/>ted in d<span class="_ _3"/>is<span class="_ _3"/>cus<span class="_ _3"/>sio<span class="_ _3"/>ns wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e UK g<span class="_ _3"/>over<span class="_ _3"/>nm<span class="_ _3"/>ent i<span class="_ _3"/>n res<span class="_ _3"/>pec<span class="_ _3"/>t of th<span class="_ _3"/>e ad<span class="_ _3"/>opti<span class="_ _3"/>on a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">im<span class="_ _3"/>ple<span class="_ _3"/>m<span class="_ _3"/>entat<span class="_ _3"/>ion o<span class="_ _3"/>f the U<span class="_ _3"/>K Ele<span class="_ _3"/>ctr<span class="_ _3"/>ic<span class="_ _3"/>ity G<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tor Lev<span class="_ _3"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rre<span class="_ _3"/>d to as wi<span class="_ _3"/>ndfa<span class="_ _3"/>ll ta<span class="_ _3"/>xes<span class="_ _3"/>. Du<span class="_ _3"/>e to de<span class="_ _3"/>cli<span class="_ _3"/>ni<span class="_ _3"/>ng p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s, th<span class="_ _3"/>e wi<span class="_ _3"/>ndfa<span class="_ _3"/>ll ta<span class="_ _3"/>x reg<span class="_ _3"/>im<span class="_ _3"/>es ha<span class="_ _3"/>ve not i<span class="_ _3"/>m<span class="_ _3"/>pac<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us significan<span class="_ _0"/>tl<span class="_ _0"/>y<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">By en<span class="_ _3"/>ga<span class="_ _3"/>gi<span class="_ _3"/>ng wi<span class="_ _3"/>th ci<span class="_ _3"/>vi<span class="_ _3"/>l soc<span class="_ _3"/>iety a<span class="_ _3"/>nd g<span class="_ _3"/>ath<span class="_ _3"/>er<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>pu<span class="_ _3"/>t on<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for e<span class="_ _3"/>xam<span class="_ _3"/>ple<span class="_ _3"/>, how we s<span class="_ _3"/>ha<span class="_ _3"/>re info<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, we be<span class="_ _3"/>li<span class="_ _3"/>eve we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">can<span class="_ _0"/> cont<span class="_ _0"/>ribute<span class="_ _0"/> t<span class="_ _0"/>o incr<span class="_ _0"/>easing t<span class="_ _0"/>he public'<span class="_ _0"/>s c<span class="_ _0"/>onfidence<span class="_ _0"/> in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e corp<span class="_ _3"/>ora<span class="_ _3"/>te tax sys<span class="_ _3"/>tem<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a te<span class="_ _3"/>stam<span class="_ _3"/>en<span class="_ _3"/>t to our p<span class="_ _3"/>rog<span class="_ _3"/>res<span class="_ _3"/>sive a<span class="_ _3"/>nd t<span class="_ _3"/>ran<span class="_ _3"/>spa<span class="_ _3"/>re<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h to tax we ha<span class="_ _3"/>ve, b<span class="_ _3"/>esi<span class="_ _3"/>de<span class="_ _3"/>s be<span class="_ _3"/>in<span class="_ _3"/>g Fai<span class="_ _3"/>r T<span class="_ _4"/>a<span class="_ _3"/>x Ma<span class="_ _3"/>rk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _3"/>red<span class="_ _3"/>itate<span class="_ _3"/>d for th<span class="_ _3"/>e sec<span class="_ _3"/>ond y<span class="_ _3"/>ea<span class="_ _3"/>r ru<span class="_ _3"/>nn<span class="_ _3"/>ing<span class="_ _3"/>, a<span class="_ _3"/>chi<span class="_ _3"/>eved </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an ove<span class="_ _3"/>ra<span class="_ _3"/>ll tax co<span class="_ _3"/>mp<span class="_ _3"/>li<span class="_ _3"/>an<span class="_ _3"/>ce ri<span class="_ _3"/>sk m<span class="_ _3"/>ana<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt ra<span class="_ _3"/>tin<span class="_ _3"/>g of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘low<span class="_ _3"/>’ by HM Reve<span class="_ _3"/>nu<span class="_ _3"/>e &amp; Cus<span class="_ _3"/>toms (t<span class="_ _3"/>he U<span class="_ _3"/>K) i<span class="_ _3"/>n the B<span class="_ _3"/>us<span class="_ _3"/>in<span class="_ _3"/>ess </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk R<span class="_ _0"/>eview<span class="_ _0"/> (BRR<span class="_ _0"/>+<span class="_ _0"/>).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>l<span class="_ _3"/>la<span class="_ _3"/>r 2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>021, O<span class="_ _3"/>ECD re<span class="_ _3"/>lea<span class="_ _3"/>sed t<span class="_ _3"/>he Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2 mo<span class="_ _3"/>de<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rules<span class="_ _0"/> to<span class="_ _0"/> re<span class="_ _0"/>for<span class="_ _0"/>m int<span class="_ _0"/>ernatio<span class="_ _0"/>nal corpor<span class="_ _0"/>at<span class="_ _0"/>e t<span class="_ _0"/>axati<span class="_ _0"/>on. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e key pu<span class="_ _3"/>rpo<span class="_ _3"/>se of th<span class="_ _3"/>ese r<span class="_ _3"/>ule<span class="_ _3"/>s is to e<span class="_ _3"/>nsu<span class="_ _3"/>re th<span class="_ _3"/>at lar<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mult<span class="_ _0"/>inational gr<span class="_ _0"/>oups (<span class="_ _0"/>defined<span class="_ _0"/> by<span class="_ _0"/> having<span class="_ _0"/> a glob<span class="_ _0"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>reve<span class="_ _3"/>nu<span class="_ _3"/>e ex<span class="_ _3"/>cee<span class="_ _3"/>di<span class="_ _3"/>ng EU<span class="_ _3"/>R 750 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n) are s<span class="_ _3"/>ubj<span class="_ _3"/>ec<span class="_ _3"/>t to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e tax rate of 15 <span class="_ _4"/>%<span class="_ _3"/>. T<span class="_ _3"/>he ru<span class="_ _3"/>les w<span class="_ _3"/>il<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>ve to be i<span class="_ _3"/>mp<span class="_ _3"/>lem<span class="_ _3"/>ente<span class="_ _3"/>d in n<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>al le<span class="_ _3"/>gi<span class="_ _3"/>slat<span class="_ _3"/>ion i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l in<span class="_ _3"/>di<span class="_ _3"/>vid<span class="_ _3"/>ua<span class="_ _3"/>l cou<span class="_ _3"/>ntr<span class="_ _3"/>ies t<span class="_ _3"/>hat d<span class="_ _3"/>ec<span class="_ _3"/>id<span class="_ _3"/>e to ado<span class="_ _3"/>pt th<span class="_ _3"/>em<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>ny <span class="_ _49"/>co<span class="_ _3"/>unt<span class="_ _3"/>rie<span class="_ _3"/>s, i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>in<span class="_ _3"/>g Den<span class="_ _3"/>ma<span class="_ _3"/>rk w<span class="_ _3"/>he<span class="_ _3"/>re the u<span class="_ _3"/>lti<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>te <span class="_ _49"/>pa<span class="_ _3"/>rent c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ny of the Ø<span class="_ _3"/>rste<span class="_ _3"/>d Gro<span class="_ _3"/>up i<span class="_ _3"/>s he<span class="_ _3"/>ad<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qu<span class="_ _3"/>ar<span class="_ _3"/>te<span class="_ _3"/>red<span class="_ _3"/>, ha<span class="_ _3"/>ve al<span class="_ _3"/>rea<span class="_ _3"/>dy i<span class="_ _3"/>mp<span class="_ _3"/>lem<span class="_ _3"/>ente<span class="_ _3"/>d the r<span class="_ _3"/>ule<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">UN S<span class="_ _3"/>DG (<span class="_ _3"/>no. 1<span class="_ _3"/>6)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are t<span class="_ _3"/>ran<span class="_ _3"/>sp<span class="_ _3"/>are<span class="_ _3"/>nt ab<span class="_ _3"/>ou<span class="_ _3"/>t ou<span class="_ _3"/>r ap<span class="_ _3"/>pro<span class="_ _3"/>ach </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to tax<span class="_ _3"/>. We ac<span class="_ _3"/>ti<span class="_ _3"/>vely pa<span class="_ _3"/>r<span class="_ _3"/>tic<span class="_ _3"/>ip<span class="_ _3"/>ate in t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dev<span class="_ _0"/>elopment<span class="_ _0"/> of<span class="_ _0"/> eff<span class="_ _0"/>ective,<span class="_ _0"/> acc<span class="_ _0"/>ount<span class="_ _0"/>a<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ble<span class="_ _3"/>, an<span class="_ _3"/>d tra<span class="_ _3"/>ns<span class="_ _3"/>pa<span class="_ _3"/>rent le<span class="_ _3"/>gi<span class="_ _3"/>sla<span class="_ _3"/>ti<span class="_ _3"/>on by ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ga<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt wi<span class="_ _3"/>th th<span class="_ _3"/>e OECD o<span class="_ _3"/>n Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We en<span class="_ _3"/>do<span class="_ _3"/>rse t<span class="_ _3"/>he B T<span class="_ _0"/>ea<span class="_ _3"/>m Resp<span class="_ _3"/>on<span class="_ _3"/>si<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>x Pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple<span class="_ _3"/>s. T<span class="_ _3"/>he B T<span class="_ _0"/>ea<span class="_ _3"/>m is a g<span class="_ _3"/>rou<span class="_ _3"/>p of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>si<span class="_ _3"/>nes<span class="_ _3"/>s lea<span class="_ _3"/>de<span class="_ _3"/>rs<span class="_ _3"/>, wo<span class="_ _3"/>rki<span class="_ _3"/>ng to re<span class="_ _3"/>de<span class="_ _3"/>fi<span class="_ _3"/>ne th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>lture of a<span class="_ _3"/>ccou<span class="_ _3"/>nta<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>y in b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>, for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">comp<span class="_ _0"/>anies,<span class="_ _0"/> commun<span class="_ _0"/>itie<span class="_ _0"/>s, and<span class="_ _0"/> fu<span class="_ _0"/>tur<span class="_ _0"/>e g<span class="_ _0"/>en<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ati<span class="_ _3"/>ons by c<span class="_ _3"/>rea<span class="_ _3"/>ti<span class="_ _3"/>ng an<span class="_ _3"/>d ca<span class="_ _3"/>scad<span class="_ _3"/>i<span class="_ _3"/>ng ne<span class="_ _3"/>w </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>rm<span class="_ _3"/>s of cor<span class="_ _3"/>po<span class="_ _3"/>rate le<span class="_ _3"/>ad<span class="_ _3"/>er<span class="_ _3"/>shi<span class="_ _3"/>p th<span class="_ _3"/>at ca<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>ild a b<span class="_ _3"/>et<span class="_ _3"/>ter wo<span class="_ _3"/>rld<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">IS<span class="_ _3"/>R<span class="_ _3"/>S 44<span class="_ _3"/>0<span class="_ _3"/>0 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">AUP o<span class="_ _3"/>n ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>ti<span class="_ _3"/>on of G<span class="_ _3"/>R<span class="_ _3"/>I 207: T<span class="_ _4"/>a<span class="_ _3"/>x</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve dra<span class="_ _3"/>wn i<span class="_ _3"/>nsp<span class="_ _3"/>ir<span class="_ _3"/>ati<span class="_ _3"/>on f<span class="_ _3"/>rom th<span class="_ _3"/>e GR<span class="_ _3"/>I </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">207: T<span class="_ _4"/>ax s<span class="_ _3"/>tan<span class="_ _3"/>da<span class="_ _3"/>rd wh<span class="_ _3"/>en p<span class="_ _3"/>res<span class="_ _3"/>ent<span class="_ _3"/>in<span class="_ _3"/>g our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ap<span class="_ _3"/>pro<span class="_ _3"/>ac<span class="_ _3"/>h to an<span class="_ _3"/>d rep<span class="_ _3"/>or<span class="_ _3"/>ti<span class="_ _3"/>ng of ta<span class="_ _3"/>x<span class="_ _3"/>. The </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">leadership<span class="_ _0"/> t<span class="_ _0"/>eam has<span class="_ _0"/> been pr<span class="_ _0"/>ov<span class="_ _0"/>ided wi<span class="_ _0"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a sta<span class="_ _3"/>teme<span class="_ _3"/>nt (I<span class="_ _3"/>SR<span class="_ _3"/>S 4<span class="_ _3"/>4<span class="_ _3"/>0<span class="_ _3"/>0 – Agre<span class="_ _3"/>ed U<span class="_ _3"/>po<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>ced<span class="_ _3"/>ur<span class="_ _3"/>es/AUP) fro<span class="_ _3"/>m ou<span class="_ _3"/>r au<span class="_ _3"/>di<span class="_ _3"/>tors o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>tio<span class="_ _3"/>n of GR<span class="_ _3"/>I 207: T<span class="_ _4"/>a<span class="_ _3"/>x.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Fa<span class="_ _3"/>ir T<span class="_ _0"/>ax M<span class="_ _3"/>ark a<span class="_ _3"/>ccr<span class="_ _3"/>ed<span class="_ _3"/>itat<span class="_ _3"/>ion s<span class="_ _3"/>ch<span class="_ _3"/>em<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>ek<span class="_ _3"/>s to enc<span class="_ _3"/>ou<span class="_ _3"/>rag<span class="_ _3"/>e an<span class="_ _3"/>d reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>e bus<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>sse<span class="_ _3"/>s tha<span class="_ _3"/>t pay t<span class="_ _3"/>he r<span class="_ _3"/>ig<span class="_ _3"/>ht am<span class="_ _3"/>ou<span class="_ _3"/>nt of cor-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rat<span class="_ _3"/>ion ta<span class="_ _3"/>x at th<span class="_ _3"/>e ri<span class="_ _3"/>ght t<span class="_ _3"/>im<span class="_ _3"/>e an<span class="_ _3"/>d in th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>ght p<span class="_ _3"/>lac<span class="_ _3"/>e. We se<span class="_ _3"/>ek to p<span class="_ _3"/>ay tax re<span class="_ _3"/>sp<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>bly an<span class="_ _3"/>d tra<span class="_ _3"/>nsp<span class="_ _3"/>ar<span class="_ _3"/>ently an<span class="_ _3"/>d ar<span class="_ _3"/>e pro<span class="_ _3"/>ud </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ha<span class="_ _3"/>ve qu<span class="_ _3"/>al<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d for th<span class="_ _3"/>e Fa<span class="_ _3"/>ir T<span class="_ _0"/>ax M<span class="_ _3"/>ark i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2022 a<span class="_ _3"/>nd a<span class="_ _3"/>ga<span class="_ _3"/>in i<span class="_ _3"/>n 202<span class="_ _3"/>3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ba<span class="_ _3"/>se<span class="_ _3"/>d on i<span class="_ _3"/>nit<span class="_ _3"/>ia<span class="_ _3"/>l an<span class="_ _3"/>alysi<span class="_ _3"/>s of ou<span class="_ _3"/>r 2023 f<span class="_ _3"/>ig<span class="_ _3"/>ure<span class="_ _3"/>s an<span class="_ _3"/>d 2024 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fore<span class="_ _3"/>cas<span class="_ _3"/>t, we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to ben<span class="_ _3"/>ef<span class="_ _3"/>it fro<span class="_ _3"/>m the te<span class="_ _3"/>mp<span class="_ _3"/>ora<span class="_ _3"/>r<span class="_ _3"/>y safe </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>rb<span class="_ _3"/>our r<span class="_ _3"/>ul<span class="_ _3"/>es in a<span class="_ _3"/>ll of t<span class="_ _3"/>he ju<span class="_ _3"/>ri<span class="_ _3"/>sd<span class="_ _3"/>ict<span class="_ _3"/>io<span class="_ _3"/>ns wh<span class="_ _3"/>ere w<span class="_ _3"/>e ope<span class="_ _3"/>rate<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ax go<span class="_ _0"/>vernanc<span class="_ _0"/>e</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>xes a<span class="_ _3"/>re ove<span class="_ _3"/>rse<span class="_ _3"/>en by th<span class="_ _3"/>e Bo<span class="_ _3"/>ard of D<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tors<span class="_ _3"/>, an<span class="_ _3"/>d wit<span class="_ _3"/>hi<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Boa<span class="_ _3"/>rd<span class="_ _3"/>, the C<span class="_ _3"/>ha<span class="_ _3"/>ir of t<span class="_ _3"/>he Aud<span class="_ _3"/>it &amp; R<span class="_ _3"/>is<span class="_ _3"/>k Com<span class="_ _3"/>mi<span class="_ _3"/>ttee i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _3"/>oun<span class="_ _3"/>tabl<span class="_ _3"/>e for ou<span class="_ _3"/>r tax po<span class="_ _3"/>li<span class="_ _3"/>cy. Th<span class="_ _3"/>e resp<span class="_ _3"/>on<span class="_ _3"/>si<span class="_ _3"/>bil<span class="_ _3"/>it<span class="_ _3"/>y for tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt l<span class="_ _3"/>ies w<span class="_ _3"/>ith th<span class="_ _3"/>e CFO a<span class="_ _3"/>nd i<span class="_ _3"/>s over<span class="_ _3"/>se<span class="_ _3"/>en by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Aud<span class="_ _3"/>it &amp; Ri<span class="_ _3"/>sk Co<span class="_ _3"/>mm<span class="_ _3"/>it<span class="_ _3"/>tee. T<span class="_ _3"/>he d<span class="_ _3"/>ay-to<span class="_ _3"/>-d<span class="_ _3"/>ay tax m<span class="_ _3"/>an<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>em<span class="_ _3"/>ent i<span class="_ _3"/>s ha<span class="_ _3"/>nd<span class="_ _3"/>led by a ce<span class="_ _3"/>ntra<span class="_ _3"/>li<span class="_ _3"/>sed g<span class="_ _3"/>lo<span class="_ _3"/>bal ta<span class="_ _3"/>x tea<span class="_ _3"/>m. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our t<span class="_ _0"/>ax<span class="_ _0"/> function<span class="_ _0"/> is<span class="_ _0"/> inv<span class="_ _0"/>ol<span class="_ _0"/>ved<span class="_ _0"/> in<span class="_ _0"/> the<span class="_ _0"/> planning,<span class="_ _0"/> imple<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>ntati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d do<span class="_ _3"/>cum<span class="_ _3"/>en<span class="_ _3"/>tatio<span class="_ _3"/>n of al<span class="_ _3"/>l si<span class="_ _3"/>gn<span class="_ _3"/>ifi<span class="_ _3"/>can<span class="_ _3"/>t bus<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>ss de<span class="_ _3"/>ci<span class="_ _3"/>sio<span class="_ _3"/>ns a<span class="_ _3"/>nd p<span class="_ _3"/>roce<span class="_ _3"/>sse<span class="_ _3"/>s to ens<span class="_ _3"/>ure a co<span class="_ _3"/>ord<span class="_ _3"/>in<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>ses<span class="_ _3"/>sme<span class="_ _3"/>nt of a<span class="_ _3"/>ll tax c<span class="_ _3"/>omp<span class="_ _3"/>li<span class="_ _3"/>an<span class="_ _3"/>ce an<span class="_ _3"/>d ri<span class="_ _3"/>sks<span class="_ _3"/>. T<span class="_ _3"/>he tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>nc<span class="_ _3"/>tio<span class="_ _3"/>n al<span class="_ _3"/>so re<span class="_ _3"/>gu<span class="_ _3"/>la<span class="_ _3"/>rly mon<span class="_ _3"/>itor<span class="_ _3"/>s an<span class="_ _3"/>d up<span class="_ _3"/>date<span class="_ _3"/>s tax ri<span class="_ _3"/>sk<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d rel<span class="_ _3"/>ated co<span class="_ _3"/>ntro<span class="_ _3"/>ls<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Com<span class="_ _3"/>plyi<span class="_ _3"/>ng wi<span class="_ _3"/>th tax r<span class="_ _3"/>ule<span class="_ _3"/>s can b<span class="_ _3"/>e com<span class="_ _3"/>p<span class="_ _3"/>lex<span class="_ _3"/>, as th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inte<span class="_ _3"/>rp<span class="_ _3"/>retat<span class="_ _3"/>ion of l<span class="_ _3"/>egi<span class="_ _3"/>sla<span class="_ _3"/>tio<span class="_ _3"/>n an<span class="_ _3"/>d cas<span class="_ _3"/>e law m<span class="_ _3"/>ay not </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">alway<span class="_ _3"/>s be cl<span class="_ _3"/>ea<span class="_ _3"/>r cut a<span class="_ _3"/>nd ma<span class="_ _3"/>y cha<span class="_ _3"/>ng<span class="_ _3"/>e over t<span class="_ _3"/>im<span class="_ _3"/>e, g<span class="_ _3"/>ivi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>se to tax ri<span class="_ _3"/>sk<span class="_ _3"/>s. We h<span class="_ _3"/>ave i<span class="_ _3"/>mp<span class="_ _3"/>lem<span class="_ _3"/>ente<span class="_ _3"/>d a gove<span class="_ _3"/>rn<span class="_ _3"/>an<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">frame<span class="_ _0"/>work,<span class="_ _0"/> which<span class="_ _0"/> ensur<span class="_ _0"/>es appr<span class="_ _0"/>opriat<span class="_ _0"/>e<span class="_ _0"/> proc<span class="_ _0"/>esses<span class="_ _0"/> and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">org<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>ati<span class="_ _3"/>ona<span class="_ _3"/>l st<span class="_ _3"/>ru<span class="_ _3"/>ctu<span class="_ _3"/>res to id<span class="_ _3"/>ent<span class="_ _3"/>if<span class="_ _3"/>y<span class="_ _0"/>, as<span class="_ _3"/>ses<span class="_ _3"/>s, m<span class="_ _3"/>on<span class="_ _3"/>itor, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ma<span class="_ _3"/>na<span class="_ _3"/>ge ta<span class="_ _3"/>x ris<span class="_ _3"/>ks at d<span class="_ _3"/>if<span class="_ _3"/>fe<span class="_ _3"/>rent lev<span class="_ _3"/>el<span class="_ _3"/>s of th<span class="_ _3"/>e Gro<span class="_ _3"/>up. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ma<span class="_ _3"/>na<span class="_ _3"/>ge ou<span class="_ _3"/>r tax r<span class="_ _3"/>isk<span class="_ _3"/>s by preve<span class="_ _3"/>nti<span class="_ _3"/>ng u<span class="_ _3"/>nn<span class="_ _3"/>ece<span class="_ _3"/>ssa<span class="_ _3"/>ry </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>sp<span class="_ _3"/>utes<span class="_ _3"/>, wh<span class="_ _3"/>ich we s<span class="_ _3"/>tri<span class="_ _3"/>ve to ac<span class="_ _3"/>hi<span class="_ _3"/>eve th<span class="_ _3"/>roug<span class="_ _3"/>h st<span class="_ _3"/>ron<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">technic<span class="_ _0"/>al positions,<span class="_ _0"/> thorough doc<span class="_ _0"/>umentat<span class="_ _0"/>ion and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">explanations<span class="_ _0"/> of our<span class="_ _0"/> positions,<span class="_ _0"/> robust c<span class="_ _0"/>ompliance pro<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ced<span class="_ _3"/>ur<span class="_ _3"/>es<span class="_ _3"/>, and by e<span class="_ _3"/>ng<span class="_ _3"/>ag<span class="_ _3"/>in<span class="_ _3"/>g in u<span class="_ _3"/>p-f<span class="_ _3"/>ront d<span class="_ _3"/>ia<span class="_ _3"/>log<span class="_ _3"/>ues w<span class="_ _3"/>ith </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax authorities<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We def<span class="_ _3"/>in<span class="_ _3"/>e a tax r<span class="_ _3"/>isk a<span class="_ _3"/>s any co<span class="_ _3"/>nse<span class="_ _3"/>qu<span class="_ _3"/>en<span class="_ _3"/>ce rel<span class="_ _3"/>ati<span class="_ _3"/>ng to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ap<span class="_ _3"/>pl<span class="_ _3"/>icat<span class="_ _3"/>io<span class="_ _3"/>n of ou<span class="_ _3"/>r tax po<span class="_ _3"/>li<span class="_ _3"/>cy, day-to<span class="_ _3"/>-d<span class="_ _3"/>ay o<span class="_ _3"/>pe<span class="_ _3"/>ra<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tions, c<span class="_ _0"/>ompliance,<span class="_ _0"/> or ext<span class="_ _0"/>ernal reporting<span class="_ _0"/> that<span class="_ _0"/> impacts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e bus<span class="_ _3"/>in<span class="_ _3"/>ess i<span class="_ _3"/>n th<span class="_ _3"/>e form of ca<span class="_ _3"/>sh l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s, f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reporting misst<span class="_ _0"/>at<span class="_ _0"/>ements,<span class="_ _0"/> or r<span class="_ _0"/>eputat<span class="_ _0"/>ional damage.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We cont<span class="_ _3"/>in<span class="_ _3"/>uou<span class="_ _3"/>sly up<span class="_ _3"/>date o<span class="_ _3"/>ur tax c<span class="_ _3"/>ontro<span class="_ _3"/>l fra<span class="_ _3"/>mew<span class="_ _3"/>ork to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>su<span class="_ _3"/>re tha<span class="_ _3"/>t we are a<span class="_ _3"/>l<span class="_ _3"/>ign<span class="_ _3"/>ed w<span class="_ _3"/>ith b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss o<span class="_ _3"/>bje<span class="_ _3"/>cti<span class="_ _3"/>ves </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and st<span class="_ _0"/>akehol<span class="_ _0"/>der expect<span class="_ _0"/>ations.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve a stan<span class="_ _3"/>da<span class="_ _3"/>rdi<span class="_ _3"/>se<span class="_ _3"/>d revie<span class="_ _3"/>w pro<span class="_ _3"/>cess i<span class="_ _3"/>n pla<span class="_ _3"/>ce, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r cont<span class="_ _3"/>rol<span class="_ _3"/>s ar<span class="_ _3"/>e cont<span class="_ _3"/>inu<span class="_ _3"/>ou<span class="_ _3"/>sly revie<span class="_ _3"/>wed<span class="_ _3"/>, as<span class="_ _3"/>ses<span class="_ _3"/>sed<span class="_ _3"/>, an<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere a<span class="_ _3"/>pp<span class="_ _3"/>li<span class="_ _3"/>cab<span class="_ _3"/>le, s<span class="_ _3"/>ubs<span class="_ _3"/>titu<span class="_ _3"/>ted by au<span class="_ _3"/>toma<span class="_ _3"/>ted pr<span class="_ _3"/>oces<span class="_ _3"/>ses<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>x de<span class="_ _3"/>ci<span class="_ _3"/>sio<span class="_ _3"/>ns i<span class="_ _3"/>n rela<span class="_ _3"/>tio<span class="_ _3"/>n to mat<span class="_ _3"/>ter<span class="_ _3"/>s whi<span class="_ _3"/>ch a<span class="_ _3"/>re su<span class="_ _3"/>bje<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ap<span class="_ _3"/>prova<span class="_ _3"/>l by the G<span class="_ _3"/>rou<span class="_ _3"/>p Ex<span class="_ _3"/>ecu<span class="_ _3"/>tiv<span class="_ _3"/>e T<span class="_ _4"/>ea<span class="_ _3"/>m or t<span class="_ _3"/>he B<span class="_ _3"/>oa<span class="_ _3"/>rd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of Di<span class="_ _3"/>re<span class="_ _3"/>ctor<span class="_ _3"/>s are a<span class="_ _3"/>pp<span class="_ _3"/>roved by t<span class="_ _3"/>he He<span class="_ _3"/>ad of T<span class="_ _0"/>ax<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r tax r<span class="_ _3"/>isk m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>ent w<span class="_ _3"/>ork i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>ri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>cer<span class="_ _3"/>ta<span class="_ _3"/>in tax p<span class="_ _3"/>os<span class="_ _3"/>iti<span class="_ _3"/>ons<span class="_ _3"/>, e.<span class="_ _3"/>g. wh<span class="_ _3"/>en w<span class="_ _3"/>e ha<span class="_ _3"/>ve take<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>siti<span class="_ _3"/>on w<span class="_ _3"/>he<span class="_ _3"/>re the<span class="_ _3"/>re i<span class="_ _3"/>s an u<span class="_ _3"/>nce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>y cre<span class="_ _3"/>ated by a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>pa<span class="_ _3"/>ri<span class="_ _3"/>son of t<span class="_ _3"/>he wo<span class="_ _3"/>rdi<span class="_ _3"/>ng of t<span class="_ _3"/>he la<span class="_ _3"/>w<span class="_ _0"/>, the e<span class="_ _3"/>xp<span class="_ _3"/>res<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>li<span class="_ _3"/>cy inte<span class="_ _3"/>nt or l<span class="_ _3"/>ack t<span class="_ _3"/>he<span class="_ _3"/>reof, or f<span class="_ _3"/>lu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ng o<span class="_ _3"/>r di<span class="_ _3"/>ver<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>nt ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>ti<span class="_ _3"/>on by tax a<span class="_ _3"/>uth<span class="_ _3"/>ori<span class="_ _3"/>tie<span class="_ _3"/>s or j<span class="_ _3"/>ud<span class="_ _3"/>ic<span class="_ _3"/>ial s<span class="_ _3"/>yste<span class="_ _3"/>ms </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he co<span class="_ _3"/>untr<span class="_ _3"/>ie<span class="_ _3"/>s whe<span class="_ _3"/>re we o<span class="_ _3"/>pe<span class="_ _3"/>rate.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Occ<span class="_ _3"/>asi<span class="_ _3"/>on<span class="_ _3"/>ally, a multi<span class="_ _3"/>na<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l ente<span class="_ _3"/>rp<span class="_ _3"/>ris<span class="_ _3"/>e li<span class="_ _3"/>ke Ør<span class="_ _3"/>sted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">face<span class="_ _3"/>s pote<span class="_ _3"/>ntia<span class="_ _3"/>l do<span class="_ _3"/>ub<span class="_ _3"/>le taxa<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>. Th<span class="_ _3"/>is occ<span class="_ _3"/>ur<span class="_ _3"/>s whe<span class="_ _3"/>n two </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or m<span class="_ _3"/>ore ta<span class="_ _3"/>x ju<span class="_ _3"/>ris<span class="_ _3"/>di<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>s see<span class="_ _3"/>k to tax th<span class="_ _3"/>e sa<span class="_ _3"/>me bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e. We b<span class="_ _3"/>el<span class="_ _3"/>ieve th<span class="_ _3"/>at p<span class="_ _3"/>rofi<span class="_ _3"/>t sh<span class="_ _3"/>oul<span class="_ _3"/>d only be ta<span class="_ _3"/>xed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>ce, a<span class="_ _3"/>nd w<span class="_ _3"/>her<span class="_ _3"/>e the va<span class="_ _3"/>lu<span class="_ _3"/>e is cre<span class="_ _3"/>ate<span class="_ _3"/>d in l<span class="_ _3"/>ine w<span class="_ _3"/>ith t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>siti<span class="_ _3"/>on of t<span class="_ _3"/>he O<span class="_ _3"/>ECD.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In re<span class="_ _3"/>sp<span class="_ _3"/>ons<span class="_ _3"/>e to the ta<span class="_ _3"/>x ris<span class="_ _3"/>ks co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>ted to cros<span class="_ _3"/>s- <span class="_ _6"/>bo<span class="_ _3"/>rde<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activities,<span class="_ _0"/> including<span class="_ _0"/> the c<span class="_ _0"/>ontr<span class="_ _0"/>ov<span class="_ _0"/>ersies<span class="_ _0"/> described<span class="_ _0"/> in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>is se<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>, we h<span class="_ _3"/>ave m<span class="_ _3"/>ad<span class="_ _3"/>e tax-r<span class="_ _3"/>elate<span class="_ _3"/>d prov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _3"/>ord<span class="_ _3"/>an<span class="_ _3"/>ce wit<span class="_ _3"/>h IA<span class="_ _3"/>S 12, IA<span class="_ _3"/>S 37<span class="_ _4"/>, a<span class="_ _3"/>nd re<span class="_ _3"/>levan<span class="_ _3"/>t inte<span class="_ _3"/>rpre<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tati<span class="_ _3"/>on<span class="_ _3"/>, su<span class="_ _3"/>ch as I<span class="_ _3"/>FR<span class="_ _3"/>IC 23<span class="_ _3"/>. Th<span class="_ _3"/>e provi<span class="_ _3"/>si<span class="_ _3"/>ons h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n cal<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>lated b<span class="_ _3"/>ase<span class="_ _3"/>d on d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>es in ta<span class="_ _3"/>x rates a<span class="_ _3"/>nd s<span class="_ _3"/>tati<span class="_ _3"/>sti<span class="_ _3"/>cal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sks of s<span class="_ _3"/>uf<span class="_ _3"/>fer<span class="_ _3"/>in<span class="_ _3"/>g eco<span class="_ _3"/>no<span class="_ _3"/>mic o<span class="_ _3"/>r leg<span class="_ _3"/>al d<span class="_ _3"/>ou<span class="_ _3"/>ble ta<span class="_ _3"/>xat<span class="_ _3"/>io<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>x pl<span class="_ _3"/>an<span class="_ _3"/>ni<span class="_ _3"/>n<span class="_ _3"/>g an<span class="_ _3"/>d us<span class="_ _3"/>e of tax i<span class="_ _3"/>n<span class="_ _3"/>cen<span class="_ _3"/>tiv<span class="_ _3"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>l<span class="_ _0"/>y use b<span class="_ _3"/>us<span class="_ _3"/>in<span class="_ _3"/>ess s<span class="_ _3"/>tru<span class="_ _3"/>ctu<span class="_ _3"/>res t<span class="_ _3"/>hat a<span class="_ _3"/>re d<span class="_ _3"/>riv<span class="_ _3"/>en by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>me<span class="_ _3"/>rci<span class="_ _3"/>al c<span class="_ _3"/>ons<span class="_ _3"/>id<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>nd a<span class="_ _3"/>lig<span class="_ _3"/>ne<span class="_ _3"/>d wit<span class="_ _3"/>h ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies<span class="_ _3"/>. We do n<span class="_ _3"/>ot use s<span class="_ _3"/>o-<span class="_ _3"/>ca<span class="_ _3"/>lled s<span class="_ _3"/>ec<span class="_ _3"/>recy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ju<span class="_ _3"/>ri<span class="_ _3"/>sdi<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s or ta<span class="_ _3"/>x ha<span class="_ _3"/>ven<span class="_ _3"/>s to avoi<span class="_ _3"/>d taxe<span class="_ _3"/>s. I<span class="_ _3"/>f we es<span class="_ _3"/>tab<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>sh a<span class="_ _3"/>n ent<span class="_ _3"/>ity i<span class="_ _3"/>n a low or n<span class="_ _3"/>il-ra<span class="_ _3"/>te ju<span class="_ _3"/>ris<span class="_ _3"/>dic<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, it wi<span class="_ _3"/>ll b<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for su<span class="_ _3"/>bs<span class="_ _3"/>tanti<span class="_ _3"/>ve an<span class="_ _3"/>d com<span class="_ _3"/>me<span class="_ _3"/>rci<span class="_ _3"/>al re<span class="_ _3"/>as<span class="_ _3"/>ons<span class="_ _3"/>. T<span class="_ _3"/>his i<span class="_ _3"/>s th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>e wit<span class="_ _3"/>h our I<span class="_ _3"/>sle of M<span class="_ _3"/>an e<span class="_ _3"/>nti<span class="_ _3"/>ty, whi<span class="_ _3"/>ch ho<span class="_ _3"/>lds a l<span class="_ _3"/>ice<span class="_ _3"/>nce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to deve<span class="_ _3"/>lop a<span class="_ _3"/>nd b<span class="_ _3"/>ui<span class="_ _3"/>ld a loc<span class="_ _3"/>al of<span class="_ _3"/>fsh<span class="_ _3"/>ore w<span class="_ _3"/>in<span class="_ _3"/>d farm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prov<span class="_ _3"/>id<span class="_ _3"/>in<span class="_ _3"/>g ren<span class="_ _3"/>ewab<span class="_ _3"/>le e<span class="_ _3"/>ne<span class="_ _3"/>rgy to the I<span class="_ _3"/>sle of M<span class="_ _3"/>an<span class="_ _3"/>, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th ou<span class="_ _3"/>r <span class="_ _49"/>Si<span class="_ _3"/>ng<span class="_ _3"/>ap<span class="_ _3"/>ore e<span class="_ _3"/>nti<span class="_ _3"/>ty, whic<span class="_ _3"/>h prov<span class="_ _3"/>ide<span class="_ _3"/>s <span class="_ _49"/>tec<span class="_ _3"/>hn<span class="_ _3"/>ica<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>stra<span class="_ _3"/>ti<span class="_ _3"/>ve ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s to win<span class="_ _3"/>d farm p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>n com<span class="_ _3"/>pet<span class="_ _3"/>iti<span class="_ _3"/>ve, we m<span class="_ _3"/>ake u<span class="_ _3"/>se of i<span class="_ _3"/>nce<span class="_ _3"/>nti<span class="_ _3"/>ves an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax re<span class="_ _3"/>li<span class="_ _3"/>ef i<span class="_ _3"/>mp<span class="_ _3"/>lem<span class="_ _3"/>ente<span class="_ _3"/>d by gover<span class="_ _3"/>nm<span class="_ _3"/>en<span class="_ _3"/>ts wh<span class="_ _3"/>ere we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">have<span class="_ _0"/> commercial<span class="_ _0"/> subst<span class="_ _0"/>ance,<span class="_ _0"/> and our<span class="_ _0"/> business<span class="_ _0"/> activi<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>es ar<span class="_ _3"/>e the i<span class="_ _3"/>nten<span class="_ _3"/>de<span class="_ _3"/>d be<span class="_ _3"/>nef<span class="_ _3"/>ic<span class="_ _3"/>iar<span class="_ _3"/>ie<span class="_ _3"/>s of suc<span class="_ _3"/>h in<span class="_ _3"/>cen<span class="_ _3"/>tive<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d rel<span class="_ _3"/>ie<span class="_ _3"/>f. The ta<span class="_ _3"/>x fu<span class="_ _3"/>nct<span class="_ _3"/>io<span class="_ _3"/>n use<span class="_ _3"/>s ris<span class="_ _3"/>k an<span class="_ _3"/>d <span class="_ _49"/>o<span class="_ _3"/>ppo<span class="_ _3"/>r<span class="_ _3"/>tun<span class="_ _3"/>iti<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>alyse<span class="_ _3"/>s to provi<span class="_ _3"/>de s<span class="_ _3"/>tron<span class="_ _3"/>g bu<span class="_ _3"/>si<span class="_ _3"/>nes<span class="_ _3"/>s case <span class="_ _6"/>as<span class="_ _3"/>ses<span class="_ _3"/>sm<span class="_ _3"/>ent </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d fore<span class="_ _3"/>cas<span class="_ _3"/>t tax da<span class="_ _3"/>ta. We th<span class="_ _3"/>ere<span class="_ _3"/>fore i<span class="_ _3"/>ncl<span class="_ _3"/>ude t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cted o<span class="_ _3"/>utco<span class="_ _3"/>me of su<span class="_ _3"/>ch o<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>tun<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>n our l<span class="_ _3"/>ong<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m pla<span class="_ _3"/>nn<span class="_ _3"/>in<span class="_ _3"/>g an<span class="_ _3"/>d de<span class="_ _3"/>cis<span class="_ _3"/>ion<span class="_ _3"/>s, a<span class="_ _3"/>nd we s<span class="_ _3"/>ee<span class="_ _3"/>k to get </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>ce<span class="_ _3"/>r<span class="_ _3"/>tain<span class="_ _3"/>ty on t<span class="_ _3"/>he av<span class="_ _3"/>ai<span class="_ _3"/>lab<span class="_ _3"/>le in<span class="_ _3"/>cent<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d tax re<span class="_ _3"/>li<span class="_ _3"/>efs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in our<span class="_ _0"/> planning<span class="_ _0"/> activ<span class="_ _0"/>itie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>ax contro<span class="_ _0"/>versies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>ri<span class="_ _3"/>ng 20<span class="_ _3"/>23, t<span class="_ _3"/>he Da<span class="_ _3"/>ni<span class="_ _3"/>sh T<span class="_ _0"/>ax Age<span class="_ _3"/>nc<span class="_ _3"/>y has o<span class="_ _3"/>pe<span class="_ _3"/>ne<span class="_ _3"/>d fu<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>er e<span class="_ _3"/>nq<span class="_ _3"/>ui<span class="_ _3"/>rie<span class="_ _3"/>s on d<span class="_ _3"/>evel<span class="_ _3"/>opm<span class="_ _3"/>en<span class="_ _3"/>t ser<span class="_ _3"/>v<span class="_ _3"/>ices i<span class="_ _3"/>n re<span class="_ _3"/>lati<span class="_ _3"/>on to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">non-Danish wind<span class="_ _0"/> farms.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o d<span class="_ _3"/>ate, Ø<span class="_ _3"/>rs<span class="_ _3"/>ted W<span class="_ _3"/>in<span class="_ _3"/>d Power A<span class="_ _3"/>/<span class="_ _3"/>S has re<span class="_ _3"/>ce<span class="_ _3"/>ive<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>str<span class="_ _3"/>ati<span class="_ _3"/>ve de<span class="_ _3"/>cis<span class="_ _3"/>io<span class="_ _3"/>ns fro<span class="_ _3"/>m th<span class="_ _3"/>e Dan<span class="_ _3"/>is<span class="_ _3"/>h T<span class="_ _4"/>a<span class="_ _3"/>x Age<span class="_ _3"/>ncy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in re<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n to the d<span class="_ _3"/>evelo<span class="_ _3"/>pm<span class="_ _3"/>ent of t<span class="_ _3"/>he of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e win<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>ms H<span class="_ _3"/>orn<span class="_ _3"/>sea 1<span class="_ _3"/>, Waln<span class="_ _3"/>ey Ex<span class="_ _3"/>ten<span class="_ _3"/>si<span class="_ _3"/>on<span class="_ _3"/>, Race B<span class="_ _3"/>an<span class="_ _3"/>k<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>rs<span class="_ _3"/>sele 1 &amp; 2<span class="_ _3"/>. We ha<span class="_ _3"/>ve al<span class="_ _3"/>so re<span class="_ _3"/>cei<span class="_ _3"/>ved a<span class="_ _3"/>n in<span class="_ _3"/>form<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">req<span class="_ _3"/>ue<span class="_ _3"/>st i<span class="_ _3"/>n rela<span class="_ _3"/>tio<span class="_ _3"/>n to the of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd far<span class="_ _3"/>m <span class="_ _49"/>H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 2. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In a<span class="_ _3"/>ll i<span class="_ _3"/>ts de<span class="_ _3"/>ci<span class="_ _3"/>sio<span class="_ _3"/>ns<span class="_ _3"/>, th<span class="_ _3"/>e Dan<span class="_ _3"/>is<span class="_ _3"/>h T<span class="_ _4"/>a<span class="_ _3"/>x Age<span class="_ _3"/>ncy c<span class="_ _3"/>lai<span class="_ _3"/>ms </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at Ør<span class="_ _3"/>ste<span class="_ _3"/>d Wi<span class="_ _3"/>nd Powe<span class="_ _3"/>r A<span class="_ _3"/>/S ha<span class="_ _3"/>s not a<span class="_ _3"/>cte<span class="_ _3"/>d at a<span class="_ _3"/>rm's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">len<span class="_ _3"/>gt<span class="_ _3"/>h term<span class="_ _3"/>s whe<span class="_ _3"/>n ch<span class="_ _3"/>arg<span class="_ _3"/>in<span class="_ _3"/>g fee<span class="_ _3"/>s for tech<span class="_ _3"/>ni<span class="_ _3"/>ca<span class="_ _3"/>l deve<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">op<span class="_ _3"/>me<span class="_ _3"/>nt se<span class="_ _3"/>r<span class="_ _3"/>vice<span class="_ _3"/>s prov<span class="_ _3"/>ide<span class="_ _3"/>d to the p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t com<span class="_ _3"/>pa<span class="_ _3"/>ni<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/> <span class="_ _49"/>T<span class="_ _3"/>he <span class="_ _49"/>D<span class="_ _3"/>an<span class="_ _3"/>ish T<span class="_ _0"/>ax Ag<span class="_ _3"/>en<span class="_ _3"/>cy cla<span class="_ _3"/>im<span class="_ _3"/>s th<span class="_ _3"/>at th<span class="_ _3"/>e ful<span class="_ _3"/>l val<span class="_ _3"/>ue of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cted<span class="_ _3"/>, fu<span class="_ _3"/>ture c<span class="_ _3"/>ash f<span class="_ _3"/>lows re<span class="_ _3"/>late<span class="_ _3"/>d to the of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd far<span class="_ _3"/>ms s<span class="_ _3"/>hou<span class="_ _3"/>ld b<span class="_ _3"/>e taxe<span class="_ _3"/>d in D<span class="_ _3"/>en<span class="_ _3"/>ma<span class="_ _3"/>rk<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Up u<span class="_ _3"/>nti<span class="_ _3"/>l 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023<span class="_ _3"/>, the D<span class="_ _3"/>an<span class="_ _3"/>ish T<span class="_ _0"/>ax Ag<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>s in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d Ør<span class="_ _3"/>sted W<span class="_ _3"/>in<span class="_ _3"/>d Powe<span class="_ _3"/>r A<span class="_ _3"/>/S's ta<span class="_ _3"/>x pay<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to De<span class="_ _3"/>nm<span class="_ _3"/>ark w<span class="_ _3"/>ith D<span class="_ _3"/>KK 8<span class="_ _3"/>.<span class="_ _0"/>9 bi<span class="_ _3"/>lli<span class="_ _3"/>on fo<span class="_ _3"/>r the i<span class="_ _3"/>nco<span class="_ _3"/>me ye<span class="_ _3"/>ar<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2015<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>01<span class="_ _0"/>7<span class="_ _4"/>. Th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hic<span class="_ _3"/>h is e<span class="_ _3"/>xclu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>ny inte<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>t, is d<span class="_ _3"/>eta<span class="_ _3"/>ile<span class="_ _3"/>d pe<span class="_ _3"/>r win<span class="_ _3"/>d far<span class="_ _3"/>m in th<span class="_ _3"/>e tab<span class="_ _3"/>le be<span class="_ _3"/>low<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tab<span class="_ _3"/>le ill<span class="_ _3"/>ust<span class="_ _3"/>rates t<span class="_ _3"/>he tax p<span class="_ _3"/>aya<span class="_ _3"/>ble to De<span class="_ _3"/>n<span class="_ _3"/>ma<span class="_ _3"/>rk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>r wi<span class="_ _3"/>nd far<span class="_ _3"/>m<span class="_ _3"/>, sho<span class="_ _3"/>uld t<span class="_ _3"/>he Da<span class="_ _3"/>ni<span class="_ _3"/>sh T<span class="_ _0"/>ax Ag<span class="_ _3"/>enc<span class="_ _3"/>y's p<span class="_ _3"/>osi<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tion<span class="_ _0"/> prev<span class="_ _0"/>ail, and the<span class="_ _0"/> expect<span class="_ _0"/>ed c<span class="_ _0"/>orresponding<span class="_ _0"/> adjust<span class="_ _4"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts<span class="_ _3"/>. T<span class="_ _3"/>he Da<span class="_ _3"/>ni<span class="_ _3"/>sh tax w<span class="_ _3"/>ou<span class="_ _3"/>ld be pa<span class="_ _3"/>yab<span class="_ _3"/>le up<span class="_ _3"/>front<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plus<span class="_ _0"/> <span class="_ _49"/>inter<span class="_ _0"/>ests sinc<span class="_ _0"/>e t<span class="_ _0"/>he original dec<span class="_ _0"/>isions, and<span class="_ _0"/> the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">corresponding<span class="_ _0"/> adjustments woul<span class="_ _0"/>d cryst<span class="_ _0"/>alise o<span class="_ _0"/>ver<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e rem<span class="_ _3"/>ai<span class="_ _3"/>ni<span class="_ _3"/>ng l<span class="_ _3"/>ifet<span class="_ _3"/>ime o<span class="_ _3"/>f the w<span class="_ _3"/>in<span class="_ _3"/>d farm<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in o<span class="_ _3"/>ur key ac<span class="_ _3"/>cou<span class="_ _3"/>ntin<span class="_ _3"/>g es<span class="_ _3"/>tim<span class="_ _3"/>ates o<span class="_ _3"/>n pa<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">189, we have m<span class="_ _3"/>ad<span class="_ _3"/>e prov<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s for un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x pos<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to IF<span class="_ _3"/>RI<span class="_ _3"/>C 23. I<span class="_ _3"/>n re<span class="_ _3"/>lati<span class="_ _3"/>on to th<span class="_ _3"/>ese t<span class="_ _3"/>ran<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fer p<span class="_ _3"/>ri<span class="_ _3"/>cin<span class="_ _3"/>g di<span class="_ _3"/>sp<span class="_ _3"/>utes<span class="_ _3"/>, we ha<span class="_ _3"/>ve use<span class="_ _3"/>d a we<span class="_ _3"/>ig<span class="_ _3"/>hted ave<span class="_ _3"/>ra<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of seve<span class="_ _3"/>ra<span class="_ _3"/>l dif<span class="_ _3"/>fe<span class="_ _3"/>rent s<span class="_ _3"/>cen<span class="_ _3"/>ar<span class="_ _3"/>ios<span class="_ _3"/>, wh<span class="_ _3"/>ere t<span class="_ _3"/>he ba<span class="_ _3"/>se ca<span class="_ _3"/>se is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at we wi<span class="_ _3"/>ll w<span class="_ _3"/>in th<span class="_ _3"/>e cas<span class="_ _3"/>es, b<span class="_ _3"/>ut a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of sce<span class="_ _3"/>na<span class="_ _3"/>rio<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nt a<span class="_ _3"/>dju<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nts re<span class="_ _3"/>sulti<span class="_ _3"/>ng i<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax p<span class="_ _3"/>aya<span class="_ _3"/>ble to De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k. T<span class="_ _3"/>he s<span class="_ _3"/>cen<span class="_ _3"/>ar<span class="_ _3"/>ios w<span class="_ _3"/>ith a<span class="_ _3"/>dd<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ona<span class="_ _3"/>l tax p<span class="_ _3"/>aya<span class="_ _3"/>ble to De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k as<span class="_ _3"/>sum<span class="_ _3"/>es co<span class="_ _3"/>rre<span class="_ _3"/>spo<span class="_ _3"/>nd<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ing adjustments.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:84.376953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 183.984px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Decisions made b<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y the Danish <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gency</span><span style="position: absolute; display: inline-block; left: 320.016px; top: 0.0078125px; width: 36.1699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alne<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 310.891px; top: 12.0078px; width: 318.609px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Extension<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hornsea 1<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 9.15232px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Race Bank<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 10.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Borssele 1 &amp; 2<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tential additional Danish t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax payment e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xcluding an<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,949<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.8517px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,337<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,488<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,088<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.1955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,862</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax value of pot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ential c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orresponding adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,651<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,294<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,236<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,180<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 42.7852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,361</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 62.9941px; width: 243.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Lik<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y timing of se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ttl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tential t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax in Denmark,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.9941px; width: 486.773px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">if the Danish <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gency pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ev<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ails<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1st half of 2025<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 10.6172px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1st half of 2025<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">TBD</span></span><span style="position: absolute; display: inline-block; left: 487.219px; top: 75.5664px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 544.703px; top: 75.0098px; width: 19.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">TBD</span><span style="position: absolute; display: inline-block; left: 563.547px; top: 75.5664px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Timing of s<span class="_ _0"/>et<span class="_ _0"/>tlement is lik<span class="_ _0"/>el<span class="_ _0"/>y t<span class="_ _0"/>o f<span class="_ _0"/>oll<span class="_ _0"/>o<span class="_ _0"/>w the same pr<span class="_ _0"/>ocess and timeline as f<span class="_ _0"/>or <span class="_ _0"/>W<span class="_ _0"/>alne<span class="_ _0"/>y Ext<span class="_ _0"/>ension and Hornsea 1.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>x<span class="_ _0"/> controv<span class="_ _0"/>ersies timeli<span class="_ _3"/>ne</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax co<span class="_ _3"/>ntr<span class="_ _3"/>over<span class="_ _3"/>si<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to th<span class="_ _3"/>e deve<span class="_ _3"/>lo<span class="_ _3"/>pm<span class="_ _3"/>ent s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ovid<span class="_ _3"/>ed f<span class="_ _3"/>rom D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h ent<span class="_ _3"/>iti<span class="_ _3"/>es to o<span class="_ _3"/>ur p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>ts o<span class="_ _3"/>uts<span class="_ _3"/>id<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k take m<span class="_ _3"/>ult<span class="_ _3"/>ip<span class="_ _3"/>le ye<span class="_ _3"/>ar<span class="_ _3"/>s to sett<span class="_ _3"/>le. T<span class="_ _3"/>he d<span class="_ _3"/>is<span class="_ _3"/>pute c<span class="_ _3"/>on<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ce<span class="_ _3"/>rn<span class="_ _3"/>ing H<span class="_ _3"/>or<span class="_ _3"/>ns<span class="_ _3"/>ea 1 a<span class="_ _3"/>nd Wal<span class="_ _3"/>ney E<span class="_ _3"/>x<span class="_ _3"/>ten<span class="_ _3"/>si<span class="_ _3"/>on ha<span class="_ _3"/>s cu<span class="_ _3"/>rre<span class="_ _3"/>ntly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en o<span class="_ _3"/>ng<span class="_ _3"/>oi<span class="_ _3"/>ng fo<span class="_ _3"/>r mo<span class="_ _3"/>re th<span class="_ _3"/>an e<span class="_ _3"/>ig<span class="_ _3"/>ht yea<span class="_ _3"/>rs f<span class="_ _3"/>rom i<span class="_ _3"/>ni<span class="_ _3"/>ti<span class="_ _3"/>ati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of a<span class="_ _3"/>n adv<span class="_ _3"/>an<span class="_ _3"/>ced p<span class="_ _3"/>ri<span class="_ _3"/>ci<span class="_ _3"/>ng a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t, wh<span class="_ _3"/>ic<span class="_ _3"/>h fai<span class="_ _3"/>led w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Da<span class="_ _3"/>nis<span class="_ _3"/>h T<span class="_ _0"/>ax Ag<span class="_ _3"/>en<span class="_ _3"/>cy ch<span class="_ _3"/>os<span class="_ _3"/>e to term<span class="_ _3"/>i<span class="_ _3"/>nate n<span class="_ _3"/>eg<span class="_ _3"/>oti<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th th<span class="_ _3"/>e Br<span class="_ _3"/>iti<span class="_ _3"/>sh ta<span class="_ _3"/>x au<span class="_ _3"/>tho<span class="_ _3"/>ri<span class="_ _3"/>tes (H<span class="_ _3"/>M Rev<span class="_ _3"/>en<span class="_ _3"/>ue &amp; Cu<span class="_ _3"/>sto<span class="_ _3"/>ms) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d in<span class="_ _3"/>ste<span class="_ _3"/>ad i<span class="_ _3"/>nti<span class="_ _3"/>ated a<span class="_ _3"/>n au<span class="_ _3"/>d<span class="_ _3"/>it. T<span class="_ _3"/>he n<span class="_ _3"/>ex<span class="_ _3"/>t ste<span class="_ _3"/>p is fo<span class="_ _3"/>r th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>ses to b<span class="_ _3"/>e set<span class="_ _3"/>tled i<span class="_ _3"/>n a<span class="_ _3"/>rbi<span class="_ _3"/>tra<span class="_ _3"/>tio<span class="_ _3"/>n, w<span class="_ _3"/>hi<span class="_ _3"/>ch we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>pp<span class="_ _3"/>en i<span class="_ _3"/>n th<span class="_ _3"/>e lat<span class="_ _3"/>ter h<span class="_ _3"/>alf of 2<span class="_ _3"/>024<span class="_ _3"/>. Ab<span class="_ _3"/>ove<span class="_ _3"/>, we ha<span class="_ _3"/>ve su<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>ri<span class="_ _3"/>sed t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>el<span class="_ _3"/>in<span class="_ _3"/>e for H<span class="_ _3"/>orn<span class="_ _3"/>se<span class="_ _3"/>a 1 an<span class="_ _3"/>d Wal<span class="_ _3"/>ney E<span class="_ _3"/>xte<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>. Al<span class="_ _3"/>so, we h<span class="_ _3"/>av<span class="_ _3"/>e in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d a stat<span class="_ _3"/>us of th<span class="_ _3"/>e oth<span class="_ _3"/>er p<span class="_ _3"/>ro<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">je<span class="_ _3"/>ct<span class="_ _3"/>s wh<span class="_ _3"/>ere a t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>r pr<span class="_ _3"/>ic<span class="_ _3"/>ing a<span class="_ _3"/>ud<span class="_ _3"/>it h<span class="_ _3"/>as s<span class="_ _3"/>tar<span class="_ _3"/>ted<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ra<span class="_ _3"/>ce Ba<span class="_ _3"/>n<span class="_ _3"/>k</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve ap<span class="_ _3"/>pe<span class="_ _3"/>al<span class="_ _3"/>ed th<span class="_ _3"/>e ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>st<span class="_ _3"/>rati<span class="_ _3"/>ve d<span class="_ _3"/>eci<span class="_ _3"/>si<span class="_ _3"/>on to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Da<span class="_ _3"/>ni<span class="_ _3"/>sh T<span class="_ _0"/>ax Trib<span class="_ _3"/>un<span class="_ _3"/>al<span class="_ _3"/>. We co<span class="_ _3"/>nti<span class="_ _3"/>nu<span class="_ _3"/>e to con<span class="_ _3"/>si<span class="_ _3"/>de<span class="_ _3"/>r ou<span class="_ _3"/>r fu<span class="_ _3"/>rt<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opt<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>n ela<span class="_ _3"/>bo<span class="_ _3"/>rate<span class="_ _3"/>d ap<span class="_ _3"/>pe<span class="_ _3"/>al to t<span class="_ _3"/>he D<span class="_ _3"/>an<span class="_ _3"/>ish </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax T<span class="_ _0"/>ri<span class="_ _3"/>bu<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _3"/>, a di<span class="_ _3"/>rec<span class="_ _3"/>t ap<span class="_ _3"/>pe<span class="_ _3"/>al to t<span class="_ _3"/>he co<span class="_ _3"/>ur<span class="_ _3"/>t sy<span class="_ _3"/>stem<span class="_ _3"/>, o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a re<span class="_ _3"/>qu<span class="_ _3"/>est fo<span class="_ _3"/>r a MA<span class="_ _3"/>P un<span class="_ _3"/>de<span class="_ _3"/>r th<span class="_ _3"/>e dou<span class="_ _3"/>bl<span class="_ _3"/>e tax a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en D<span class="_ _3"/>en<span class="_ _3"/>ma<span class="_ _3"/>rk a<span class="_ _3"/>nd th<span class="_ _3"/>e U<span class="_ _3"/>K.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>rs<span class="_ _3"/>se<span class="_ _3"/>le 1 &amp; 2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve ap<span class="_ _3"/>pe<span class="_ _3"/>al<span class="_ _3"/>ed th<span class="_ _3"/>e ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>st<span class="_ _3"/>rati<span class="_ _3"/>ve d<span class="_ _3"/>eci<span class="_ _3"/>si<span class="_ _3"/>on to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Da<span class="_ _3"/>nis<span class="_ _3"/>h T<span class="_ _0"/>ax Trib<span class="_ _3"/>un<span class="_ _3"/>al<span class="_ _3"/>. We co<span class="_ _3"/>nti<span class="_ _3"/>nue to c<span class="_ _3"/>on<span class="_ _3"/>sid<span class="_ _3"/>er o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>rt<span class="_ _3"/>he<span class="_ _3"/>r opt<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>n ela<span class="_ _3"/>bo<span class="_ _3"/>rate<span class="_ _3"/>d ap<span class="_ _3"/>pe<span class="_ _3"/>al to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e <span class="_ _6"/>D<span class="_ _3"/>an<span class="_ _3"/>ish Tax T<span class="_ _0"/>ri<span class="_ _3"/>bu<span class="_ _3"/>na<span class="_ _3"/>l, a d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>t ap<span class="_ _3"/>pe<span class="_ _3"/>al to th<span class="_ _3"/>e co<span class="_ _3"/>ur<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sys<span class="_ _3"/>tem<span class="_ _3"/>, or a r<span class="_ _3"/>eq<span class="_ _3"/>ue<span class="_ _3"/>st for a M<span class="_ _3"/>AP u<span class="_ _3"/>nd<span class="_ _3"/>er t<span class="_ _3"/>he d<span class="_ _3"/>ou<span class="_ _3"/>ble ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k, t<span class="_ _3"/>he N<span class="_ _3"/>eth<span class="_ _3"/>er<span class="_ _3"/>lan<span class="_ _3"/>ds<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the EU <span class="_ _6"/>Arbitration Convention.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ho<span class="_ _3"/>rn<span class="_ _3"/>se<span class="_ _3"/>a 2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>T<span class="_ _3"/>he D<span class="_ _3"/>an<span class="_ _3"/>is<span class="_ _3"/>h T<span class="_ _0"/>ax Age<span class="_ _3"/>nc<span class="_ _3"/>y is<span class="_ _3"/>sue<span class="_ _3"/>d an i<span class="_ _3"/>nfo<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on re<span class="_ _3"/>qu<span class="_ _3"/>es<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in O<span class="_ _3"/>cto<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. D<span class="_ _3"/>isc<span class="_ _3"/>uss<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re on<span class="_ _3"/>-g<span class="_ _3"/>oi<span class="_ _3"/>ng<span class="_ _3"/>. In D<span class="_ _3"/>en<span class="_ _3"/>ma<span class="_ _3"/>rk<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e de<span class="_ _3"/>ad<span class="_ _3"/>li<span class="_ _3"/>ne fo<span class="_ _3"/>r iss<span class="_ _3"/>ui<span class="_ _3"/>ng a d<span class="_ _3"/>raf<span class="_ _3"/>t ad<span class="_ _3"/>m<span class="_ _3"/>in<span class="_ _3"/>ist<span class="_ _3"/>rat<span class="_ _3"/>ive d<span class="_ _3"/>ec<span class="_ _3"/>isi<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is o<span class="_ _3"/>n 1 Ma<span class="_ _3"/>y 202<span class="_ _3"/>4.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Closed<span class="_ _0"/> audit<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh T<span class="_ _0"/>ax Ag<span class="_ _3"/>en<span class="_ _3"/>cy h<span class="_ _3"/>as cl<span class="_ _3"/>ose<span class="_ _3"/>d th<span class="_ _3"/>e au<span class="_ _3"/>dit<span class="_ _3"/>s of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bu<span class="_ _3"/>rb<span class="_ _3"/>o Ba<span class="_ _3"/>nk E<span class="_ _3"/>x<span class="_ _3"/>ten<span class="_ _3"/>sio<span class="_ _3"/>n an<span class="_ _3"/>d Bo<span class="_ _3"/>rku<span class="_ _3"/>m Ri<span class="_ _3"/>f<span class="_ _3"/>fgr<span class="_ _3"/>und 2 w<span class="_ _3"/>it<span class="_ _3"/>hou<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">adjustments.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _15c"/>a<span class="_ _3"/>x on pro<span class="_ _3"/>fit (<span class="_ _3"/>loss) for the ye<span class="_ _3"/>ar</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 4.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:199.0625px;"><span style="position: absolute; display: inline-block; left: 447.578px; top: 0.0078125px; width: 184.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 78.7441px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effectiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.5098px; width: 39.627px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm, %</span><span style="position: absolute; display: inline-block; left: 341.766px; top: 31.5098px; width: 289.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKK million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 33.9902px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>DKK million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">%</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 49.2734px; width: 259.688px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax on profit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>an be expl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ained as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ollo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 63.7754px; width: 631.564px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>culat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed 22 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% tax on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>fit (loss) bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,186<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,874)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.7754px; width: 631.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alcul<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ated t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax in f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oreign subsidiaries in r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elation t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o 22 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">825<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">348<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.2891px; width: 57.5332px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f:</span><span style="position: absolute; display: inline-block; left: 0px; top: 105.775px; width: 631.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Non-tax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome and non-deductible c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 149.279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,519<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,243<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(13)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.791px; width: 631.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Unrec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ognised t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 258.68px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(8,084)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(43)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(651)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.09px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> 4</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.791px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity contributions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 271.318px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">874<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(354)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.791px; width: 631.506px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ements in unc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ertain t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax positions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 210.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(251)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.791px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Changes in t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 288.574px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.807px; width: 631.125px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax concerning pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vious years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 178.647px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(204)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(364)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.32px; width: 631.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effectiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax for the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 252.41px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,156)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,613)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Income<span class="_ _0"/> tax<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>x on p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) was D<span class="_ _3"/>KK 1,<span class="_ _3"/>156 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on i<span class="_ _3"/>n 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t DKK 2<span class="_ _3"/>,613 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on in 2<span class="_ _3"/>022. T<span class="_ _3"/>he e<span class="_ _3"/>ffe<span class="_ _3"/>cti<span class="_ _3"/>ve tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate wa<span class="_ _3"/>s -<span class="_ _3"/>6 <span class="_ _15c"/>% in 2<span class="_ _3"/>023 a<span class="_ _3"/>ga<span class="_ _3"/>in<span class="_ _3"/>st 15 <span class="_ _4"/>% in 2<span class="_ _3"/>022.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>tive ta<span class="_ _3"/>x rate wa<span class="_ _3"/>s pri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly affe<span class="_ _3"/>cte<span class="_ _3"/>d by<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e larg<span class="_ _3"/>ely tax-<span class="_ _3"/>exe<span class="_ _3"/>mp<span class="_ _3"/>t div<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nts of th<span class="_ _3"/>e of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd far<span class="_ _3"/>ms G<span class="_ _3"/>od<span class="_ _3"/>e Wi<span class="_ _3"/>nd 3 a<span class="_ _3"/>nd Lon<span class="_ _3"/>do<span class="_ _3"/>n Ar<span class="_ _3"/>ray, the n<span class="_ _3"/>on<span class="_ _3"/>- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ogn<span class="_ _3"/>it<span class="_ _3"/>ion of d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax as<span class="_ _3"/>set<span class="_ _3"/>s in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>tio<span class="_ _3"/>n wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e term<span class="_ _3"/>in<span class="_ _3"/>ati<span class="_ _3"/>on of t<span class="_ _3"/>he Oc<span class="_ _3"/>ea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 pr<span class="_ _3"/>oje<span class="_ _3"/>ct<span class="_ _3"/>, an<span class="_ _3"/>d the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ogn<span class="_ _3"/>it<span class="_ _3"/>ion of d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>cti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th cap<span class="_ _3"/>ita<span class="_ _3"/>li<span class="_ _3"/>sati<span class="_ _3"/>on of p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>t cost<span class="_ _3"/>s in t<span class="_ _3"/>he US w<span class="_ _3"/>he<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we ha<span class="_ _3"/>ve e<span class="_ _3"/>ntere<span class="_ _3"/>d into tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y agr<span class="_ _3"/>ee<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> followi<span class="_ _3"/>ng <span class="_ _21"> </span>p<span class="_ _3"/>roje<span class="_ _3"/>ct<span class="_ _3"/>s:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _15"> </span>Sunfl<span class="_ _0"/>ow<span class="_ _0"/>er<span class="_ _0"/> Wind</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _15"> </span>Spar<span class="_ _3"/>t<span class="_ _0"/>a Solar</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _15"> </span>O<span class="_ _3"/>ld 30<span class="_ _3"/>0</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An<span class="_ _3"/>d fro<span class="_ _3"/>m the f<span class="_ _3"/>in<span class="_ _3"/>al b<span class="_ _3"/>ui<span class="_ _3"/>ld<span class="_ _3"/>-u<span class="_ _3"/>p reco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of d<span class="_ _3"/>efer<span class="_ _3"/>red ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> liabilities<span class="_ _0"/> <span class="_ _21"> </span>on: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _15"> </span>S<span class="_ _3"/>out<span class="_ _3"/>h For<span class="_ _3"/>k Wi<span class="_ _3"/>nd</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e mo<span class="_ _3"/>re reg<span class="_ _3"/>ard<span class="_ _3"/>in<span class="_ _3"/>g tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ips i<span class="_ _3"/>n note<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.9 ‘T<span class="_ _4"/>a<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’ a<span class="_ _3"/>nd 4<span class="_ _3"/>.<span class="_ _3"/>3 ‘D<span class="_ _3"/>efer<span class="_ _3"/>red ta<span class="_ _3"/>x’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fur<span class="_ _3"/>th<span class="_ _3"/>er, the d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity p<span class="_ _3"/>revi<span class="_ _3"/>ou<span class="_ _3"/>sly recog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on O<span class="_ _3"/>cea<span class="_ _3"/>n Wi<span class="_ _3"/>nd 1 h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n rever<span class="_ _3"/>se<span class="_ _3"/>d in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th the c<span class="_ _3"/>eas<span class="_ _3"/>in<span class="_ _3"/>g of th<span class="_ _3"/>at pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent of ta<span class="_ _3"/>x con<span class="_ _3"/>cer<span class="_ _3"/>ni<span class="_ _3"/>ng p<span class="_ _3"/>revi<span class="_ _3"/>ous y<span class="_ _3"/>ea<span class="_ _3"/>rs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>l<span class="_ _0"/>y re<span class="_ _3"/>lates to tax i<span class="_ _3"/>n Fra<span class="_ _3"/>nce re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng o<span class="_ _3"/>ur Os<span class="_ _3"/>tw<span class="_ _3"/>in<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activ<span class="_ _3"/>ities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>tive ta<span class="_ _3"/>x rate i<span class="_ _3"/>n 2022 wa<span class="_ _3"/>s pri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly affe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by the la<span class="_ _3"/>rg<span class="_ _3"/>ely tax-e<span class="_ _3"/>xe<span class="_ _3"/>mpt d<span class="_ _3"/>ive<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts of th<span class="_ _3"/>e of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd far<span class="_ _3"/>ms H<span class="_ _3"/>or<span class="_ _3"/>nse<span class="_ _3"/>a 2 an<span class="_ _3"/>d Bo<span class="_ _3"/>rku<span class="_ _3"/>m Rif<span class="_ _3"/>fg<span class="_ _3"/>run<span class="_ _3"/>d 3 an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of a d<span class="_ _3"/>efer<span class="_ _3"/>red ta<span class="_ _3"/>x li<span class="_ _3"/>abi<span class="_ _3"/>li<span class="_ _3"/>ty i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ips i<span class="_ _3"/>n th<span class="_ _3"/>e US re<span class="_ _3"/>lated to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">He<span class="_ _3"/>le<span class="_ _3"/>na En<span class="_ _3"/>erg<span class="_ _3"/>y Cente<span class="_ _3"/>r<span class="_ _0"/>, Old 3<span class="_ _3"/>0<span class="_ _3"/>0, t<span class="_ _3"/>he N<span class="_ _3"/>or<span class="_ _3"/>th<span class="_ _3"/>-Ea<span class="_ _3"/>st clu<span class="_ _3"/>ste<span class="_ _3"/>r<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r con<span class="_ _3"/>si<span class="_ _3"/>sts o<span class="_ _3"/>f cur<span class="_ _3"/>ren<span class="_ _3"/>t tax<span class="_ _3"/>, ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax<span class="_ _3"/>, a<span class="_ _3"/>nd a<span class="_ _3"/>dju<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n res<span class="_ _3"/>pe<span class="_ _3"/>ct o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>evi<span class="_ _3"/>ous y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. T<span class="_ _0"/>ax on p<span class="_ _3"/>rof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e yea<span class="_ _3"/>r is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>ent<span class="_ _3"/>. T<span class="_ _0"/>ax re<span class="_ _3"/>la<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g to oth<span class="_ _3"/>er i<span class="_ _3"/>tem<span class="_ _3"/>s is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in ot<span class="_ _3"/>he<span class="_ _3"/>r com<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prehensive<span class="_ _0"/> income.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g ei<span class="_ _3"/>the<span class="_ _3"/>r of th<span class="_ _3"/>e fol<span class="_ _3"/>lowi<span class="_ _3"/>ng t<span class="_ _3"/>wo me<span class="_ _3"/>th<span class="_ _3"/>ods<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g on w<span class="_ _3"/>hi<span class="_ _3"/>ch me<span class="_ _3"/>th<span class="_ _3"/>od we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to bet-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter p<span class="_ _3"/>re<span class="_ _3"/>di<span class="_ _3"/>ct th<span class="_ _3"/>e res<span class="_ _3"/>olu<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he u<span class="_ _3"/>nce<span class="_ _3"/>rta<span class="_ _3"/>in<span class="_ _3"/>ty:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>Th<span class="_ _3"/>e mo<span class="_ _3"/>st-l<span class="_ _3"/>ike<span class="_ _3"/>ly-o<span class="_ _3"/>utco<span class="_ _3"/>me m<span class="_ _3"/>eth<span class="_ _3"/>od i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _3"/>ase<span class="_ _3"/>s wh<span class="_ _3"/>ere t<span class="_ _3"/>he<span class="_ _3"/>re ar<span class="_ _3"/>e on<span class="_ _3"/>ly two po<span class="_ _3"/>ssi<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>Th<span class="_ _3"/>e we<span class="_ _3"/>ig<span class="_ _3"/>hted<span class="_ _3"/>-a<span class="_ _3"/>ve<span class="_ _3"/>rag<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d is u<span class="_ _3"/>sed i<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>ses w<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ere a<span class="_ _3"/>re m<span class="_ _3"/>ore t<span class="_ _3"/>ha<span class="_ _3"/>n two p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r ‘I<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e tax<span class="_ _3"/>’ or ‘<span class="_ _3"/>Defe<span class="_ _3"/>rr<span class="_ _3"/>ed ta<span class="_ _3"/>x’, de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on h<span class="_ _3"/>ow th<span class="_ _3"/>e rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e tax p<span class="_ _3"/>osi<span class="_ _3"/>tio<span class="_ _3"/>n wi<span class="_ _3"/>ll </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>fec<span class="_ _3"/>t th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We<span class="_ _0"/> have<span class="_ _0"/> adopt<span class="_ _0"/>ed the<span class="_ _0"/> narro<span class="_ _0"/>w-sc<span class="_ _0"/>ope amend<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s to IA<span class="_ _3"/>S 12, ‘<span class="_ _3"/>In<span class="_ _3"/>com<span class="_ _3"/>e tax<span class="_ _3"/>es’, wh<span class="_ _3"/>ich p<span class="_ _3"/>rovi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tem<span class="_ _3"/>po<span class="_ _3"/>ra<span class="_ _3"/>ry re<span class="_ _3"/>li<span class="_ _3"/>ef f<span class="_ _3"/>rom a<span class="_ _3"/>cco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g for de<span class="_ _3"/>fer<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax<span class="_ _3"/>es a<span class="_ _3"/>ris<span class="_ _3"/>in<span class="_ _3"/>g fro<span class="_ _3"/>m th<span class="_ _3"/>e im<span class="_ _3"/>ple<span class="_ _3"/>me<span class="_ _3"/>nta<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2 mo<span class="_ _3"/>de<span class="_ _3"/>l ru<span class="_ _3"/>les<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:270.4375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 48.9727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Income t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 28.6191px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on profit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 394.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,156)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.6191px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on other compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,566)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(236)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.6191px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on hybrid capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o equity<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.73px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">13</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.1328px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 429.967px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(5,720)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,836)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 88.8848px; width: 268.764px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on profit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear can be br<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oken do<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wn as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 102.885px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 475.976px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,906)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.885px; width: 631.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 475.976px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,207<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>868</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 130.885px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Changes in t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 450.457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 144.9px; width: 631.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Uncert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ain t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax positions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 433.26px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(251)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 158.9px; width: 631.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on hybrid capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 446.955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>104</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 172.9px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 493.031px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">874<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(354)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 186.9px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax concerning pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vious years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(204)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(364)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 200.43px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax on profit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 389.82px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,156)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.166px; width: 294.006px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on other compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome can be br<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ok<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>en down as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ollow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s:</span><span style="position: absolute; display: inline-block; left: 0px; top: 233.166px; width: 631.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 475.976px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,262)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>60</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 247.166px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 471.487px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,304)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(296)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 260.695px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax on other compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(4,566)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(236)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>x on p<span class="_ _3"/>rof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>nd o<span class="_ _3"/>th<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> comprehensive<span class="_ _0"/> <span class="_ _21"> </span>income<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, tota<span class="_ _3"/>l tax for t<span class="_ _3"/>he ye<span class="_ _3"/>ar wa<span class="_ _3"/>s DK<span class="_ _3"/>K 5,720 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>si<span class="_ _3"/>sti<span class="_ _3"/>ng of ta<span class="_ _3"/>x on p<span class="_ _3"/>rofi<span class="_ _3"/>t (los<span class="_ _3"/>s) for the y<span class="_ _3"/>ea<span class="_ _3"/>r<span class="_ _0"/>, tax on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other<span class="_ _0"/> comprehensiv<span class="_ _0"/>e inc<span class="_ _0"/>ome, and<span class="_ _0"/> tax<span class="_ _0"/> on<span class="_ _0"/> hybr<span class="_ _0"/>id capi<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tal re<span class="_ _3"/>late<span class="_ _3"/>d to equ<span class="_ _3"/>it<span class="_ _3"/>y<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curre<span class="_ _3"/>nt t<span class="_ _0"/>ax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cu<span class="_ _3"/>rre<span class="_ _3"/>nt tax is t<span class="_ _3"/>he ta<span class="_ _3"/>x inc<span class="_ _3"/>ur<span class="_ _3"/>red by Ør<span class="_ _3"/>ste<span class="_ _3"/>d on pr<span class="_ _3"/>ofi<span class="_ _3"/>t for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e yea<span class="_ _3"/>r<span class="_ _0"/>. Th<span class="_ _3"/>is d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m taxe<span class="_ _3"/>s pai<span class="_ _3"/>d be<span class="_ _3"/>cau<span class="_ _3"/>se of p<span class="_ _3"/>ay<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts o<span class="_ _3"/>r ref<span class="_ _3"/>un<span class="_ _3"/>ds re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng p<span class="_ _3"/>rio<span class="_ _3"/>r yea<span class="_ _3"/>rs a<span class="_ _3"/>nd re<span class="_ _3"/>si<span class="_ _3"/>du<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay<span class="_ _3"/>me<span class="_ _3"/>nts fo<span class="_ _3"/>r the cu<span class="_ _3"/>rr<span class="_ _3"/>ent ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Be<span class="_ _3"/>cau<span class="_ _3"/>se of th<span class="_ _3"/>e hi<span class="_ _3"/>gh lev<span class="_ _3"/>el of i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts a<span class="_ _3"/>nd t<span class="_ _3"/>he su<span class="_ _3"/>b<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>qu<span class="_ _3"/>ent d<span class="_ _3"/>efer<span class="_ _3"/>ral<span class="_ _3"/>s of p<span class="_ _3"/>ayab<span class="_ _3"/>le tax a<span class="_ _3"/>s a con<span class="_ _3"/>seq<span class="_ _3"/>ue<span class="_ _3"/>nc<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acc<span class="_ _3"/>ele<span class="_ _3"/>rate<span class="_ _3"/>d tax de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, ou<span class="_ _3"/>r cur<span class="_ _3"/>ren<span class="_ _3"/>t tax is g<span class="_ _3"/>en<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">al<span class="_ _3"/>l<span class="_ _0"/>y lowe<span class="_ _3"/>r tha<span class="_ _3"/>n th<span class="_ _3"/>e statu<span class="_ _3"/>tory c<span class="_ _3"/>orp<span class="_ _3"/>ora<span class="_ _3"/>te tax rate<span class="_ _3"/>s du<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n an<span class="_ _3"/>d th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al ye<span class="_ _3"/>ar<span class="_ _3"/>s af<span class="_ _3"/>ter f<span class="_ _3"/>ir<span class="_ _3"/>st pow<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m a wi<span class="_ _3"/>nd far<span class="_ _3"/>m.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>l<span class="_ _3"/>la<span class="_ _3"/>r 2 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are a<span class="_ _3"/>sse<span class="_ _3"/>ssi<span class="_ _3"/>ng o<span class="_ _3"/>ur e<span class="_ _3"/>xpo<span class="_ _3"/>sur<span class="_ _3"/>e to the Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2 leg<span class="_ _3"/>is<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r in<span class="_ _3"/>iti<span class="_ _3"/>al a<span class="_ _3"/>sse<span class="_ _3"/>ss<span class="_ _3"/>me<span class="_ _3"/>nt in<span class="_ _3"/>di<span class="_ _3"/>cates th<span class="_ _3"/>e ave<span class="_ _3"/>ra<span class="_ _3"/>ge ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax ra<span class="_ _3"/>te bas<span class="_ _3"/>ed on t<span class="_ _3"/>he a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>rofi<span class="_ _3"/>t be<span class="_ _3"/>in<span class="_ _3"/>g mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">15 <span class="_ _15c"/>% a<span class="_ _3"/>nd w<span class="_ _3"/>ith<span class="_ _3"/>in t<span class="_ _3"/>he sa<span class="_ _3"/>fe har<span class="_ _3"/>bo<span class="_ _3"/>ur r<span class="_ _3"/>ule<span class="_ _3"/>s exe<span class="_ _3"/>mpt<span class="_ _3"/>ion<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Estimat<span class="_ _0"/>es<span class="_ _0"/> regar<span class="_ _0"/>ding<span class="_ _0"/> rec<span class="_ _0"/>ognitio<span class="_ _0"/>n o<span class="_ _0"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> taxes</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ar<span class="_ _3"/>e sub<span class="_ _3"/>je<span class="_ _3"/>ct to i<span class="_ _3"/>nco<span class="_ _3"/>me ta<span class="_ _3"/>xes i<span class="_ _3"/>n a<span class="_ _3"/>ll th<span class="_ _3"/>e cou<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tr<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>re we o<span class="_ _3"/>pe<span class="_ _3"/>rate<span class="_ _3"/>. Si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s are r<span class="_ _3"/>eq<span class="_ _3"/>ui<span class="_ _3"/>red i<span class="_ _3"/>n de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>ng th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wo<span class="_ _3"/>rld<span class="_ _3"/>wid<span class="_ _3"/>e in<span class="_ _3"/>co<span class="_ _3"/>me ta<span class="_ _3"/>xes a<span class="_ _3"/>nd i<span class="_ _3"/>nco<span class="_ _3"/>me ta<span class="_ _3"/>x as<span class="_ _3"/>set<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>on<span class="_ _3"/>s for u<span class="_ _3"/>nce<span class="_ _3"/>r<span class="_ _3"/>tai<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax p<span class="_ _3"/>os<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">While<span class="_ _0"/> conducting busine<span class="_ _0"/>ss around<span class="_ _0"/> the<span class="_ _0"/> world,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax a<span class="_ _3"/>nd t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>r pr<span class="_ _3"/>ic<span class="_ _3"/>ing d<span class="_ _3"/>is<span class="_ _3"/>pu<span class="_ _3"/>tes wi<span class="_ _3"/>th ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">au<span class="_ _3"/>th<span class="_ _3"/>ori<span class="_ _3"/>ti<span class="_ _3"/>es ma<span class="_ _3"/>y occ<span class="_ _3"/>ur d<span class="_ _3"/>ue to th<span class="_ _3"/>e co<span class="_ _3"/>mp<span class="_ _3"/>lex </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>tur<span class="_ _3"/>e of the ta<span class="_ _3"/>x ru<span class="_ _3"/>le<span class="_ _3"/>s rela<span class="_ _3"/>ted to t<span class="_ _3"/>he b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t is a<span class="_ _3"/>pp<span class="_ _3"/>lie<span class="_ _3"/>d to as<span class="_ _3"/>ses<span class="_ _3"/>s th<span class="_ _3"/>e pos<span class="_ _3"/>si<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>e of su<span class="_ _3"/>ch d<span class="_ _3"/>is<span class="_ _3"/>pute<span class="_ _3"/>s. We a<span class="_ _3"/>pp<span class="_ _3"/>ly the m<span class="_ _3"/>eth<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">od<span class="_ _3"/>s pre<span class="_ _3"/>sc<span class="_ _3"/>rib<span class="_ _3"/>ed i<span class="_ _3"/>n IF<span class="_ _3"/>RI<span class="_ _3"/>C 23 ‘<span class="_ _3"/>Un<span class="_ _3"/>cer<span class="_ _3"/>ta<span class="_ _3"/>int<span class="_ _3"/>y ove<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>com<span class="_ _3"/>e T<span class="_ _0"/>ax Treat<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>’ whe<span class="_ _3"/>n ma<span class="_ _3"/>ki<span class="_ _3"/>ng p<span class="_ _3"/>rovi<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>s for u<span class="_ _3"/>nce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, an<span class="_ _3"/>d the p<span class="_ _3"/>rov<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>on<span class="_ _3"/>s ma<span class="_ _3"/>de a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nt sc<span class="_ _3"/>en<span class="_ _3"/>ari<span class="_ _3"/>os of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>bl<span class="_ _3"/>e outc<span class="_ _3"/>om<span class="_ _3"/>es<span class="_ _3"/>. We con<span class="_ _3"/>sid<span class="_ _3"/>er t<span class="_ _3"/>he p<span class="_ _3"/>rovi<span class="_ _3"/>si<span class="_ _3"/>ons </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>de to b<span class="_ _3"/>e ad<span class="_ _3"/>eq<span class="_ _3"/>ua<span class="_ _3"/>te. T<span class="_ _3"/>he ac<span class="_ _3"/>tu<span class="_ _3"/>al o<span class="_ _3"/>bl<span class="_ _3"/>iga<span class="_ _3"/>ti<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>y dev<span class="_ _3"/>iate a<span class="_ _3"/>nd m<span class="_ _3"/>ig<span class="_ _3"/>ht le<span class="_ _3"/>ad to ta<span class="_ _3"/>x in e<span class="_ _3"/>xce<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x pro<span class="_ _3"/>vis<span class="_ _3"/>io<span class="_ _3"/>ns i<span class="_ _3"/>ncl<span class="_ _3"/>ud<span class="_ _3"/>ed<span class="_ _3"/>. Th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>s on t<span class="_ _3"/>he re<span class="_ _3"/>sult o<span class="_ _3"/>f lit<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>s an<span class="_ _3"/>d set<span class="_ _3"/>tle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s wit<span class="_ _3"/>h the r<span class="_ _3"/>ele<span class="_ _3"/>vant ta<span class="_ _3"/>x au<span class="_ _3"/>th<span class="_ _3"/>ori<span class="_ _3"/>ti<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g tax d<span class="_ _3"/>is<span class="_ _3"/>pute<span class="_ _3"/>s, p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>ly rela<span class="_ _3"/>ted to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ns<span class="_ _3"/>fer p<span class="_ _3"/>ri<span class="_ _3"/>ci<span class="_ _3"/>ng ca<span class="_ _3"/>ses<span class="_ _3"/>, ar<span class="_ _3"/>e in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ‘<span class="_ _3"/>In<span class="_ _3"/>com<span class="_ _3"/>e tax<span class="_ _3"/>’ an<span class="_ _3"/>d ‘D<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax<span class="_ _3"/>’. Est<span class="_ _3"/>im<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in r<span class="_ _3"/>esp<span class="_ _3"/>ec<span class="_ _3"/>t of tr<span class="_ _3"/>ans<span class="_ _3"/>fer p<span class="_ _3"/>ri<span class="_ _3"/>ci<span class="_ _3"/>ng ca<span class="_ _3"/>se<span class="_ _3"/>s de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">among o<span class="_ _0"/>thers, on<span class="_ _0"/> whether<span class="_ _0"/> corres<span class="_ _0"/>ponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nts ca<span class="_ _3"/>n be o<span class="_ _3"/>bta<span class="_ _3"/>in<span class="_ _3"/>ed i<span class="_ _3"/>n the re<span class="_ _3"/>lev<span class="_ _3"/>ant </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ju<span class="_ _3"/>ri<span class="_ _3"/>sd<span class="_ _3"/>ict<span class="_ _3"/>io<span class="_ _3"/>ns<span class="_ _3"/>, an<span class="_ _3"/>d, i<span class="_ _3"/>n ter<span class="_ _3"/>ms of d<span class="_ _3"/>is<span class="_ _3"/>pute<span class="_ _3"/>s re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>oje<span class="_ _3"/>ct c<span class="_ _3"/>om<span class="_ _3"/>pan<span class="_ _3"/>ie<span class="_ _3"/>s wi<span class="_ _3"/>th pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>, wh<span class="_ _3"/>eth<span class="_ _3"/>er co<span class="_ _3"/>m<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pe<span class="_ _3"/>ns<span class="_ _3"/>ati<span class="_ _3"/>on ca<span class="_ _3"/>n be o<span class="_ _3"/>bta<span class="_ _3"/>in<span class="_ _3"/>ed fr<span class="_ _3"/>om th<span class="_ _3"/>ese p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>s<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Any e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted co<span class="_ _3"/>mp<span class="_ _3"/>en<span class="_ _3"/>sat<span class="_ _3"/>io<span class="_ _3"/>n fro<span class="_ _3"/>m pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>rs i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d as p<span class="_ _3"/>ar<span class="_ _3"/>t of ‘O<span class="_ _3"/>th<span class="_ _3"/>er re<span class="_ _3"/>ce<span class="_ _3"/>iva<span class="_ _3"/>bl<span class="_ _3"/>es’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r tax foot<span class="_ _3"/>pri<span class="_ _3"/>nt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 4.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r tax foo<span class="_ _3"/>tpr<span class="_ _3"/>int i<span class="_ _3"/>s an ef<span class="_ _3"/>fe<span class="_ _3"/>ct of h<span class="_ _3"/>ow and w<span class="_ _3"/>he<span class="_ _3"/>re we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">conduct o<span class="_ _0"/>ur business.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Lo<span class="_ _3"/>cal co<span class="_ _3"/>rp<span class="_ _3"/>ora<span class="_ _3"/>te ta<span class="_ _3"/>xes p<span class="_ _3"/>ai<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve ma<span class="_ _3"/>de si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts i<span class="_ _3"/>n off<span class="_ _3"/>sho<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd far<span class="_ _3"/>ms i<span class="_ _3"/>n the U<span class="_ _3"/>K<span class="_ _3"/>, Ge<span class="_ _3"/>rm<span class="_ _3"/>any, the N<span class="_ _3"/>ethe<span class="_ _3"/>rl<span class="_ _3"/>and<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e US, a<span class="_ _3"/>nd T<span class="_ _0"/>ai<span class="_ _3"/>wan<span class="_ _3"/>, res<span class="_ _3"/>ulti<span class="_ _3"/>ng i<span class="_ _3"/>n the a<span class="_ _3"/>ccu<span class="_ _3"/>mu<span class="_ _3"/>lati<span class="_ _3"/>on of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lar<span class="_ _3"/>ge tax a<span class="_ _3"/>sse<span class="_ _3"/>ts i<span class="_ _3"/>n rece<span class="_ _3"/>nt ye<span class="_ _3"/>ars<span class="_ _3"/>. H<span class="_ _3"/>isto<span class="_ _3"/>ri<span class="_ _3"/>cal<span class="_ _3"/>l<span class="_ _0"/>y, we have </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not p<span class="_ _3"/>ai<span class="_ _3"/>d sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>can<span class="_ _3"/>t taxe<span class="_ _3"/>s in th<span class="_ _3"/>ese co<span class="_ _3"/>unt<span class="_ _3"/>ri<span class="_ _3"/>es be<span class="_ _3"/>sid<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e UK<span class="_ _3"/>. Th<span class="_ _3"/>is i<span class="_ _3"/>s cha<span class="_ _3"/>ng<span class="_ _3"/>in<span class="_ _3"/>g as o<span class="_ _3"/>ur of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e win<span class="_ _3"/>d far<span class="_ _3"/>ms </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are<span class="_ _0"/> being commissioned<span class="_ _0"/> and gener<span class="_ _0"/>ating po<span class="_ _0"/>sitiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">t<span class="_ _0"/>axable<span class="_ _0"/> inco<span class="_ _0"/>me, r<span class="_ _0"/>esul<span class="_ _0"/>tin<span class="_ _0"/>g c<span class="_ _0"/>urren<span class="_ _0"/>tl<span class="_ _4"/>y in paid<span class="_ _0"/> t<span class="_ _0"/>axes<span class="_ _0"/> in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>re countr<span class="_ _3"/>ies<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are a<span class="_ _3"/>ls<span class="_ _3"/>o cont<span class="_ _3"/>in<span class="_ _3"/>uou<span class="_ _3"/>sly inve<span class="_ _3"/>sti<span class="_ _3"/>ng i<span class="_ _3"/>n th<span class="_ _3"/>e US<span class="_ _3"/>. We do, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">howev<span class="_ _3"/>er, not ex<span class="_ _3"/>pe<span class="_ _3"/>ct to pa<span class="_ _3"/>y mate<span class="_ _3"/>ri<span class="_ _3"/>al co<span class="_ _3"/>rp<span class="_ _3"/>orate ta<span class="_ _3"/>xes </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he US i<span class="_ _3"/>n th<span class="_ _3"/>e ne<span class="_ _3"/>ar fu<span class="_ _3"/>ture d<span class="_ _3"/>ue to th<span class="_ _3"/>e com<span class="_ _3"/>me<span class="_ _3"/>rci<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>ruc<span class="_ _3"/>tur<span class="_ _3"/>es in t<span class="_ _3"/>he US a<span class="_ _3"/>nd t<span class="_ _3"/>he si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt am<span class="_ _3"/>ou<span class="_ _3"/>nt of tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s not re<span class="_ _3"/>cog<span class="_ _3"/>nis<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>ct<span class="_ _3"/>ion w<span class="_ _3"/>ith t<span class="_ _3"/>he ter<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of th<span class="_ _3"/>e Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 pro<span class="_ _3"/>jec<span class="_ _3"/>t<span class="_ _3"/>. The f<span class="_ _3"/>un<span class="_ _3"/>di<span class="_ _3"/>ng i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">US i<span class="_ _3"/>s car<span class="_ _3"/>rie<span class="_ _3"/>d ou<span class="_ _3"/>t ap<span class="_ _3"/>plyin<span class="_ _3"/>g th<span class="_ _3"/>e US tax e<span class="_ _3"/>qu<span class="_ _3"/>ity s<span class="_ _3"/>et<span class="_ _0"/>-u<span class="_ _3"/>p, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>ive<span class="_ _3"/>l<span class="_ _0"/>y me<span class="_ _3"/>an<span class="_ _3"/>s tha<span class="_ _3"/>t tax at<span class="_ _3"/>tri<span class="_ _3"/>bu<span class="_ _3"/>tes ar<span class="_ _3"/>e tran<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fer<span class="_ _3"/>red to th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er a<span class="_ _3"/>s rep<span class="_ _3"/>aym<span class="_ _3"/>ent a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">retu<span class="_ _3"/>rn on i<span class="_ _3"/>nves<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>. Se<span class="_ _3"/>e mo<span class="_ _3"/>re reg<span class="_ _3"/>ard<span class="_ _3"/>in<span class="_ _3"/>g tax e<span class="_ _3"/>qu<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>ps in n<span class="_ _3"/>ote 3.9 ‘T<span class="_ _4"/>a<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">→ <span class="_"> </span>As our busine<span class="_ _0"/>ss matur<span class="_ _0"/>es, w<span class="_ _0"/>e st<span class="_ _0"/>art to incur c<span class="_ _0"/>orpor<span class="_ _0"/>ate t<span class="_ _0"/>axes in<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the countries wher<span class="_ _0"/>e we oper<span class="_ _0"/>at<span class="_ _0"/>e.<span class="_ _0"/> <span class="_ _0"/>T<span class="_ _15c"/>axes in Denmark of DKK 1 billion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">regar<span class="_ _0"/>ding the curr<span class="_ _0"/>ent year w<span class="_ _0"/>as paid on 1 February 2024.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm l<span class="_ _3"/>ife c<span class="_ _3"/>ycle</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ope<span class="_ _3"/>rate i<span class="_ _3"/>n seve<span class="_ _3"/>ral c<span class="_ _3"/>ou<span class="_ _3"/>ntri<span class="_ _3"/>es (se<span class="_ _3"/>e ou<span class="_ _3"/>r glo<span class="_ _3"/>ba<span class="_ _3"/>l foot<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>int i<span class="_ _3"/>n th<span class="_ _3"/>e ‘M<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>'s revi<span class="_ _3"/>ew’<span class="_ _3"/>). T<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>gn of t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>di<span class="_ _3"/>vid<span class="_ _3"/>ua<span class="_ _3"/>l tax re<span class="_ _3"/>gi<span class="_ _3"/>me i<span class="_ _3"/>n ea<span class="_ _3"/>ch j<span class="_ _3"/>ur<span class="_ _3"/>isd<span class="_ _3"/>ic<span class="_ _3"/>tio<span class="_ _3"/>n im<span class="_ _3"/>pa<span class="_ _3"/>ct<span class="_ _3"/>s the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax ove<span class="_ _3"/>r th<span class="_ _3"/>e life c<span class="_ _3"/>ycle of o<span class="_ _3"/>ur i<span class="_ _3"/>nvest<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd th<span class="_ _3"/>er<span class="_ _3"/>eby </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>in<span class="_ _3"/>g of ou<span class="_ _3"/>r tax p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s. A w<span class="_ _3"/>in<span class="_ _3"/>d farm l<span class="_ _3"/>ife cyc<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>gi<span class="_ _3"/>ns wi<span class="_ _3"/>th th<span class="_ _3"/>e deve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt p<span class="_ _3"/>has<span class="_ _3"/>e. T<span class="_ _3"/>his i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opportunit<span class="_ _0"/>y s<span class="_ _0"/>creening,<span class="_ _0"/> if applic<span class="_ _0"/>able,<span class="_ _0"/> bid<span class="_ _0"/> prepar<span class="_ _0"/>ation,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and <span class="_ _3"/>obtain<span class="_ _3"/>ing la<span class="_ _3"/>nd rights, grid<span class="_ _0"/> connection,<span class="_ _0"/> and permits. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e lat<span class="_ _3"/>ter ac<span class="_ _3"/>ti<span class="_ _3"/>vit<span class="_ _3"/>ies a<span class="_ _3"/>re fu<span class="_ _3"/>r<span class="_ _3"/>the<span class="_ _3"/>r ma<span class="_ _3"/>ture<span class="_ _3"/>d if a<span class="_ _3"/>n inve<span class="_ _3"/>st<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt de<span class="_ _3"/>ci<span class="_ _3"/>sio<span class="_ _3"/>n is m<span class="_ _3"/>ad<span class="_ _3"/>e, a<span class="_ _3"/>nd th<span class="_ _3"/>e con<span class="_ _3"/>str<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n ph<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">commences,<span class="_ _0"/> which<span class="_ _0"/> includes<span class="_ _0"/> construct<span class="_ _0"/>ion o<span class="_ _0"/>f the<span class="_ _0"/> wind<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">far<span class="_ _3"/>m. D<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g both p<span class="_ _3"/>ha<span class="_ _3"/>ses<span class="_ _3"/>, pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>, pe<span class="_ _3"/>op<span class="_ _3"/>le, a<span class="_ _3"/>nd pr<span class="_ _3"/>op<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>ty ta<span class="_ _3"/>xes a<span class="_ _3"/>re bo<span class="_ _3"/>rn<span class="_ _3"/>e or co<span class="_ _3"/>lle<span class="_ _3"/>cted (s<span class="_ _3"/>ee o<span class="_ _3"/>ur total ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _0"/>tribution<span class="_ _0"/> section<span class="_ _0"/>).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">When the<span class="_ _0"/> wind<span class="_ _0"/> farm<span class="_ _0"/> is c<span class="_ _0"/>ommissioned and<span class="_ _0"/> put<span class="_ _0"/> int<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operation,<span class="_ _0"/> income<span class="_ _0"/> and posi<span class="_ _0"/>tive<span class="_ _0"/> cash<span class="_ _0"/> flo<span class="_ _0"/>ws ar<span class="_ _0"/>e gener<span class="_ _4"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ate<span class="_ _3"/>d. I<span class="_ _3"/>n ma<span class="_ _3"/>ny case<span class="_ _3"/>s, th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t of tax i<span class="_ _3"/>nce<span class="_ _3"/>nti<span class="_ _3"/>ves re<span class="_ _3"/>sult<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in a d<span class="_ _3"/>efer<span class="_ _3"/>ra<span class="_ _3"/>l of taxa<span class="_ _3"/>ble i<span class="_ _3"/>nco<span class="_ _3"/>me co<span class="_ _3"/>mp<span class="_ _3"/>are<span class="_ _3"/>d to prof<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bef<span class="_ _0"/>ore<span class="_ _0"/> tax<span class="_ _0"/> f<span class="_ _0"/>or acc<span class="_ _0"/>ounting<span class="_ _0"/> purpose<span class="_ _0"/>s. Con<span class="_ _0"/>versel<span class="_ _4"/>y,<span class="_ _0"/> once<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e defe<span class="_ _3"/>rra<span class="_ _3"/>l en<span class="_ _3"/>ds<span class="_ _3"/>, the ta<span class="_ _3"/>xa<span class="_ _3"/>ble i<span class="_ _3"/>nco<span class="_ _3"/>me re<span class="_ _3"/>lated to t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>nd far<span class="_ _3"/>m wi<span class="_ _3"/>ll ex<span class="_ _3"/>cee<span class="_ _3"/>d the a<span class="_ _3"/>cco<span class="_ _3"/>unti<span class="_ _3"/>ng p<span class="_ _3"/>rof<span class="_ _3"/>it. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For t<span class="_ _3"/>hi<span class="_ _3"/>s rea<span class="_ _3"/>son<span class="_ _3"/>, th<span class="_ _3"/>e ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>ble co<span class="_ _3"/>rp<span class="_ _3"/>ora<span class="_ _3"/>te t<span class="_ _0"/>a<span class="_ _3"/>x rate an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cash ta<span class="_ _3"/>x pa<span class="_ _3"/>id w<span class="_ _3"/>ill a<span class="_ _3"/>lways d<span class="_ _3"/>if<span class="_ _3"/>fer, but a<span class="_ _3"/>ccu<span class="_ _3"/>mu<span class="_ _3"/>lated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">over t<span class="_ _3"/>he l<span class="_ _3"/>ifeti<span class="_ _3"/>me of t<span class="_ _3"/>he wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>, th<span class="_ _3"/>ey wil<span class="_ _3"/>l be ve<span class="_ _3"/>ry s<span class="_ _3"/>im<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lar.<span class="_ _3"/>Al<span class="_ _3"/>so, i<span class="_ _3"/>n som<span class="_ _3"/>e of th<span class="_ _3"/>e ju<span class="_ _3"/>ris<span class="_ _3"/>di<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>s whe<span class="_ _3"/>re we o<span class="_ _3"/>pe<span class="_ _3"/>rate, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ere a<span class="_ _3"/>re ma<span class="_ _3"/>nd<span class="_ _3"/>ator<span class="_ _3"/>y or v<span class="_ _3"/>olu<span class="_ _3"/>ntar<span class="_ _3"/>y tax g<span class="_ _3"/>rou<span class="_ _3"/>pi<span class="_ _3"/>ngs<span class="_ _3"/>. T<span class="_ _3"/>his </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>an<span class="_ _3"/>s tha<span class="_ _3"/>t we wi<span class="_ _3"/>ll on<span class="_ _3"/>ly pay tax o<span class="_ _3"/>n th<span class="_ _3"/>e cons<span class="_ _3"/>ol<span class="_ _3"/>id<span class="_ _3"/>ated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>ult of al<span class="_ _3"/>l ou<span class="_ _3"/>r ac<span class="_ _3"/>tiv<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>n tha<span class="_ _3"/>t cou<span class="_ _3"/>ntr<span class="_ _3"/>y. As a res<span class="_ _3"/>ult, co<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>nu<span class="_ _3"/>ed si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts i<span class="_ _3"/>n suc<span class="_ _3"/>h a cou<span class="_ _3"/>ntr<span class="_ _3"/>y may f<span class="_ _3"/>ur<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>er d<span class="_ _3"/>efer t<span class="_ _3"/>he ti<span class="_ _3"/>me w<span class="_ _3"/>hen w<span class="_ _3"/>e pay ta<span class="_ _3"/>xes i<span class="_ _3"/>n tha<span class="_ _3"/>t cou<span class="_ _3"/>ntr<span class="_ _3"/>y.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o<span class="_ _3"/>tal ta<span class="_ _3"/>x co<span class="_ _3"/>ntr<span class="_ _3"/>ib<span class="_ _3"/>ut<span class="_ _3"/>io<span class="_ _3"/>n</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e total tax c<span class="_ _3"/>ontr<span class="_ _3"/>ib<span class="_ _3"/>uti<span class="_ _3"/>on re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nts ou<span class="_ _3"/>r ca<span class="_ _3"/>sh tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay<span class="_ _3"/>me<span class="_ _3"/>nts to g<span class="_ _3"/>over<span class="_ _3"/>nm<span class="_ _3"/>ent rev<span class="_ _3"/>en<span class="_ _3"/>ues<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>id th<span class="_ _3"/>rou<span class="_ _3"/>gh a<span class="_ _3"/>n ag<span class="_ _3"/>en<span class="_ _3"/>t. T<span class="_ _0"/>ax do<span class="_ _3"/>es n<span class="_ _3"/>ot resu<span class="_ _3"/>lt in a re<span class="_ _3"/>turn </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of va<span class="_ _3"/>lue to Ø<span class="_ _3"/>rste<span class="_ _3"/>d for a ri<span class="_ _3"/>ght o<span class="_ _3"/>r as<span class="_ _3"/>set us<span class="_ _3"/>ed i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">business<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>xes b<span class="_ _3"/>or<span class="_ _3"/>ne by us a<span class="_ _3"/>re th<span class="_ _3"/>ose th<span class="_ _3"/>at re<span class="_ _3"/>pre<span class="_ _3"/>se<span class="_ _3"/>nt a di<span class="_ _3"/>rec<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cos<span class="_ _3"/>t an<span class="_ _3"/>d are re<span class="_ _3"/>fle<span class="_ _3"/>cte<span class="_ _3"/>d in th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ial r<span class="_ _3"/>esu<span class="_ _3"/>lt. T<span class="_ _0"/>axe<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rn<span class="_ _3"/>e are ch<span class="_ _3"/>ar<span class="_ _3"/>ged to t<span class="_ _3"/>he pr<span class="_ _3"/>ofi<span class="_ _3"/>t and l<span class="_ _3"/>oss a<span class="_ _3"/>ccou<span class="_ _3"/>nt.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>xes c<span class="_ _3"/>olle<span class="_ _3"/>cte<span class="_ _3"/>d are t<span class="_ _3"/>hos<span class="_ _3"/>e whi<span class="_ _3"/>ch a<span class="_ _3"/>re ge<span class="_ _3"/>ne<span class="_ _3"/>rate<span class="_ _3"/>d by<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, but d<span class="_ _3"/>o not c<span class="_ _3"/>ons<span class="_ _3"/>titu<span class="_ _3"/>te a tax li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for Ø<span class="_ _3"/>rs<span class="_ _3"/>ted. Ø<span class="_ _3"/>rs<span class="_ _3"/>ted g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>tes th<span class="_ _3"/>e com<span class="_ _3"/>me<span class="_ _3"/>rci<span class="_ _3"/>al a<span class="_ _3"/>cti<span class="_ _3"/>v<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity t<span class="_ _3"/>hat g<span class="_ _3"/>iv<span class="_ _3"/>es ri<span class="_ _3"/>se to the ta<span class="_ _3"/>xes a<span class="_ _3"/>nd t<span class="_ _3"/>he<span class="_ _3"/>n col<span class="_ _3"/>lec<span class="_ _3"/>ts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>ste<span class="_ _3"/>rs th<span class="_ _3"/>em o<span class="_ _3"/>n be<span class="_ _3"/>ha<span class="_ _3"/>lf of the ta<span class="_ _3"/>x au<span class="_ _3"/>tho<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cou<span class="_ _3"/>ntri<span class="_ _3"/>es wh<span class="_ _3"/>er<span class="_ _3"/>e we op<span class="_ _3"/>era<span class="_ _3"/>te.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Country-<span class="_ _3"/>b<span class="_ _0"/>y-country repor<span class="_ _3"/>ting</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se tra<span class="_ _3"/>nsp<span class="_ _3"/>ar<span class="_ _3"/>en<span class="_ _3"/>cy, we pres<span class="_ _3"/>ent key f<span class="_ _3"/>ig<span class="_ _3"/>ure<span class="_ _3"/>s on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax j<span class="_ _3"/>ur<span class="_ _3"/>isd<span class="_ _3"/>ic<span class="_ _3"/>tio<span class="_ _3"/>n leve<span class="_ _3"/>ls o<span class="_ _3"/>n the fo<span class="_ _3"/>llowi<span class="_ _3"/>ng p<span class="_ _3"/>ag<span class="_ _3"/>es<span class="_ _3"/>. Ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cou<span class="_ _3"/>ntry-<span class="_ _3"/>by-co<span class="_ _3"/>untr<span class="_ _3"/>y repo<span class="_ _3"/>rti<span class="_ _3"/>ng content w<span class="_ _3"/>ide<span class="_ _3"/>l<span class="_ _0"/>y follows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e GRI 2<span class="_ _3"/>07<span class="_ _0"/>: T<span class="_ _4"/>ax s<span class="_ _3"/>tan<span class="_ _3"/>da<span class="_ _3"/>rd. T<span class="_ _0"/>o en<span class="_ _3"/>sur<span class="_ _3"/>e inte<span class="_ _3"/>rna<span class="_ _3"/>l co<span class="_ _3"/>he<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ence<span class="_ _0"/> throughout<span class="_ _0"/> the<span class="_ _0"/> annual report, c<span class="_ _0"/>orporat<span class="_ _0"/>e<span class="_ _0"/> income<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax i<span class="_ _3"/>s calc<span class="_ _3"/>ula<span class="_ _3"/>ted ba<span class="_ _3"/>sed o<span class="_ _3"/>n IF<span class="_ _3"/>RS a<span class="_ _3"/>cco<span class="_ _3"/>unti<span class="_ _3"/>ng s<span class="_ _3"/>tan<span class="_ _3"/>d<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ard<span class="_ _3"/>s in<span class="_ _3"/>stea<span class="_ _3"/>d of GR<span class="_ _3"/>I me<span class="_ _3"/>tho<span class="_ _3"/>do<span class="_ _3"/>logy. Th<span class="_ _3"/>e tax i<span class="_ _3"/>nce<span class="_ _3"/>nti<span class="_ _3"/>ves </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prov<span class="_ _3"/>id<span class="_ _3"/>ed on g<span class="_ _3"/>re<span class="_ _3"/>en i<span class="_ _3"/>nvest<span class="_ _3"/>me<span class="_ _3"/>nts d<span class="_ _3"/>efer o<span class="_ _3"/>ur ta<span class="_ _3"/>x pay<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts<span class="_ _3"/>, res<span class="_ _3"/>ulti<span class="_ _3"/>ng i<span class="_ _3"/>n a di<span class="_ _3"/>ffe<span class="_ _3"/>ren<span class="_ _3"/>ce be<span class="_ _3"/>twe<span class="_ _3"/>en p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the<span class="_ _0"/> financial<span class="_ _0"/> st<span class="_ _0"/>at<span class="_ _0"/>ements<span class="_ _0"/> and t<span class="_ _0"/>axabl<span class="_ _0"/>e<span class="_ _0"/> income<span class="_ _0"/> during<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e life c<span class="_ _3"/>ycle of a wi<span class="_ _3"/>nd fa<span class="_ _3"/>rm<span class="_ _3"/>. Th<span class="_ _3"/>is i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ica<span class="_ _3"/>ble i<span class="_ _3"/>n mos<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cou<span class="_ _3"/>ntri<span class="_ _3"/>es wh<span class="_ _3"/>er<span class="_ _3"/>e we op<span class="_ _3"/>era<span class="_ _3"/>te.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o<span class="_ _3"/>ta<span class="_ _3"/>l glo<span class="_ _3"/>ba<span class="_ _3"/>l ta<span class="_ _3"/>xes p<span class="_ _3"/>ai<span class="_ _3"/>d in 2<span class="_ _3"/>02<span class="_ _3"/>3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _3"/>fi<span class="_ _3"/>t tax<span class="_ _3"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ese i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>e tax<span class="_ _3"/>es on c<span class="_ _3"/>om<span class="_ _3"/>pany p<span class="_ _3"/>rof<span class="_ _3"/>its </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at ar<span class="_ _3"/>e bo<span class="_ _3"/>rne (s<span class="_ _3"/>uc<span class="_ _3"/>h as co<span class="_ _3"/>rpo<span class="_ _3"/>rate i<span class="_ _3"/>nco<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax o<span class="_ _3"/>r wit<span class="_ _3"/>hh<span class="_ _3"/>old<span class="_ _3"/>in<span class="_ _3"/>g tax<span class="_ _3"/>es ult<span class="_ _3"/>im<span class="_ _3"/>ately </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bo<span class="_ _3"/>rn<span class="_ _3"/>e by the g<span class="_ _3"/>rou<span class="_ _3"/>p on a co<span class="_ _3"/>nso<span class="_ _3"/>li<span class="_ _3"/>da<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">leve<span class="_ _3"/>l) a<span class="_ _3"/>nd co<span class="_ _3"/>lle<span class="_ _3"/>cte<span class="_ _3"/>d (suc<span class="_ _3"/>h as w<span class="_ _3"/>ith<span class="_ _3"/>ho<span class="_ _3"/>ldi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax o<span class="_ _3"/>n pay<span class="_ _3"/>me<span class="_ _3"/>nts to t<span class="_ _3"/>hi<span class="_ _3"/>rd pa<span class="_ _3"/>rt<span class="_ _3"/>ies)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pe<span class="_ _3"/>op<span class="_ _3"/>le ta<span class="_ _3"/>xe<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>xe<span class="_ _3"/>s on e<span class="_ _3"/>mp<span class="_ _3"/>loyme<span class="_ _3"/>nt<span class="_ _3"/>, both b<span class="_ _3"/>or<span class="_ _3"/>ne a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">coll<span class="_ _0"/>ect<span class="_ _0"/>ed (<span class="_ _0"/>inclu<span class="_ _0"/>ding inc<span class="_ _0"/>ome<span class="_ _0"/> tax<span class="_ _0"/> and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">socia<span class="_ _3"/>l security tax<span class="_ _0"/> payme<span class="_ _3"/>nts).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pro<span class="_ _0"/>duct t<span class="_ _0"/>axes</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>di<span class="_ _3"/>re<span class="_ _3"/>ct tax<span class="_ _3"/>es o<span class="_ _3"/>n the p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">con<span class="_ _3"/>su<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>n of goo<span class="_ _3"/>ds a<span class="_ _3"/>nd s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng n<span class="_ _3"/>et VA<span class="_ _4"/>T a<span class="_ _3"/>nd sa<span class="_ _3"/>les ta<span class="_ _3"/>x<span class="_ _3"/>, <span class="_ _49"/>c<span class="_ _3"/>usto<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">duties,<span class="_ _0"/> wind<span class="_ _0"/>fal<span class="_ _0"/>l t<span class="_ _0"/>axes,<span class="_ _0"/> and<span class="_ _0"/> insur<span class="_ _0"/>ance<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>em<span class="_ _3"/>iu<span class="_ _3"/>m tax<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t V<span class="_ _0"/>A<span class="_ _4"/>T i<span class="_ _3"/>n co<span class="_ _3"/>unt<span class="_ _3"/>rie<span class="_ _3"/>s in a n<span class="_ _3"/>et ref<span class="_ _3"/>un<span class="_ _3"/>d pos<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on is e<span class="_ _3"/>xcl<span class="_ _3"/>ud<span class="_ _3"/>ed i<span class="_ _3"/>n the tota<span class="_ _3"/>l tax co<span class="_ _3"/>ntr<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bu<span class="_ _3"/>tio<span class="_ _3"/>n, a<span class="_ _3"/>s it i<span class="_ _3"/>s con<span class="_ _3"/>sid<span class="_ _3"/>e<span class="_ _3"/>red a re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of tax a<span class="_ _3"/>lr<span class="_ _3"/>ea<span class="_ _3"/>dy pa<span class="_ _3"/>id w<span class="_ _3"/>ith<span class="_ _3"/>in th<span class="_ _3"/>e ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d are a<span class="_ _3"/>l<span class="_ _3"/>so pl<span class="_ _3"/>an<span class="_ _3"/>et tax<span class="_ _3"/>es, w<span class="_ _3"/>hi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e in<span class="_ _3"/>sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>can<span class="_ _3"/>t for th<span class="_ _3"/>is su<span class="_ _3"/>mm<span class="_ _3"/>ar<span class="_ _3"/>y.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Property<span class="_ _0"/> taxes</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>a<span class="_ _3"/>xe<span class="_ _3"/>s on th<span class="_ _3"/>e own<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip, sa<span class="_ _3"/>le<span class="_ _3"/>, tra<span class="_ _3"/>nsfe<span class="_ _3"/>r<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or oc<span class="_ _0"/>cupancy o<span class="_ _0"/>f pr<span class="_ _0"/>operty.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:253.4375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0234375px; width: 93.0293px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Country-b<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y-c<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ountry <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 201.781px; top: 0.0078125px; width: 48.9492px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Number of <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 517.078px; top: 0.0078125px; width: 88.3242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om intra-</span><span style="position: absolute; display: inline-block; left: 637.547px; top: 0.0078125px; width: 89.8887px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, plant,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> and </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 75.0059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">k<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ey <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>figures<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, 2023</span><span style="position: absolute; display: inline-block; left: 201.781px; top: 12.0078px; width: 47.7832px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">emplo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 299.344px; top: 12.0078px; width: 68.7949px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal empl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>yee</span><span style="position: absolute; display: inline-block; left: 424.906px; top: 12.0234px; width: 63.0645px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>om <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 500.938px; top: 12.0078px; width: 108.275px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">group tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansactions with </span><span style="position: absolute; display: inline-block; left: 655.922px; top: 12.0078px; width: 71.127px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">equipment, and<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 770.094px; top: 12.0078px; width: 74.373px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e of intra-</span><span style="position: absolute; display: inline-block; left: 866.484px; top: 12.0078px; width: 98.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Corporat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome tax </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 24.4941px; width: 20.3086px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">FTEs</span><span style="position: absolute; display: inline-block; left: 301.234px; top: 24.0078px; width: 62.5078px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> remuner<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation</span><span style="position: absolute; display: inline-block; left: 364.641px; top: 25.0664px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 412.781px; top: 24.0234px; width: 75.5977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">third-part<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y sal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es </span><span style="position: absolute; display: inline-block; left: 509.594px; top: 24.0078px; width: 95.8828px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">other t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax jurisdictions</span><span style="position: absolute; display: inline-block; left: 682.047px; top: 23.9922px; width: 42.1699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ent<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ory</span><span style="position: absolute; display: inline-block; left: 780.281px; top: 23.9922px; width: 64.2305px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compan<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y debt</span><span style="position: absolute; display: inline-block; left: 876px; top: 23.9922px; width: 87.627px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">paid on a cash basis</span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 963.029px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 183.181px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,354<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,094<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>62,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,361<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,898<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>65,249<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>59</span><span style="position: absolute; display: inline-block; left: 0px; top: 53.3379px; width: 963.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 191.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,311<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,106<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,169<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,784<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>48,072<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>56,535<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,466</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 63.9473px; width: 963.111px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pol<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 201.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>321<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>47<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>625<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,297<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.541px; width: 963.129px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Malay<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sia<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 192.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>769<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>221<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>34</span><span style="position: absolute; display: inline-block; left: 0px; top: 85.1504px; width: 962.883px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.15px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">746<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,051<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,027<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>139<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>69,139<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>31,678<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 95.7441px; width: 963.211px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 190.893px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>385<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>308<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,721<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,827<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,371<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>428</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.354px; width: 962.971px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.15px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>193<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>139<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,042<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>36<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>28,755<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23,218<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>134</span><span style="position: absolute; display: inline-block; left: 0px; top: 116.947px; width: 963.018px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The Netherl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 158.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">114<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>86<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,035<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,335<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,616<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>331</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.557px; width: 962.818px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Irel<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 201.475px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>105<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>93<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>659<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,219<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.15px; width: 963.029px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>209<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>190</span><span style="position: absolute; display: inline-block; left: 0px; top: 148.76px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Singapore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 192.838px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>81<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.354px; width: 963.053px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orea<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 210.779px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>31<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>154<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 169.963px; width: 962.924px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Japan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 211.371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>21<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>77<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 180.557px; width: 962.977px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sw<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eden<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 202.781px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>413<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 191.166px; width: 962.748px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Spain<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 218.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>14<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>94<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.76px; width: 963.088px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Vietnam<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 208.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 212.369px; width: 962.906px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Belgium<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>10<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 222.963px; width: 962.971px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Norway<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 210.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 233.572px; width: 962.771px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Austr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alia<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.473px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 243.695px; width: 962.918px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 201.475px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">8,905<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,571<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>79,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>27,514<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>190,308<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>200,038<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,717</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:253.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0390625px; width: 110.449px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Current t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax expl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anation <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 294.016px; top: 0.0390625px; width: 74.9766px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Calcul<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed loc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al </span><span style="position: absolute; display: inline-block; left: 397.797px; top: 0.0234375px; width: 91.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-tax<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 748.344px; top: 0.0078125px; width: 96.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Current t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax on h<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ybrid </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0391px; width: 98.6719px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">on country l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> 2023</span><span style="position: absolute; display: inline-block; left: 198.938px; top: 12.0391px; width: 51.4395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Profit (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oss) <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 266.781px; top: 12.0234px; width: 102.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">corpor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ate t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit </span><span style="position: absolute; display: inline-block; left: 400.109px; top: 12.0234px; width: 88.9863px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">and non-deductible </span><span style="position: absolute; display: inline-block; left: 544.703px; top: 12.0234px; width: 62.0391px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 767.453px; top: 12.0078px; width: 78.7852px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>al and other </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.5254px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 203.141px; top: 24.0391px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 297.734px; top: 24.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 444.859px; top: 24.0234px; width: 40.9688px; white-space: pre; word-spacing: 0.324px; letter-spacing: -0.234px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">cos<span style="word-spacing: 0.324px; letter-spacing: -0.234px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0.324px; letter-spacing: -0.234px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, net</span><span style="position: absolute; display: inline-block; left: 561.172px; top: 24.0234px; width: 163.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">tax ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Deferr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 787.453px; top: 24.0078px; width: 174.604px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">adjustments<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Current tax</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 962.807px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 183.181px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,785<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,648)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>253<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(115)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233</span><span style="position: absolute; display: inline-block; left: 0px; top: 53.8848px; width: 963.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 185.35px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,758<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,521)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,058<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 97.2248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(123)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(587)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,173)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 64.4941px; width: 963.158px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pol<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.473px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>97<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(28)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(28)</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.0879px; width: 963.328px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Malay<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sia<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 192.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>177<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(42)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(42)</span><span style="position: absolute; display: inline-block; left: 0px; top: 85.6973px; width: 963.006px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 182.033px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(37,530)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,382<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>73<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,947)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,508)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.291px; width: 963.094px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 183.181px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,165<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(349)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(93)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(333)</span><span style="position: absolute; display: inline-block; left: 0px; top: 106.9px; width: 963.012px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 195.627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(997)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>276<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(594)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(299)</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.494px; width: 963.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The Netherl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 158.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">395<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(99)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(48)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(147)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.104px; width: 963.328px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Irel<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 196.804px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(495)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(26)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>86<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 97.2248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(101)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(41)</span><span style="position: absolute; display: inline-block; left: 0px; top: 138.697px; width: 963.293px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Fr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(20)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(14)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(34)</span><span style="position: absolute; display: inline-block; left: 0px; top: 149.307px; width: 963.293px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Singapore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 192.838px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(5)</span><span style="position: absolute; display: inline-block; left: 0px; top: 159.916px; width: 962.801px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">K<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orea<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(191)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(20)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2)</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.51px; width: 963.17px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Japan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.473px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(5)</span><span style="position: absolute; display: inline-block; left: 0px; top: 181.119px; width: 963.152px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sw<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eden<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 192.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(112)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(17)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 191.713px; width: 963.117px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Spain<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 208.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(73)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(16)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.322px; width: 962.777px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Vietnam<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 212.916px; width: 962.83px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Belgium<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 196.804px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(3)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 223.525px; width: 962.877px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Norway<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(12)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 234.119px; width: 962.777px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Austr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alia<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.242px; width: 963.123px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 190.301px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(19,026)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>5,011<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,519<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(8,084)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,207)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(115)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,876)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Country-b<span class="_ _0"/>y-c<span class="_ _0"/>ountry k<span class="_ _0"/>e<span class="_ _0"/>y figures<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws the r<span class="_ _0"/>eporting of financial, ec<span class="_ _0"/>onomic, and t<span class="_ _0"/>ax-r<span class="_ _0"/>elat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inf<span class="_ _0"/>ormation f<span class="_ _0"/>or each jurisdiction wher<span class="_ _0"/>e w<span class="_ _0"/>e operat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>This inf<span class="_ _0"/>ormation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">can be c<span class="_ _0"/>ompared with our t<span class="_ _0"/>ot<span class="_ _0"/>al t<span class="_ _0"/>ax contribution.<span class="_ _0"/> Our tax c<span class="_ _0"/>ontributions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>flect that s<span class="_ _0"/>ome of our de<span class="_ _0"/>vel<span class="_ _0"/>opment and construction activities hav<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">been based in Denmark, and that our oper<span class="_ _0"/>ations in the coming y<span class="_ _0"/>ears </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are beginning t<span class="_ _0"/>o r<span class="_ _0"/>amp up in mark<span class="_ _0"/>ets that hav<span class="_ _0"/>e been dev<span class="_ _0"/>el<span class="_ _0"/>oped. A<span class="_ _0"/>lso<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our pre<span class="_ _0"/>sence and the c<span class="_ _0"/>orresponding t<span class="_ _0"/>ax position is aff<span class="_ _4"/>ected by hedging,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">which is primaril<span class="_ _0"/>y handled c<span class="_ _0"/>entral<span class="_ _0"/>l<span class="_ _0"/>y in Denmark.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Withholding t<span class="_ _0"/>axes ar<span class="_ _0"/>e r<span class="_ _0"/>eport<span class="_ _0"/>ed under the country wher<span class="_ _0"/>e the payment </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is made.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The windf<span class="_ _0"/>all t<span class="_ _0"/>axes that c<span class="_ _0"/>ame into e<span class="_ _0"/>ff<span class="_ _0"/>ect in December 2022 hav<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>sul<span class="_ _0"/>ted in additional t<span class="_ _0"/>ax payments o<span class="_ _0"/>f DKK 3.3 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Current t<span class="_ _0"/>ax expl<span class="_ _0"/>anation on c<span class="_ _0"/>ountry le<span class="_ _0"/>vel</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our pr<span class="_ _0"/>ofit (l<span class="_ _0"/>oss) bef<span class="_ _0"/>or<span class="_ _0"/>e t<span class="_ _0"/>ax in tax juris<span class="_ _0"/>dictions and the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">journey t<span class="_ _0"/>o curr<span class="_ _0"/>ent t<span class="_ _0"/>ax. Curr<span class="_ _0"/>ent tax f<span class="_ _4"/>or Denmark is impacted by e<span class="_ _0"/>ff<span class="_ _0"/>ects </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from hedge<span class="_ _0"/>s. <span class="_ _0"/>Also<span class="_ _0"/>, the t<span class="_ _0"/>abl<span class="_ _0"/>e show<span class="_ _0"/>s the eff<span class="_ _0"/>ect fr<span class="_ _0"/>om the impairment of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our Ocean <span class="_ _0"/>Wind 1 project in the US<span class="_ _0"/>. <span class="_ _0"/>As we do no<span class="_ _0"/>t fulfil the <span class="_ _6"/>r<span class="_ _0"/>ecognition </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">requir<span class="_ _0"/>ements in IA<span class="_ _0"/>S 12, the def<span class="_ _4"/>erred t<span class="_ _0"/>ax asset ass<span class="_ _0"/>ociated with the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">impairment is not r<span class="_ _0"/>ecognis<span class="_ _0"/>ed. If our t<span class="_ _0"/>ax postion changes in the US, w<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">may rec<span class="_ _0"/>ognise the t<span class="_ _0"/>ax asse<span class="_ _0"/>t in futur<span class="_ _0"/>e years<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">See more in the s<span class="_ _0"/>ection ‘<span class="_ _15c"/>Acc<span class="_ _0"/>ounting policies’ in not<span class="_ _0"/>e 4.3 ‘Def<span class="_ _4"/>erred t<span class="_ _0"/>ax’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/> <span class="_ _1"/>Including empl<span class="_ _0"/>oy<span class="_ _0"/>ee cost<span class="_ _0"/>s transf<span class="_ _4"/>erred to ass<span class="_ _0"/>ets<span class="_ _0"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r con<span class="_ _3"/>si<span class="_ _3"/>sts o<span class="_ _3"/>f cur<span class="_ _3"/>ren<span class="_ _3"/>t tax<span class="_ _3"/>, ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax<span class="_ _3"/>, a<span class="_ _3"/>nd a<span class="_ _3"/>dju<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n res<span class="_ _3"/>pe<span class="_ _3"/>ct o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>evi<span class="_ _3"/>ous y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. T<span class="_ _0"/>ax on p<span class="_ _3"/>rof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e yea<span class="_ _3"/>r is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>ent<span class="_ _3"/>. T<span class="_ _0"/>ax re<span class="_ _3"/>la<span class="_ _3"/>t<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g to oth<span class="_ _3"/>er i<span class="_ _3"/>tem<span class="_ _3"/>s is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in ot<span class="_ _3"/>he<span class="_ _3"/>r com<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prehensive<span class="_ _0"/> income.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g ei<span class="_ _3"/>the<span class="_ _3"/>r of th<span class="_ _3"/>e fol<span class="_ _3"/>lowi<span class="_ _3"/>ng t<span class="_ _3"/>wo me<span class="_ _3"/>th<span class="_ _3"/>ods<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g on w<span class="_ _3"/>hi<span class="_ _3"/>ch me<span class="_ _3"/>th<span class="_ _3"/>od we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to bet-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter p<span class="_ _3"/>re<span class="_ _3"/>di<span class="_ _3"/>ct th<span class="_ _3"/>e res<span class="_ _3"/>olu<span class="_ _3"/>ti<span class="_ _3"/>on of t<span class="_ _3"/>he u<span class="_ _3"/>nce<span class="_ _3"/>rta<span class="_ _3"/>in<span class="_ _3"/>ty:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>Th<span class="_ _3"/>e mo<span class="_ _3"/>st-l<span class="_ _3"/>ike<span class="_ _3"/>ly-o<span class="_ _3"/>utco<span class="_ _3"/>me m<span class="_ _3"/>eth<span class="_ _3"/>od i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _3"/>ase<span class="_ _3"/>s wh<span class="_ _3"/>ere t<span class="_ _3"/>he<span class="_ _3"/>re ar<span class="_ _3"/>e on<span class="_ _3"/>ly two po<span class="_ _3"/>ssi<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>Th<span class="_ _3"/>e we<span class="_ _3"/>ig<span class="_ _3"/>hted<span class="_ _3"/>-a<span class="_ _3"/>ve<span class="_ _3"/>rag<span class="_ _3"/>e me<span class="_ _3"/>tho<span class="_ _3"/>d is u<span class="_ _3"/>sed i<span class="_ _3"/>n </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>ses w<span class="_ _3"/>he<span class="_ _3"/>re th<span class="_ _3"/>ere a<span class="_ _3"/>re m<span class="_ _3"/>ore t<span class="_ _3"/>ha<span class="_ _3"/>n two p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>tcom<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>in ta<span class="_ _3"/>x po<span class="_ _3"/>sit<span class="_ _3"/>io<span class="_ _3"/>ns a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>de<span class="_ _3"/>r ‘I<span class="_ _3"/>nc<span class="_ _3"/>om<span class="_ _3"/>e tax<span class="_ _3"/>’ or ‘<span class="_ _3"/>Defe<span class="_ _3"/>rr<span class="_ _3"/>ed ta<span class="_ _3"/>x’, de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on h<span class="_ _3"/>ow th<span class="_ _3"/>e rea<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e tax p<span class="_ _3"/>osi<span class="_ _3"/>tio<span class="_ _3"/>n wi<span class="_ _3"/>ll </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">af<span class="_ _3"/>fec<span class="_ _3"/>t th<span class="_ _3"/>e fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l state<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We<span class="_ _0"/> have<span class="_ _0"/> adopt<span class="_ _0"/>ed the<span class="_ _0"/> narro<span class="_ _0"/>w-sc<span class="_ _0"/>ope amend<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s to IA<span class="_ _3"/>S 12, ‘<span class="_ _3"/>In<span class="_ _3"/>com<span class="_ _3"/>e tax<span class="_ _3"/>es’, wh<span class="_ _3"/>ich p<span class="_ _3"/>rovi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tem<span class="_ _3"/>po<span class="_ _3"/>ra<span class="_ _3"/>ry re<span class="_ _3"/>li<span class="_ _3"/>ef f<span class="_ _3"/>rom a<span class="_ _3"/>cco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g for de<span class="_ _3"/>fer<span class="_ _3"/>red </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax<span class="_ _3"/>es a<span class="_ _3"/>ris<span class="_ _3"/>in<span class="_ _3"/>g fro<span class="_ _3"/>m th<span class="_ _3"/>e im<span class="_ _3"/>ple<span class="_ _3"/>me<span class="_ _3"/>nta<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Pi<span class="_ _3"/>lla<span class="_ _3"/>r 2 mo<span class="_ _3"/>de<span class="_ _3"/>l ru<span class="_ _3"/>les<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Deferred tax</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 4.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.517578125px;"><span style="position: absolute; display: inline-block; left: 557.625px; top: 0.0078125px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 626.953px; top: 0.0078125px; width: 74.6016px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other activities/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 504.135px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed tax f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or 2023 primaril<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>onsist of<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 167.812px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshore<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 567.656px; top: 12.0078px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 645px; top: 12.0078px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 28.834px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7754px; width: 161.654px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ognition of t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax loss c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arryf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.8066px; width: 92.7012px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial instruments</span><span style="position: absolute; display: inline-block; left: 0px; top: 76.5703px; width: 42.4922px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0879px; width: 90.4746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity structur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 105.119px; width: 292.834px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>cel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ated t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax depr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eciation compar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o accounting depr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eciation</span><span style="position: absolute; display: inline-block; left: 0px; top: 119.15px; width: 49.7637px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ac<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quistions</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:157.392578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 80.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax 2023</span><span style="position: absolute; display: inline-block; left: 557.625px; top: 0.0078125px; width: 45.3457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy</span><span style="position: absolute; display: inline-block; left: 626.953px; top: 0.0078125px; width: 74.6016px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Other activities/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 741px; top: 0.0078125px; width: 57.334px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 503.877px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 338.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Onshore</span></span><span style="position: absolute; display: inline-block; left: 567.656px; top: 12.0078px; width: 34.9336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">&amp; Other</span><span style="position: absolute; display: inline-block; left: 645px; top: 12.0078px; width: 56.584px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">eliminations </span><span style="position: absolute; display: inline-block; left: 725.484px; top: 12.0078px; width: 71.4375px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at 31 December</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 803.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax, asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,038<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>64<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,951)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,192</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 803.549px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax, liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,748<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,760<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>148<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,217)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,439</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 803.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Unrec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ognised t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 276.34px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,691<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>109<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>40<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,873</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.2734px; width: 80.8418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.76px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 120.01px; width: 803.748px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax, asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 290.068px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,554<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,457<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,353)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,719</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 134.025px; width: 803.514px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax, liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,471<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,915<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,496<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,414</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 148.025px; width: 803.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Unrec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ognised t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>83<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>100<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,078</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws the r<span class="_ _0"/>econciliation of de<span class="_ _0"/>f<span class="_ _0"/>err<span class="_ _0"/>ed tax t<span class="_ _0"/>o the bal<span class="_ _0"/>ance sheet b<span class="_ _0"/>y segment.<span class="_ _0"/> <span class="_ _0"/>The unrec<span class="_ _0"/>ognised t<span class="_ _0"/>ax asse<span class="_ _0"/>t is primaril<span class="_ _0"/>y due to ring-<span class="_ _0"/>f<span class="_ _0"/>enced t<span class="_ _0"/>ax l<span class="_ _0"/>osses and o<span class="_ _0"/>ther losse<span class="_ _0"/>s not meeting </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the criteria f<span class="_ _4"/>or recognition under IA<span class="_ _0"/>S 12. <span class="_ _0"/>These primaril<span class="_ _0"/>y r<span class="_ _0"/>el<span class="_ _0"/>ate t<span class="_ _0"/>o l<span class="_ _0"/>osses in c<span class="_ _0"/>onnection with the termination o<span class="_ _0"/>f the Ocean <span class="_ _0"/>Wind 1 project.<span class="_ _0"/> <span class="_ _0"/>There is no e<span class="_ _0"/>xpiry of our unr<span class="_ _0"/>ecognised t<span class="_ _0"/>ax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">asset<span class="_ _0"/>s. No pr<span class="_ _0"/>o<span class="_ _0"/>vision f<span class="_ _0"/>or withholding t<span class="_ _0"/>ax on dividends has been included as the amount<span class="_ _0"/>s where a c<span class="_ _0"/>oncre<span class="_ _0"/>t<span class="_ _0"/>e dividend distribution is planned ar<span class="_ _0"/>e consider<span class="_ _0"/>ed immat<span class="_ _0"/>erial in 2023. ‘<span class="_ _0"/>Other </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activities/<span class="_ _0"/>eliminations’ primaril<span class="_ _0"/>y consis<span class="_ _0"/>t of eliminations bet<span class="_ _0"/>ween s<span class="_ _0"/>egments.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Significant<span class="_ _0"/> mov<span class="_ _0"/>ements in<span class="_ _0"/> def<span class="_ _0"/>erred<span class="_ _0"/> <span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ta<span class="_ _3"/>x as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>i<span class="_ _3"/>lit<span class="_ _3"/>ie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Asset<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">↑ <span class="_ _25"> </span> <span class="_ _6"/>T<span class="_ _0"/>ax los<span class="_ _3"/>s car<span class="_ _3"/>r<span class="_ _3"/>yfo<span class="_ _3"/>rw<span class="_ _3"/>ard<span class="_ _3"/>s du<span class="_ _3"/>e to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the<span class="_ _0"/> accel<span class="_ _0"/>erat<span class="_ _0"/>ed<span class="_ _0"/> depreciat<span class="_ _0"/>ion f<span class="_ _0"/>or<span class="_ _0"/> <span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax<span class="_ _0"/> purpo<span class="_ _0"/>ses.<span class="_ _0"/><span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>etw<span class="_ _3"/>ee<span class="_ _3"/>n tax a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng tre<span class="_ _3"/>at<span class="_ _3"/>me<span class="_ _3"/>nt of fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> instruments.<span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">↓ <span class="_ _25"> </span> <span class="_ _6"/> <span class="_ _6"/>Ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s to prev<span class="_ _3"/>io<span class="_ _3"/>us ye<span class="_ _3"/>ar<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax<span class="_ _0"/> r<span class="_ _0"/>et<span class="_ _0"/>urns in<span class="_ _0"/> Denmark.<span class="_ _0"/><span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>Uti<span class="_ _3"/>li<span class="_ _3"/>sa<span class="_ _3"/>tio<span class="_ _3"/>n of tax lo<span class="_ _3"/>ss ca<span class="_ _3"/>rr<span class="_ _3"/>yfo<span class="_ _3"/>r<span class="_ _3"/>war<span class="_ _3"/>ds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in D<span class="_ _3"/>en<span class="_ _3"/>ma<span class="_ _3"/>rk a<span class="_ _3"/>nd th<span class="_ _3"/>e UK a<span class="_ _3"/>nd s<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>de<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of co<span class="_ _3"/>nso<span class="_ _3"/>rt<span class="_ _3"/>iu<span class="_ _3"/>m rel<span class="_ _3"/>ie<span class="_ _3"/>f in th<span class="_ _3"/>e UK<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>ferr<span class="_ _3"/>ed tax t<span class="_ _3"/>ran<span class="_ _3"/>sfe<span class="_ _3"/>rre<span class="_ _3"/>d to cur<span class="_ _3"/>ren<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax i<span class="_ _3"/>n De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k be<span class="_ _3"/>cau<span class="_ _3"/>se of th<span class="_ _3"/>e ne<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ga<span class="_ _3"/>in<span class="_ _3"/>s on h<span class="_ _3"/>ed<span class="_ _3"/>ges<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>-<span class="_ _3"/>reco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on of ta<span class="_ _3"/>x los<span class="_ _3"/>s car<span class="_ _3"/>ry<span class="_ _3"/>- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>w<span class="_ _3"/>ard<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liabi<span class="_ _3"/>lities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">↑ <span class="_ _25"> </span> <span class="_ _6"/>Re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n of tax l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s in co<span class="_ _3"/>n-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">nection<span class="_ _0"/> wit<span class="_ _0"/>h t<span class="_ _0"/>ax<span class="_ _0"/> equity<span class="_ _0"/> partnership<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lated to O<span class="_ _3"/>ld 30<span class="_ _2"/>0, S<span class="_ _3"/>pa<span class="_ _3"/>rta S<span class="_ _3"/>ola<span class="_ _3"/>r<span class="_ _0"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Su<span class="_ _3"/>nf<span class="_ _3"/>lower a<span class="_ _3"/>nd t<span class="_ _3"/>he te<span class="_ _3"/>rmi<span class="_ _3"/>na<span class="_ _3"/>tio<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d 1 in o<span class="_ _3"/>ur U<span class="_ _3"/>S po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">↓ <span class="_ _25"> </span> <span class="_ _6"/>Ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent r<span class="_ _3"/>ela<span class="_ _3"/>ted to Ha<span class="_ _3"/>ysta<span class="_ _3"/>ck a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Mu<span class="_ _3"/>scl<span class="_ _3"/>e Sho<span class="_ _3"/>al<span class="_ _3"/>s d<span class="_ _3"/>ue to im<span class="_ _3"/>pa<span class="_ _3"/>i<span class="_ _3"/>rme<span class="_ _3"/>nt<span class="_ _3"/>s for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">accou<span class="_ _3"/>ntin<span class="_ _3"/>g purp<span class="_ _3"/>oses.<span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>tm<span class="_ _3"/>ent of Lo<span class="_ _3"/>nd<span class="_ _3"/>on A<span class="_ _3"/>rra<span class="_ _3"/>y an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Go<span class="_ _3"/>de W<span class="_ _3"/>in<span class="_ _3"/>d 3.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:166.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 244.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">De<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>opment in def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s and liabilities,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> 2023</span><span style="position: absolute; display: inline-block; left: 308.938px; top: 0.0078125px; width: 99.1992px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ances <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 587.047px; top: 0.0078125px; width: 99.1992px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ances <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 332.922px; top: 12.0078px; width: 210.609px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vements</span></span><span style="position: absolute; display: inline-block; left: 593.688px; top: 12.0078px; width: 370.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sets<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liabilities</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 964.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 316.898px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(38)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(150)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 118.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(188)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 122.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>206</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 964.289px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, plant, and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 241.306px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,134)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 112.183px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,649)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,709<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,358</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 964.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other non-current ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(318)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 118.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(302)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">307</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 963.803px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.477px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 126.808px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 129.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 963.785px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 253.219px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,101<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 119.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>105<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,206<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 964.137px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other non-current liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 269.238px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">415<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 121.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(34)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 122.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>381<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 122.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>625<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 122.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>244</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 964.236px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 307.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,373<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,742)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 118.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(369)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">372</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.76px; width: 963.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax loss carryf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwards<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,572<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,897)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,675<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,675<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.775px; width: 964.219px; white-space: pre; word-spacing: 0.072px; letter-spacing: -0.072px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offset<span style="word-spacing: 0.072px; letter-spacing: -0.072px; display: inline-block; margin-left: 0px; width: 767.513px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,056)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,056)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 156.289px; width: 964.23px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 359.086px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.861px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,552)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,753<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,192<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 114.773px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,439</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:166.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 244.84px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">De<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>opment in def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s and liabilities,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 964.008px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Intangibl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 314.596px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> (40) <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 123.961px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(38)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">39</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 964.23px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, plant, and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 241.306px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(8,198) <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,064<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,134)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,001<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,135</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 963.891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other non-current ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 286.775px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(8) <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 123.961px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.613px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.613px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.613px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 963.902px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 327.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(50) <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 123.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>50<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 134.52px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 964.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Decommissioning obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 250.863px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,350 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">751<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,101<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,101<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 964.125px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other non-current liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 259.57px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 4,666<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,251)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 122.877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>415<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 120.428px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 499<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">84</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 964.143px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Current liabilitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 305.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 3,937<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(564)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,373<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,373<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 964.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax loss carryf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwards<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 281.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 6,008 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.158px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">564<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,572<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,572<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.775px; width: 964.219px; white-space: pre; word-spacing: 0.072px; letter-spacing: -0.072px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Offset<span style="word-spacing: 0.072px; letter-spacing: -0.072px; display: inline-block; margin-left: 0px; width: 767.513px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,859)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,859)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 156.289px; width: 964.066px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 359.086px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,665<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.861px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,360)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.201px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 109.277px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>13,719<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 114.773px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,414</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For t<span class="_ _0"/>ax purpose<span class="_ _0"/>s, depr<span class="_ _0"/>eciation of fix<span class="_ _0"/>ed assets is t<span class="_ _0"/>ypic<span class="_ _0"/>all<span class="_ _0"/>y acc<span class="_ _0"/>eler<span class="_ _0"/>at<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">compar<span class="_ _0"/>ed with acc<span class="_ _0"/>ounting purposes<span class="_ _0"/>. <span class="_ _0"/>As the accel<span class="_ _0"/>er<span class="_ _0"/>at<span class="_ _0"/>ed depreciation </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is lar<span class="_ _0"/>ger than our t<span class="_ _0"/>axabl<span class="_ _0"/>e pro<span class="_ _0"/>fits when we mak<span class="_ _0"/>e l<span class="_ _0"/>ar<span class="_ _0"/>ge inv<span class="_ _0"/>estments<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">our tax l<span class="_ _0"/>oss c<span class="_ _0"/>arryf<span class="_ _0"/>orwar<span class="_ _0"/>ds incr<span class="_ _0"/>ease when mor<span class="_ _0"/>e wind f<span class="_ _0"/>arms ent<span class="_ _0"/>er into<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">operation.<span class="_ _0"/> <span class="_ _0"/>The tax l<span class="_ _0"/>oss carryf<span class="_ _4"/>orwards ar<span class="_ _0"/>e either off<span class="_ _0"/>se<span class="_ _0"/>t against def<span class="_ _0"/>err<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tax liabilitie<span class="_ _0"/>s on the same wind f<span class="_ _0"/>arm or jurisdiction or o<span class="_ _0"/>ffs<span class="_ _0"/>et against </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed futur<span class="_ _0"/>e pr<span class="_ _0"/>ofits fr<span class="_ _0"/>om the very s<span class="_ _0"/>ame wind f<span class="_ _0"/>arm or jurisdiction.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Our decommissioning liabilit<span class="_ _0"/>y increas<span class="_ _0"/>es as we e<span class="_ _0"/>xpand operations<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In most t<span class="_ _0"/>ax jurisdictions,<span class="_ _0"/> the cost is no<span class="_ _0"/>t tax<span class="_ _0"/>-deductible be<span class="_ _0"/>f<span class="_ _0"/>or<span class="_ _0"/>e it incurs.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in re<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>t of al<span class="_ _3"/>l tem<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ra<span class="_ _3"/>ry d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>sin<span class="_ _3"/>g be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he ta<span class="_ _3"/>x ba<span class="_ _3"/>ses of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd th<span class="_ _3"/>ei<span class="_ _3"/>r ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mou<span class="_ _3"/>nt<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is n<span class="_ _3"/>ot rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n res<span class="_ _3"/>pe<span class="_ _3"/>ct o<span class="_ _3"/>f tem<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ra<span class="_ _3"/>ry d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n of j<span class="_ _3"/>oin<span class="_ _3"/>t op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lice<span class="_ _3"/>nce interest<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>oth<span class="_ _3"/>er i<span class="_ _3"/>tem<span class="_ _3"/>s wh<span class="_ _3"/>ere d<span class="_ _3"/>if<span class="_ _3"/>fe<span class="_ _3"/>ren<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>se at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, af<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ng n<span class="_ _3"/>eit<span class="_ _3"/>he<span class="_ _3"/>r th<span class="_ _3"/>e prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e yea<span class="_ _3"/>r no<span class="_ _3"/>r th<span class="_ _3"/>e taxa<span class="_ _3"/>bl<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e. H<span class="_ _3"/>oweve<span class="_ _3"/>r, thi<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>es n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>si<span class="_ _3"/>ng i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>ct<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th co<span class="_ _3"/>mp<span class="_ _3"/>any a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s. E<span class="_ _3"/>xce<span class="_ _3"/>pt fo<span class="_ _3"/>r rig<span class="_ _3"/>ht-of-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>e ass<span class="_ _3"/>ets<span class="_ _3"/>, le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es, d<span class="_ _3"/>ec<span class="_ _3"/>om<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>in<span class="_ _3"/>g, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>tor<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d si<span class="_ _3"/>mi<span class="_ _3"/>lar l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>or<span class="_ _3"/>res<span class="_ _3"/>pon<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>un<span class="_ _3"/>ts a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>s pa<span class="_ _3"/>rt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>ts o<span class="_ _3"/>f the r<span class="_ _3"/>ela<span class="_ _3"/>ted a<span class="_ _3"/>sset<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce<span class="_ _3"/>s ar<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>tio<span class="_ _3"/>n wi<span class="_ _3"/>th co<span class="_ _3"/>mp<span class="_ _3"/>any </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acqu<span class="_ _3"/>isiti<span class="_ _3"/>ons are recog<span class="_ _3"/>nise<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>di<span class="_ _3"/>ng o<span class="_ _3"/>n how we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>an to us<span class="_ _3"/>e th<span class="_ _3"/>e ass<span class="_ _3"/>ets a<span class="_ _3"/>nd s<span class="_ _3"/>ett<span class="_ _3"/>le th<span class="_ _3"/>e lia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We of<span class="_ _3"/>fse<span class="_ _3"/>t tax a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s can b<span class="_ _3"/>e of<span class="_ _3"/>fse<span class="_ _3"/>t ag<span class="_ _3"/>ai<span class="_ _3"/>nst ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies i<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar i<span class="_ _3"/>n whi<span class="_ _3"/>ch t<span class="_ _3"/>he d<span class="_ _3"/>efer<span class="_ _3"/>re<span class="_ _3"/>d tax as<span class="_ _3"/>set<span class="_ _3"/>s ar<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be u<span class="_ _3"/>se<span class="_ _3"/>d. I<span class="_ _3"/>ntra<span class="_ _3"/>-<span class="_ _3"/>gro<span class="_ _3"/>up g<span class="_ _3"/>ai<span class="_ _3"/>ns a<span class="_ _3"/>nd lo<span class="_ _3"/>sse<span class="_ _3"/>s are e<span class="_ _3"/>li<span class="_ _3"/>m<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>ted w<span class="_ _3"/>he<span class="_ _3"/>n calc<span class="_ _3"/>ula<span class="_ _3"/>ti<span class="_ _3"/>ng d<span class="_ _3"/>efer<span class="_ _3"/>re<span class="_ _3"/>d tax<span class="_ _3"/>. In c<span class="_ _3"/>ou<span class="_ _3"/>ntr<span class="_ _3"/>ies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere ta<span class="_ _3"/>xe<span class="_ _3"/>s can b<span class="_ _3"/>e of<span class="_ _3"/>fse<span class="_ _3"/>t bet<span class="_ _3"/>we<span class="_ _3"/>en co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">du<span class="_ _3"/>e to jo<span class="_ _3"/>int ta<span class="_ _3"/>xa<span class="_ _3"/>tio<span class="_ _3"/>n sc<span class="_ _3"/>he<span class="_ _3"/>mes<span class="_ _3"/>, we h<span class="_ _3"/>ave n<span class="_ _3"/>ette<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>thi<span class="_ _3"/>n a tax j<span class="_ _3"/>ur<span class="_ _3"/>is<span class="_ _3"/>di<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>. Wh<span class="_ _3"/>er<span class="_ _3"/>e no su<span class="_ _3"/>ch p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>il<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is fe<span class="_ _3"/>as<span class="_ _3"/>ib<span class="_ _3"/>le, t<span class="_ _3"/>he d<span class="_ _3"/>efer<span class="_ _3"/>red ta<span class="_ _3"/>x is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n th<span class="_ _3"/>e gro<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>ou<span class="_ _3"/>nt on a c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ny-by<span class="_ _3"/>-c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ny leve<span class="_ _3"/>l.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax lo<span class="_ _3"/>sse<span class="_ _3"/>s car<span class="_ _3"/>ri<span class="_ _3"/>ed fo<span class="_ _3"/>rw<span class="_ _3"/>ard i<span class="_ _3"/>n ju<span class="_ _3"/>ri<span class="_ _3"/>sd<span class="_ _3"/>ic<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>he<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we h<span class="_ _3"/>ave a h<span class="_ _3"/>is<span class="_ _3"/>tor<span class="_ _3"/>y of los<span class="_ _3"/>ses a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d ba<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on ot<span class="_ _3"/>he<span class="_ _3"/>r con<span class="_ _3"/>vin<span class="_ _3"/>ci<span class="_ _3"/>ng ev<span class="_ _3"/>id<span class="_ _3"/>en<span class="_ _3"/>ce of f<span class="_ _3"/>utu<span class="_ _3"/>re pro<span class="_ _3"/>fi<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e oth<span class="_ _3"/>er c<span class="_ _3"/>onv<span class="_ _3"/>inc<span class="_ _3"/>in<span class="_ _3"/>g evi<span class="_ _3"/>de<span class="_ _3"/>nc<span class="_ _3"/>e is ba<span class="_ _3"/>se<span class="_ _3"/>d on ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-<span class="_ _3"/>term fo<span class="_ _3"/>re<span class="_ _3"/>cas<span class="_ _3"/>t mo<span class="_ _3"/>de<span class="_ _3"/>l ap<span class="_ _3"/>prov<span class="_ _3"/>ed by th<span class="_ _3"/>e Bo<span class="_ _3"/>ar<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> Direct<span class="_ _0"/>ors.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s to un<span class="_ _3"/>re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed ta<span class="_ _3"/>x as<span class="_ _3"/>set<span class="_ _3"/>s ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) or ot<span class="_ _3"/>he<span class="_ _3"/>r com<span class="_ _3"/>pre<span class="_ _3"/>he<span class="_ _3"/>ns<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>co<span class="_ _3"/>me de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>i<span class="_ _3"/>ng on t<span class="_ _3"/>he u<span class="_ _3"/>nd<span class="_ _3"/>er<span class="_ _3"/>lyin<span class="_ _3"/>g sou<span class="_ _3"/>rce of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the<span class="_ _0"/> adjustment.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he ta<span class="_ _3"/>x ru<span class="_ _3"/>les </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d rate<span class="_ _3"/>s ap<span class="_ _3"/>plyi<span class="_ _3"/>ng w<span class="_ _3"/>he<span class="_ _3"/>n the d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax b<span class="_ _3"/>ec<span class="_ _3"/>om<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nt ta<span class="_ _3"/>x. C<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>es in d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax b<span class="_ _3"/>ec<span class="_ _3"/>au<span class="_ _3"/>se of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in ta<span class="_ _3"/>x rate<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rof<span class="_ _3"/>it (<span class="_ _3"/>loss) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x (ne<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es) re<span class="_ _3"/>late<span class="_ _3"/>d to tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>ru<span class="_ _3"/>ctu<span class="_ _3"/>res a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d as a ta<span class="_ _3"/>x exp<span class="_ _3"/>en<span class="_ _3"/>se i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t whe<span class="_ _3"/>n th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent i<span class="_ _3"/>s ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve, a<span class="_ _3"/>nd we s<span class="_ _3"/>tar<span class="_ _3"/>t to or h<span class="_ _3"/>av<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">capit<span class="_ _0"/>alised the<span class="_ _0"/> corr<span class="_ _0"/>esponding ass<span class="_ _0"/>ets. The<span class="_ _0"/> liability </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>s th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt th<span class="_ _3"/>at we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to take </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r on<span class="_ _3"/>ce th<span class="_ _3"/>e cont<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n fro<span class="_ _3"/>m th<span class="_ _3"/>e eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is r<span class="_ _3"/>epa<span class="_ _3"/>id<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity s<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tur<span class="_ _3"/>e fl<span class="_ _3"/>ips<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">US<span class="_ _0"/> tax<span class="_ _0"/> equit<span class="_ _0"/>y p<span class="_ _0"/>artnerships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to seve<span class="_ _3"/>ra<span class="_ _3"/>l tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ip a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n the U<span class="_ _3"/>S<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d val<span class="_ _3"/>ue of t<span class="_ _3"/>he de<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>late<span class="_ _3"/>d to pro<span class="_ _3"/>pe<span class="_ _3"/>rt<span class="_ _3"/>y, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt at t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ip d<span class="_ _3"/>ate i<span class="_ _3"/>n th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n ou<span class="_ _3"/>r acc<span class="_ _3"/>ou<span class="_ _3"/>nts w<span class="_ _3"/>he<span class="_ _3"/>n the ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt i<span class="_ _3"/>s ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e, a<span class="_ _3"/>nd we s<span class="_ _3"/>tar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/> or hav<span class="_ _0"/>e c<span class="_ _0"/>apitalised<span class="_ _0"/> the<span class="_ _0"/> corresponding<span class="_ _0"/> assets.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e de<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity f<span class="_ _3"/>rom e<span class="_ _3"/>xi<span class="_ _3"/>sti<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>ps wi<span class="_ _3"/>ll g<span class="_ _3"/>rad<span class="_ _3"/>ua<span class="_ _3"/>lly b<span class="_ _3"/>e red<span class="_ _3"/>uce<span class="_ _3"/>d ba<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on a<span class="_ _3"/>cco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on a<span class="_ _3"/>fte<span class="_ _3"/>r th<span class="_ _3"/>e fl<span class="_ _3"/>ip d<span class="_ _3"/>ate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e mo<span class="_ _3"/>re re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>shi<span class="_ _3"/>ps i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note <span class="_ _3"/>3.9 ‘T<span class="_ _0"/>ax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es’.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in re<span class="_ _3"/>sp<span class="_ _3"/>ec<span class="_ _3"/>t of al<span class="_ _3"/>l tem<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ra<span class="_ _3"/>ry d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>sin<span class="_ _3"/>g be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he ta<span class="_ _3"/>x ba<span class="_ _3"/>ses of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s an<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd th<span class="_ _3"/>ei<span class="_ _3"/>r ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mou<span class="_ _3"/>nt<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is n<span class="_ _3"/>ot rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n res<span class="_ _3"/>pe<span class="_ _3"/>ct o<span class="_ _3"/>f tem<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ra<span class="_ _3"/>ry d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces re<span class="_ _3"/>la<span class="_ _3"/>tin<span class="_ _3"/>g to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>th<span class="_ _3"/>e acq<span class="_ _3"/>ui<span class="_ _3"/>si<span class="_ _3"/>tio<span class="_ _3"/>n of j<span class="_ _3"/>oin<span class="_ _3"/>t op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>, in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lice<span class="_ _3"/>nce interest<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>oth<span class="_ _3"/>er i<span class="_ _3"/>tem<span class="_ _3"/>s wh<span class="_ _3"/>ere d<span class="_ _3"/>if<span class="_ _3"/>fe<span class="_ _3"/>ren<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>se at t<span class="_ _3"/>he t<span class="_ _3"/>im<span class="_ _3"/>e of </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, af<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ng n<span class="_ _3"/>eit<span class="_ _3"/>he<span class="_ _3"/>r th<span class="_ _3"/>e prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e yea<span class="_ _3"/>r no<span class="_ _3"/>r th<span class="_ _3"/>e taxa<span class="_ _3"/>bl<span class="_ _3"/>e in<span class="_ _3"/>com<span class="_ _3"/>e. H<span class="_ _3"/>oweve<span class="_ _3"/>r, thi<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do<span class="_ _3"/>es n<span class="_ _3"/>ot in<span class="_ _3"/>clu<span class="_ _3"/>de d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>en<span class="_ _3"/>ces a<span class="_ _3"/>ri<span class="_ _3"/>si<span class="_ _3"/>ng i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>ct<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th co<span class="_ _3"/>mp<span class="_ _3"/>any a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>s. E<span class="_ _3"/>xce<span class="_ _3"/>pt fo<span class="_ _3"/>r rig<span class="_ _3"/>ht-of-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>e ass<span class="_ _3"/>ets<span class="_ _3"/>, le<span class="_ _3"/>ase l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es, d<span class="_ _3"/>ec<span class="_ _3"/>om<span class="_ _3"/>mi<span class="_ _3"/>ssi<span class="_ _3"/>on<span class="_ _3"/>in<span class="_ _3"/>g, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>tor<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d si<span class="_ _3"/>mi<span class="_ _3"/>lar l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>c<span class="_ _3"/>or<span class="_ _3"/>res<span class="_ _3"/>pon<span class="_ _3"/>di<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>un<span class="_ _3"/>ts a<span class="_ _3"/>re rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>s pa<span class="_ _3"/>rt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e cos<span class="_ _3"/>ts o<span class="_ _3"/>f the r<span class="_ _3"/>ela<span class="_ _3"/>ted a<span class="_ _3"/>sset<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce<span class="_ _3"/>s ar<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>tio<span class="_ _3"/>n wi<span class="_ _3"/>th co<span class="_ _3"/>mp<span class="_ _3"/>any </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acqu<span class="_ _3"/>isiti<span class="_ _3"/>ons are recog<span class="_ _3"/>nise<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed d<span class="_ _3"/>ep<span class="_ _3"/>en<span class="_ _3"/>di<span class="_ _3"/>ng o<span class="_ _3"/>n how we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>an to us<span class="_ _3"/>e th<span class="_ _3"/>e ass<span class="_ _3"/>ets a<span class="_ _3"/>nd s<span class="_ _3"/>ett<span class="_ _3"/>le th<span class="_ _3"/>e lia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We of<span class="_ _3"/>fse<span class="_ _3"/>t tax a<span class="_ _3"/>sse<span class="_ _3"/>ts a<span class="_ _3"/>nd li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>n th<span class="_ _3"/>e tax </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s can b<span class="_ _3"/>e of<span class="_ _3"/>fse<span class="_ _3"/>t ag<span class="_ _3"/>ai<span class="_ _3"/>nst ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>ies i<span class="_ _3"/>n th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar i<span class="_ _3"/>n whi<span class="_ _3"/>ch t<span class="_ _3"/>he d<span class="_ _3"/>efer<span class="_ _3"/>re<span class="_ _3"/>d tax as<span class="_ _3"/>set<span class="_ _3"/>s ar<span class="_ _3"/>e ex<span class="_ _3"/>pec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be u<span class="_ _3"/>se<span class="_ _3"/>d. I<span class="_ _3"/>ntra<span class="_ _3"/>-<span class="_ _3"/>gro<span class="_ _3"/>up g<span class="_ _3"/>ai<span class="_ _3"/>ns a<span class="_ _3"/>nd lo<span class="_ _3"/>sse<span class="_ _3"/>s are e<span class="_ _3"/>li<span class="_ _3"/>m<span class="_ _3"/>i-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">na<span class="_ _3"/>ted w<span class="_ _3"/>he<span class="_ _3"/>n calc<span class="_ _3"/>ula<span class="_ _3"/>ti<span class="_ _3"/>ng d<span class="_ _3"/>efer<span class="_ _3"/>re<span class="_ _3"/>d tax<span class="_ _3"/>. In c<span class="_ _3"/>ou<span class="_ _3"/>ntr<span class="_ _3"/>ies </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere ta<span class="_ _3"/>xe<span class="_ _3"/>s can b<span class="_ _3"/>e of<span class="_ _3"/>fse<span class="_ _3"/>t bet<span class="_ _3"/>we<span class="_ _3"/>en co<span class="_ _3"/>mp<span class="_ _3"/>an<span class="_ _3"/>ie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">du<span class="_ _3"/>e to jo<span class="_ _3"/>int ta<span class="_ _3"/>xa<span class="_ _3"/>tio<span class="_ _3"/>n sc<span class="_ _3"/>he<span class="_ _3"/>mes<span class="_ _3"/>, we h<span class="_ _3"/>ave n<span class="_ _3"/>ette<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>thi<span class="_ _3"/>n a tax j<span class="_ _3"/>ur<span class="_ _3"/>is<span class="_ _3"/>di<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>. Wh<span class="_ _3"/>er<span class="_ _3"/>e no su<span class="_ _3"/>ch p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>il<span class="_ _3"/>ity </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is fe<span class="_ _3"/>as<span class="_ _3"/>ib<span class="_ _3"/>le, t<span class="_ _3"/>he d<span class="_ _3"/>efer<span class="_ _3"/>red ta<span class="_ _3"/>x is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n th<span class="_ _3"/>e gro<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>ou<span class="_ _3"/>nt on a c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ny-by<span class="_ _3"/>-c<span class="_ _3"/>om<span class="_ _3"/>pa<span class="_ _3"/>ny leve<span class="_ _3"/>l.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>ax lo<span class="_ _3"/>sse<span class="_ _3"/>s car<span class="_ _3"/>ri<span class="_ _3"/>ed fo<span class="_ _3"/>rw<span class="_ _3"/>ard i<span class="_ _3"/>n ju<span class="_ _3"/>ri<span class="_ _3"/>sd<span class="_ _3"/>ic<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>he<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we h<span class="_ _3"/>ave a h<span class="_ _3"/>is<span class="_ _3"/>tor<span class="_ _3"/>y of los<span class="_ _3"/>ses a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d ba<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on ot<span class="_ _3"/>he<span class="_ _3"/>r con<span class="_ _3"/>vin<span class="_ _3"/>ci<span class="_ _3"/>ng ev<span class="_ _3"/>id<span class="_ _3"/>en<span class="_ _3"/>ce of f<span class="_ _3"/>utu<span class="_ _3"/>re pro<span class="_ _3"/>fi<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e oth<span class="_ _3"/>er c<span class="_ _3"/>onv<span class="_ _3"/>inc<span class="_ _3"/>in<span class="_ _3"/>g evi<span class="_ _3"/>de<span class="_ _3"/>nc<span class="_ _3"/>e is ba<span class="_ _3"/>se<span class="_ _3"/>d on ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-<span class="_ _3"/>term fo<span class="_ _3"/>re<span class="_ _3"/>cas<span class="_ _3"/>t mo<span class="_ _3"/>de<span class="_ _3"/>l ap<span class="_ _3"/>prov<span class="_ _3"/>ed by th<span class="_ _3"/>e Bo<span class="_ _3"/>ar<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> Direct<span class="_ _0"/>ors.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s to un<span class="_ _3"/>re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed ta<span class="_ _3"/>x as<span class="_ _3"/>set<span class="_ _3"/>s ar<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) or ot<span class="_ _3"/>he<span class="_ _3"/>r com<span class="_ _3"/>pre<span class="_ _3"/>he<span class="_ _3"/>ns<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>co<span class="_ _3"/>me de<span class="_ _3"/>pe<span class="_ _3"/>nd<span class="_ _3"/>i<span class="_ _3"/>ng on t<span class="_ _3"/>he u<span class="_ _3"/>nd<span class="_ _3"/>er<span class="_ _3"/>lyin<span class="_ _3"/>g sou<span class="_ _3"/>rce of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the<span class="_ _0"/> adjustment.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x is m<span class="_ _3"/>ea<span class="_ _3"/>sur<span class="_ _3"/>ed b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he ta<span class="_ _3"/>x ru<span class="_ _3"/>les </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d rate<span class="_ _3"/>s ap<span class="_ _3"/>plyi<span class="_ _3"/>ng w<span class="_ _3"/>he<span class="_ _3"/>n the d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax b<span class="_ _3"/>ec<span class="_ _3"/>om<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nt ta<span class="_ _3"/>x. C<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>es in d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d tax b<span class="_ _3"/>ec<span class="_ _3"/>au<span class="_ _3"/>se of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in ta<span class="_ _3"/>x rate<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in p<span class="_ _3"/>rof<span class="_ _3"/>it (<span class="_ _3"/>loss) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for t<span class="_ _3"/>he ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x (ne<span class="_ _3"/>t li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es) re<span class="_ _3"/>late<span class="_ _3"/>d to tax e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _3"/>ru<span class="_ _3"/>ctu<span class="_ _3"/>res a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d as a ta<span class="_ _3"/>x exp<span class="_ _3"/>en<span class="_ _3"/>se i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>com<span class="_ _3"/>e sta<span class="_ _3"/>tem<span class="_ _3"/>en<span class="_ _3"/>t whe<span class="_ _3"/>n th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>re<span class="_ _3"/>em<span class="_ _3"/>ent i<span class="_ _3"/>s ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve, a<span class="_ _3"/>nd we s<span class="_ _3"/>tar<span class="_ _3"/>t to or h<span class="_ _3"/>av<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">capit<span class="_ _0"/>alised the<span class="_ _0"/> corr<span class="_ _0"/>esponding ass<span class="_ _0"/>ets. The<span class="_ _0"/> liability </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>s th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt th<span class="_ _3"/>at we e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to take </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r on<span class="_ _3"/>ce th<span class="_ _3"/>e cont<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>tio<span class="_ _3"/>n fro<span class="_ _3"/>m th<span class="_ _3"/>e eq<span class="_ _3"/>ui<span class="_ _3"/>ty pa<span class="_ _3"/>rt<span class="_ _3"/>ne<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is r<span class="_ _3"/>epa<span class="_ _3"/>id<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity s<span class="_ _3"/>tr<span class="_ _3"/>uc<span class="_ _3"/>tur<span class="_ _3"/>e fl<span class="_ _3"/>ips<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">US<span class="_ _0"/> tax<span class="_ _0"/> equit<span class="_ _0"/>y p<span class="_ _0"/>artnerships</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to seve<span class="_ _3"/>ra<span class="_ _3"/>l tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ip a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n the U<span class="_ _3"/>S<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d val<span class="_ _3"/>ue of t<span class="_ _3"/>he de<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>late<span class="_ _3"/>d to pro<span class="_ _3"/>pe<span class="_ _3"/>rt<span class="_ _3"/>y, pla<span class="_ _3"/>nt, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ip<span class="_ _3"/>me<span class="_ _3"/>nt at t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fl<span class="_ _3"/>ip d<span class="_ _3"/>ate i<span class="_ _3"/>n th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>sh<span class="_ _3"/>ip a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n ou<span class="_ _3"/>r acc<span class="_ _3"/>ou<span class="_ _3"/>nts w<span class="_ _3"/>he<span class="_ _3"/>n the ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>p ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt i<span class="_ _3"/>s ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e, a<span class="_ _3"/>nd we s<span class="_ _3"/>tar<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/> or hav<span class="_ _0"/>e c<span class="_ _0"/>apitalised<span class="_ _0"/> the<span class="_ _0"/> corresponding<span class="_ _0"/> assets.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e de<span class="_ _3"/>fer<span class="_ _3"/>red ta<span class="_ _3"/>x li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>ity f<span class="_ _3"/>rom e<span class="_ _3"/>xi<span class="_ _3"/>sti<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>tne<span class="_ _3"/>rs<span class="_ _3"/>hi<span class="_ _3"/>ps wi<span class="_ _3"/>ll g<span class="_ _3"/>rad<span class="_ _3"/>ua<span class="_ _3"/>lly b<span class="_ _3"/>e red<span class="_ _3"/>uce<span class="_ _3"/>d ba<span class="_ _3"/>se<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on a<span class="_ _3"/>cco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g de<span class="_ _3"/>pre<span class="_ _3"/>ci<span class="_ _3"/>ati<span class="_ _3"/>on a<span class="_ _3"/>fte<span class="_ _3"/>r th<span class="_ _3"/>e fl<span class="_ _3"/>ip d<span class="_ _3"/>ate<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e mo<span class="_ _3"/>re re<span class="_ _3"/>ga<span class="_ _3"/>rdi<span class="_ _3"/>ng ta<span class="_ _3"/>x eq<span class="_ _3"/>ui<span class="_ _3"/>ty p<span class="_ _3"/>ar<span class="_ _3"/>tn<span class="_ _3"/>er<span class="_ _3"/>shi<span class="_ _3"/>ps i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">note <span class="_ _3"/>3.9 ‘T<span class="_ _0"/>ax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ti<span class="_ _3"/>es’.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _3"/>p<span class="_ _3"/>ita<span class="_ _3"/>l<span class="_ _3"/> st<span class="_ _3"/>ru<span class="_ _3"/>c<span class="_ _3"/>tu<span class="_ _3"/>re</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">N<span class="_ _2"/>ote<span class="_ _7"/> 5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An a<span class="_ _3"/>pp<span class="_ _3"/>rop<span class="_ _3"/>ri<span class="_ _3"/>ate cap<span class="_ _3"/>ita<span class="_ _3"/>l str<span class="_ _3"/>uc<span class="_ _3"/>ture i<span class="_ _3"/>s im<span class="_ _3"/>po<span class="_ _3"/>rta<span class="_ _3"/>nt to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>su<span class="_ _3"/>re we ha<span class="_ _3"/>ve th<span class="_ _3"/>e abi<span class="_ _3"/>li<span class="_ _3"/>ty to ra<span class="_ _3"/>ise n<span class="_ _3"/>ew de<span class="_ _3"/>bt wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">att<span class="_ _3"/>ract<span class="_ _3"/>ive term<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts re<span class="_ _3"/>lated to te<span class="_ _3"/>rmi<span class="_ _3"/>na<span class="_ _3"/>ti<span class="_ _3"/>ng ou<span class="_ _3"/>r Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1 pro<span class="_ _3"/>je<span class="_ _3"/>ct a<span class="_ _3"/>s wel<span class="_ _3"/>l as lowe<span class="_ _3"/>r for<span class="_ _3"/>war<span class="_ _3"/>d powe<span class="_ _3"/>r pri<span class="_ _3"/>ces<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>f<span class="_ _3"/>ur<span class="_ _3"/>the<span class="_ _3"/>r su<span class="_ _3"/>pp<span class="_ _3"/>ly cha<span class="_ _3"/>in d<span class="_ _3"/>elay<span class="_ _3"/>s an<span class="_ _3"/>d cost<span class="_ _3"/>s to mi<span class="_ _3"/>tig<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">this, incr<span class="_ _0"/>easing c<span class="_ _0"/>apit<span class="_ _0"/>al expenditur<span class="_ _0"/>es (<span class="_ _0"/>per MW) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d OP<span class="_ _3"/>EX d<span class="_ _3"/>ue to cos<span class="_ _3"/>t inf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n and s<span class="_ _3"/>up<span class="_ _3"/>ply cha<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bot<span class="_ _3"/>tlen<span class="_ _3"/>ec<span class="_ _3"/>ks ha<span class="_ _3"/>ve ne<span class="_ _3"/>ga<span class="_ _3"/>tive<span class="_ _3"/>ly im<span class="_ _3"/>pac<span class="_ _3"/>ted o<span class="_ _3"/>ur cr<span class="_ _3"/>ed<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tri<span class="_ _3"/>c (FF<span class="_ _3"/>O/<span class="_ _0"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted n<span class="_ _3"/>et de<span class="_ _3"/>bt) p<span class="_ _3"/>roje<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s in 2<span class="_ _3"/>023<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ere<span class="_ _3"/>fore, w<span class="_ _3"/>e hav<span class="_ _3"/>e taken a<span class="_ _3"/>nd w<span class="_ _3"/>il<span class="_ _3"/>l cont<span class="_ _3"/>inu<span class="_ _3"/>e to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">take m<span class="_ _3"/>ea<span class="_ _3"/>sure<span class="_ _3"/>s to en<span class="_ _3"/>sure a r<span class="_ _3"/>obu<span class="_ _3"/>st b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">supporting l<span class="_ _0"/>ong-t<span class="_ _0"/>erm gr<span class="_ _0"/>owth<span class="_ _0"/> and c<span class="_ _0"/>apital<span class="_ _0"/> struct<span class="_ _0"/>ure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>il<span class="_ _3"/>ie<span class="_ _3"/>nce towa<span class="_ _3"/>rds 20<span class="_ _3"/>30<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In F<span class="_ _3"/>eb<span class="_ _3"/>rua<span class="_ _3"/>r<span class="_ _3"/>y 2023<span class="_ _3"/>, we is<span class="_ _3"/>sue<span class="_ _3"/>d th<span class="_ _3"/>ree g<span class="_ _3"/>ree<span class="_ _3"/>n bo<span class="_ _3"/>nd<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th a total no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l va<span class="_ _3"/>lue of E<span class="_ _3"/>UR 2,<span class="_ _3"/>0<span class="_ _3"/>0<span class="_ _3"/>0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(DKK 14,885 mill<span class="_ _3"/>ion). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In J<span class="_ _3"/>un<span class="_ _3"/>e 202<span class="_ _3"/>3, we is<span class="_ _3"/>su<span class="_ _3"/>ed a EU<span class="_ _3"/>R 10<span class="_ _3"/>0 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(D<span class="_ _3"/>KK 7<span class="_ _4"/>4<span class="_ _3"/>5 mi<span class="_ _3"/>lli<span class="_ _3"/>on) b<span class="_ _3"/>lue b<span class="_ _3"/>on<span class="_ _3"/>d. T<span class="_ _3"/>he n<span class="_ _3"/>et pro<span class="_ _3"/>cee<span class="_ _3"/>ds <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the i<span class="_ _3"/>ssu<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>ll b<span class="_ _3"/>e all<span class="_ _3"/>ocate<span class="_ _3"/>d to inves<span class="_ _3"/>t<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments<span class="_ _0"/> in offshor<span class="_ _0"/>e biodiv<span class="_ _0"/>ersity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Capi<span class="_ _3"/>tal stru<span class="_ _3"/>cture </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o e<span class="_ _3"/>nsu<span class="_ _3"/>re we h<span class="_ _3"/>ave t<span class="_ _3"/>he f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l stre<span class="_ _3"/>ng<span class="_ _3"/>th to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>operate<span class="_ _0"/> in t<span class="_ _0"/>he in<span class="_ _0"/>ternat<span class="_ _0"/>ional energy<span class="_ _0"/> and <span class="_ _49"/>capit<span class="_ _0"/>al<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market<span class="_ _0"/>s and<span class="_ _0"/> secure<span class="_ _0"/> financing on<span class="_ _0"/> attr<span class="_ _0"/>active<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>ms<span class="_ _3"/>, we targ<span class="_ _3"/>et a so<span class="_ _3"/>lid i<span class="_ _3"/>nves<span class="_ _3"/>tm<span class="_ _3"/>ent g<span class="_ _3"/>rad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _3"/>in<span class="_ _3"/>g with a<span class="_ _3"/>ll t<span class="_ _3"/>hre<span class="_ _3"/>e ma<span class="_ _3"/>jor r<span class="_ _3"/>ati<span class="_ _3"/>ng a<span class="_ _3"/>ge<span class="_ _3"/>nci<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">This includes<span class="_ _0"/> an FFO<span class="_ _0"/>/<span class="_ _0"/>adjusted<span class="_ _0"/> int<span class="_ _0"/>erest<span class="_ _4"/>-bea<span class="_ _3"/>ring<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>t de<span class="_ _3"/>bt cre<span class="_ _3"/>dit m<span class="_ _3"/>etr<span class="_ _3"/>ic a<span class="_ _3"/>bove 3<span class="_ _3"/>0 <span class="_ _15c"/>%<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financ<span class="_ _0"/>ing<span class="_ _0"/> polic<span class="_ _0"/>y</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ai<span class="_ _3"/>m of ou<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ing p<span class="_ _3"/>ol<span class="_ _3"/>icy i<span class="_ _3"/>s to mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liquidity<span class="_ _0"/> and<span class="_ _0"/> re<span class="_ _0"/>financing<span class="_ _0"/> risks<span class="_ _0"/> while<span class="_ _0"/> minimising<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financing co<span class="_ _0"/>sts and<span class="_ _0"/> mat<span class="_ _0"/>ching the<span class="_ _0"/> curr<span class="_ _0"/>ency c<span class="_ _0"/>om<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>siti<span class="_ _3"/>on of o<span class="_ _3"/>ur d<span class="_ _3"/>ebt w<span class="_ _3"/>ith o<span class="_ _3"/>ur rev<span class="_ _3"/>en<span class="_ _3"/>ue. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We obta<span class="_ _3"/>in fu<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g in d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nt m<span class="_ _3"/>ar<span class="_ _3"/>kets a<span class="_ _3"/>nd wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nt ma<span class="_ _3"/>turi<span class="_ _3"/>tie<span class="_ _3"/>s. O<span class="_ _3"/>ur d<span class="_ _3"/>eb<span class="_ _3"/>t is <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>lid<span class="_ _3"/>ate<span class="_ _3"/>d in th<span class="_ _3"/>e pa<span class="_ _3"/>rent c<span class="_ _3"/>om<span class="_ _3"/>pany w<span class="_ _3"/>he<span class="_ _3"/>re cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>our<span class="_ _3"/>ces a<span class="_ _3"/>re ma<span class="_ _3"/>de a<span class="_ _3"/>vai<span class="_ _3"/>lab<span class="_ _3"/>le to the G<span class="_ _3"/>rou<span class="_ _3"/>p com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ni<span class="_ _3"/>es vi<span class="_ _3"/>a an i<span class="_ _3"/>nter<span class="_ _3"/>na<span class="_ _3"/>l ba<span class="_ _3"/>nk<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _3"/>sh m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nt an<span class="_ _3"/>d li<span class="_ _3"/>qu<span class="_ _3"/>i<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A gro<span class="_ _3"/>up<span class="_ _3"/>-wi<span class="_ _3"/>de ca<span class="_ _3"/>sh m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>ent s<span class="_ _3"/>et<span class="_ _0"/>-u<span class="_ _3"/>p en<span class="_ _3"/>sure<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opt<span class="_ _3"/>im<span class="_ _3"/>al a<span class="_ _3"/>llo<span class="_ _3"/>cati<span class="_ _3"/>on of ca<span class="_ _3"/>sh i<span class="_ _3"/>n rela<span class="_ _3"/>tio<span class="_ _3"/>n to ou<span class="_ _3"/>r day<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to-<span class="_ _3"/>da<span class="_ _3"/>y op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>nd i<span class="_ _3"/>nvest<span class="_ _3"/>me<span class="_ _3"/>nt pro<span class="_ _3"/>gra<span class="_ _3"/>mm<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We targ<span class="_ _3"/>et a li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity re<span class="_ _3"/>ser<span class="_ _3"/>ve t<span class="_ _3"/>ha<span class="_ _3"/>t ens<span class="_ _3"/>ure<span class="_ _3"/>s ad<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qu<span class="_ _3"/>ate cove<span class="_ _3"/>rag<span class="_ _3"/>e of ou<span class="_ _3"/>r use o<span class="_ _3"/>f liq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty on a ro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">12 mo<span class="_ _3"/>nth for<span class="_ _3"/>wa<span class="_ _3"/>rd<span class="_ _3"/>-lo<span class="_ _3"/>ok<span class="_ _3"/>in<span class="_ _3"/>g bas<span class="_ _3"/>is to li<span class="_ _3"/>mi<span class="_ _3"/>t th<span class="_ _3"/>e com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny's se<span class="_ _3"/>ns<span class="_ _3"/>iti<span class="_ _3"/>vit<span class="_ _3"/>y to unfore<span class="_ _3"/>se<span class="_ _3"/>en d<span class="_ _3"/>evelo<span class="_ _3"/>pm<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng u<span class="_ _3"/>nre<span class="_ _3"/>st i<span class="_ _3"/>n the f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l m<span class="_ _3"/>arke<span class="_ _3"/>ts<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liqui<span class="_ _3"/>dity r<span class="_ _0"/>eser<span class="_ _3"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liquid<span class="_ _3"/>ity<span class="_ _0"/> reserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity re<span class="_ _3"/>ser<span class="_ _3"/>ve a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 90<span class="_ _3"/>.7 bi<span class="_ _3"/>ll<span class="_ _3"/>ion (<span class="_ _3"/>31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2022: D<span class="_ _3"/>KK 97<span class="_ _4"/>.<span class="_ _3"/>8 bi<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve i<span class="_ _3"/>s du<span class="_ _3"/>e to a dec<span class="_ _3"/>rea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _3"/>ash a<span class="_ _3"/>nd u<span class="_ _3"/>nd<span class="_ _3"/>raw<span class="_ _3"/>n cre<span class="_ _3"/>dit fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies of D<span class="_ _3"/>KK 6<span class="_ _3"/>,03<span class="_ _3"/>3 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n and D<span class="_ _3"/>KK 6<span class="_ _3"/>,17<span class="_ _15c"/>4 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on<span class="_ _3"/>, res<span class="_ _3"/>pec<span class="_ _3"/>ti<span class="_ _3"/>vely. Par<span class="_ _3"/>tly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cou<span class="_ _3"/>nter<span class="_ _3"/>ed by an i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se in a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,0<span class="_ _3"/>8<span class="_ _3"/>8 mi<span class="_ _3"/>lli<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Col<span class="_ _0"/>lat<span class="_ _0"/>eral<span class="_ _0"/> and<span class="_ _0"/> mar<span class="_ _0"/>gin p<span class="_ _0"/>ost<span class="_ _0"/>ings</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en we t<span class="_ _3"/>rad<span class="_ _3"/>e in d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s to exe<span class="_ _3"/>cute ou<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stra<span class="_ _0"/>teg<span class="_ _0"/>y<span class="_ _0"/>, w<span class="_ _0"/>e hav<span class="_ _0"/>e tw<span class="_ _0"/>o al<span class="_ _0"/>t<span class="_ _0"/>ernatives<span class="_ _0"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e is se<span class="_ _3"/>ttled o<span class="_ _3"/>n an </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g bas<span class="_ _3"/>is th<span class="_ _3"/>rou<span class="_ _3"/>gh re<span class="_ _3"/>ce<span class="_ _3"/>ipt o<span class="_ _3"/>r pla<span class="_ _3"/>cem<span class="_ _3"/>ent o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ll<span class="_ _3"/>ate<span class="_ _3"/>ra<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re we a<span class="_ _3"/>cce<span class="_ _3"/>pt the c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk t<span class="_ _3"/>hat w<span class="_ _3"/>ill </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur if w<span class="_ _3"/>e ga<span class="_ _3"/>in on t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g un<span class="_ _3"/>de<span class="_ _3"/>r both ty<span class="_ _3"/>pe<span class="_ _3"/>s of ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of cou<span class="_ _3"/>nter<span class="_ _3"/>par<span class="_ _3"/>t<span class="_ _3"/>ies w<span class="_ _3"/>ith w<span class="_ _3"/>hom w<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _3"/>ng<span class="_ _3"/>ag<span class="_ _3"/>in<span class="_ _3"/>g to ac<span class="_ _3"/>hiev<span class="_ _3"/>e the m<span class="_ _3"/>ost o<span class="_ _3"/>pti<span class="_ _3"/>ma<span class="_ _3"/>l pr<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te and l<span class="_ _3"/>im<span class="_ _3"/>it t<span class="_ _3"/>he pote<span class="_ _3"/>nti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve im<span class="_ _3"/>pa<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on o<span class="_ _3"/>ur ca<span class="_ _3"/>sh p<span class="_ _3"/>osi<span class="_ _3"/>tio<span class="_ _3"/>n from te<span class="_ _3"/>mp<span class="_ _3"/>ora<span class="_ _3"/>r<span class="_ _3"/>y flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>, we ac<span class="_ _3"/>ti<span class="_ _3"/>vely ma<span class="_ _3"/>na<span class="_ _3"/>ge th<span class="_ _3"/>e volu<span class="_ _3"/>me of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>de<span class="_ _3"/>s bet<span class="_ _3"/>wee<span class="_ _3"/>n tra<span class="_ _3"/>di<span class="_ _3"/>ng wi<span class="_ _3"/>th a<span class="_ _3"/>nd wi<span class="_ _3"/>tho<span class="_ _3"/>ut co<span class="_ _3"/>llate<span class="_ _3"/>ral </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As of 31 D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, 12 <span class="_ _4"/>% (20<span class="_ _3"/>22: 31 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r an<span class="_ _3"/>d ga<span class="_ _3"/>s tra<span class="_ _3"/>des a<span class="_ _3"/>nd 8<span class="_ _3"/>8 <span class="_ _15c"/>% (2<span class="_ _3"/>022: 8<span class="_ _3"/>6 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>ncy, inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd i<span class="_ _3"/>ntere<span class="_ _3"/>st rate h<span class="_ _3"/>ed<span class="_ _3"/>ges h<span class="_ _3"/>ad d<span class="_ _3"/>ai<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">margin<span class="_ _0"/> sett<span class="_ _0"/>l<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o l<span class="_ _3"/>im<span class="_ _3"/>it ca<span class="_ _3"/>sh i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t, we a<span class="_ _3"/>ls<span class="_ _3"/>o provi<span class="_ _3"/>de n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>ash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l as pa<span class="_ _3"/>re<span class="_ _3"/>nt com<span class="_ _3"/>pa<span class="_ _3"/>ny and b<span class="_ _3"/>an<span class="_ _3"/>k gu<span class="_ _3"/>ara<span class="_ _3"/>ntee<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le. At th<span class="_ _3"/>e en<span class="_ _3"/>d of De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3, we ha<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cove<span class="_ _3"/>red EU<span class="_ _3"/>R 0.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n in co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d var<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n ma<span class="_ _3"/>rgi<span class="_ _3"/>ns o<span class="_ _3"/>n en<span class="_ _3"/>ergy h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s thr<span class="_ _3"/>oug<span class="_ _3"/>h a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>rent com<span class="_ _3"/>pany gu<span class="_ _3"/>arantee<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r col<span class="_ _3"/>late<span class="_ _3"/>ral a<span class="_ _3"/>nd m<span class="_ _3"/>arg<span class="_ _3"/>in p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s rel<span class="_ _3"/>ated to tra<span class="_ _3"/>d<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g wit<span class="_ _3"/>h de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>nd co<span class="_ _3"/>llate<span class="_ _3"/>ral r<span class="_ _3"/>ela<span class="_ _3"/>ted to in<span class="_ _3"/>sura<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd es<span class="_ _3"/>crow a<span class="_ _3"/>ccou<span class="_ _3"/>nts h<span class="_ _3"/>ave d<span class="_ _3"/>ecr<span class="_ _3"/>ea<span class="_ _3"/>sed f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 17<span class="_ _15c"/>.<span class="_ _3"/>3 bi<span class="_ _3"/>ll<span class="_ _3"/>ion a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>022 to DK<span class="_ _3"/>K 7<span class="_ _15c"/>.9 bil<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. T<span class="_ _3"/>he de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>e was <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>l<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dr<span class="_ _3"/>ive<span class="_ _3"/>n by the la<span class="_ _3"/>rg<span class="_ _3"/>e dec<span class="_ _3"/>rea<span class="_ _3"/>se i<span class="_ _3"/>n powe<span class="_ _3"/>r an<span class="_ _3"/>d gas p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e yea<span class="_ _3"/>r, colla<span class="_ _3"/>tera<span class="_ _3"/>l pay<span class="_ _3"/>me<span class="_ _3"/>nts re<span class="_ _3"/>late<span class="_ _3"/>d to vari<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l ma<span class="_ _3"/>rgi<span class="_ _3"/>ns d<span class="_ _3"/>ec<span class="_ _3"/>rea<span class="_ _3"/>sed by D<span class="_ _3"/>KK 2.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d DK<span class="_ _3"/>K 7<span class="_ _15c"/>.<span class="_ _3"/>1 bi<span class="_ _3"/>ll<span class="_ _3"/>ion<span class="_ _3"/>, res<span class="_ _3"/>pe<span class="_ _3"/>ct<span class="_ _3"/>ive<span class="_ _3"/>l<span class="_ _0"/>y, and a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 3.<span class="_ _0"/>9 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>n and v<span class="_ _3"/>ari<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>arg<span class="_ _3"/>in r<span class="_ _3"/>ela<span class="_ _3"/>te t<span class="_ _0"/>o e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>, an<span class="_ _3"/>d the c<span class="_ _3"/>red<span class="_ _3"/>it su<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>t an<span class="_ _3"/>ne<span class="_ _3"/>x (C<span class="_ _3"/>SA) re<span class="_ _3"/>lates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to cur<span class="_ _3"/>ren<span class="_ _3"/>cy, inf<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>teres<span class="_ _3"/>t rate he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. Ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">col<span class="_ _3"/>late<span class="_ _3"/>ral m<span class="_ _3"/>ai<span class="_ _3"/>nly rela<span class="_ _3"/>tes to in<span class="_ _3"/>sur<span class="_ _3"/>an<span class="_ _3"/>ce li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">esc<span class="_ _3"/>row acc<span class="_ _3"/>oun<span class="_ _3"/>ts<span class="_ _3"/>. Fur<span class="_ _3"/>th<span class="_ _3"/>er s<span class="_ _3"/>ecu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>an b<span class="_ _3"/>e pla<span class="_ _3"/>ced </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l in re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>s pa<span class="_ _3"/>rt of o<span class="_ _3"/>ur ca<span class="_ _3"/>sh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 163.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s, s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance shee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 425.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>draf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts that ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e part of the ongoing cash management<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.66px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>. s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,144<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>16,175</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.5078px; width: 143.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.743px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 122.773px; width: 164.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Securities can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, av<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ailabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 438.251px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29,515<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,428</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or use<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.658px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>769</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 164.789px; width: 631.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.73px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our cash and s<span class="_ _0"/>ecurities divided int<span class="_ _0"/>o avail<span class="_ _0"/>able and no<span class="_ _0"/>t avail<span class="_ _0"/>able f<span class="_ _0"/>or us<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 98.0332px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of securitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 627.205px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 164.203px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>Fixed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2422px; width: 45.1758px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturities</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 627.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0-2 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,064<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,032<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,096<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,315</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 626.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">371<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,287<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,986</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 626.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Af<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ter 5 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 155.297px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,583<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,565<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,148<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,666<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,896</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.2734px; width: 627.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arrying amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,018<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>23,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,664<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,533<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our securities split int<span class="_ _0"/>o mat<span class="_ _0"/>urities and fixed or floating int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>es. <span class="_ _0"/>The o<span class="_ _0"/>vervie<span class="_ _0"/>w includes int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps us<span class="_ _0"/>ed to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">manage the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk on the securities<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash,<span class="_ _0"/> c<span class="_ _0"/>ash<span class="_ _0"/> equiv<span class="_ _0"/>alent<span class="_ _0"/>s, an<span class="_ _0"/>d s<span class="_ _0"/>ecur<span class="_ _0"/>itie<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re a key ele<span class="_ _3"/>me<span class="_ _3"/>nt in o<span class="_ _3"/>ur l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>erefo<span class="_ _3"/>re, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts a<span class="_ _3"/>re m<span class="_ _3"/>ai<span class="_ _3"/>nly mad<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>A<span class="_ _3"/>A-r<span class="_ _3"/>ated D<span class="_ _3"/>an<span class="_ _3"/>ish m<span class="_ _3"/>or<span class="_ _3"/>tga<span class="_ _3"/>ge b<span class="_ _3"/>on<span class="_ _3"/>ds an<span class="_ _3"/>d, to a le<span class="_ _3"/>sse<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent<span class="_ _3"/>, in ot<span class="_ _3"/>he<span class="_ _3"/>r bo<span class="_ _3"/>nds<span class="_ _3"/>. M<span class="_ _3"/>ost of t<span class="_ _3"/>he se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es q<span class="_ _3"/>ua<span class="_ _3"/>lif<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>ith th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh ce<span class="_ _3"/>ntra<span class="_ _3"/>l ba<span class="_ _3"/>nk<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Danmarks Nationalbank<span class="_ _3"/>’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _3"/>Sec<span class="_ _3"/>uri<span class="_ _3"/>ti<span class="_ _3"/>es not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble for u<span class="_ _3"/>se’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pledged<span class="_ _0"/> as c<span class="_ _0"/>olla<span class="_ _0"/>ter<span class="_ _0"/>al f<span class="_ _0"/>or:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>i<span class="_ _3"/>nsu<span class="_ _3"/>ran<span class="_ _3"/>ce<span class="_ _3"/>-re<span class="_ _3"/>late<span class="_ _3"/>d prov<span class="_ _3"/>isi<span class="_ _3"/>ons<span class="_ _3"/>: DK<span class="_ _3"/>K 387 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 381 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g in f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s: D<span class="_ _3"/>KK 0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 388 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, w<span class="_ _3"/>e had r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l in th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt of DK<span class="_ _3"/>K 286 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,1<span class="_ _0"/>94 mil<span class="_ _3"/>li<span class="_ _3"/>on) co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>osi<span class="_ _3"/>tive <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh not a<span class="_ _3"/>va<span class="_ _3"/>ila<span class="_ _3"/>ble fo<span class="_ _3"/>r use’ c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>ses<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>ing w<span class="_ _3"/>ith f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts: D<span class="_ _3"/>KK 421 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 366 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce-<span class="_ _3"/>re<span class="_ _3"/>lated p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>ns: <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 41 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 38 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>ayab<span class="_ _3"/>les fo<span class="_ _3"/>r the p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se of ga<span class="_ _3"/>s th<span class="_ _3"/>at ha<span class="_ _3"/>s not <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yet b<span class="_ _3"/>ee<span class="_ _3"/>n sett<span class="_ _3"/>led<span class="_ _3"/>, pla<span class="_ _3"/>ced o<span class="_ _3"/>n a res<span class="_ _3"/>tri<span class="_ _3"/>cte<span class="_ _3"/>d acco<span class="_ _3"/>unt<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 2,<span class="_ _3"/>029 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls62 ws2c"> <span class="_ _16"> </span> <span class="_ _49"/>collateral for o<span class="_ _0"/>ther transac<span class="_ _3"/>tions: <span class="ls0 ws0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 38 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Mat<span class="_ _0"/>uri<span class="_ _0"/>ty<span class="_ _0"/> anal<span class="_ _4"/>ysi<span class="_ _0"/>s o<span class="_ _0"/>f f<span class="_ _0"/>inanci<span class="_ _0"/>al l<span class="_ _0"/>iabil<span class="_ _0"/>iti<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 195.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f financial liabilities 2023</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 302.227px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 273.82px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 302.227px; top: 12.0078px; width: 329.232px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 27.4219px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2026-2027<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 28.125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2027<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 127.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank loans and issued bonds:</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.318px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Notional amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 223.723px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">408<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">13,388<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>66,165<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>79,961</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 212.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,485<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,480<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,380<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,107</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 225.105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,915<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,915</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Leas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 234.252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,009<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>844<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,552<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,634<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,039</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 240.815px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>213<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>443<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>681<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,490</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other non-derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 167.191px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,090<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,730<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>808<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,390<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,018</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.76px; width: 631.195px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 251.308px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,611<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,445<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,015<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,404<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,475</span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.225px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal payment obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">30,671<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,712<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>24,968<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>109,654<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>174,005</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 195.814px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f financial liabilities 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 302.227px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 273.82px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 302.227px; top: 11.9922px; width: 329.232px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 27.4219px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025-2026<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 28.125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2026<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 127.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank loans and issued bonds:</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Notional amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.076px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>53<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,487<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>59,077<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63,704</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 6.72071px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 212.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,883<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,880<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,741<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,721<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,225</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 225.105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,641<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">20,641</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Leas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>664<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,288<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,182<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,951</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 240.815px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">150<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>158<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>343<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>845<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,496</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other non-derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 167.191px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,019<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,543<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,810<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,861</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.76px; width: 631.412px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 245.806px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>32,636<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,059<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,288<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63,425</span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal payment obligations<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">67,233<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>17,740<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>13,407<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>107,923<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>206,303</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Group<span class="_ _0"/>'<span class="_ _15c"/>s cash needs in respect o<span class="_ _0"/>f its financial loans and borr<span class="_ _0"/>o<span class="_ _0"/>wings ar<span class="_ _0"/>e shown in the t<span class="_ _0"/>abl<span class="_ _0"/>e. <span class="_ _0"/>The mat<span class="_ _0"/>urity anal<span class="_ _0"/>y<span class="_ _0"/>sis was det<span class="_ _0"/>ermined on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">31 December<span class="_ _4"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The maturit<span class="_ _0"/>y anal<span class="_ _0"/>ysis is based on undis<span class="_ _0"/>count<span class="_ _0"/>ed cash fl<span class="_ _0"/>o<span class="_ _0"/>ws, incl<span class="_ _0"/>uding estimat<span class="_ _0"/>ed inter<span class="_ _0"/>est payment<span class="_ _0"/>s. Int<span class="_ _0"/>er<span class="_ _0"/>est payments ar<span class="_ _0"/>e based on mark<span class="_ _0"/>et<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>conditions and inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e hedging ent<span class="_ _0"/>ered int<span class="_ _0"/>o on 31 December<span class="_ _15c"/>. The mat<span class="_ _0"/>urity anal<span class="_ _0"/>y<span class="_ _0"/>sis does not include h<span class="_ _0"/>ybrid capit<span class="_ _0"/>al classified as equit<span class="_ _0"/>y<span class="_ _4"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dec<span class="_ _0"/>ember 2023, we had issued h<span class="_ _0"/>ybrid capit<span class="_ _0"/>al with a no<span class="_ _0"/>tional amount to<span class="_ _0"/>tal<span class="_ _0"/>ling DKK 19,310 million due aft<span class="_ _0"/>er 2027.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _3"/>p<span class="_ _3"/>ita<span class="_ _3"/>l<span class="_ _3"/> st<span class="_ _3"/>ru<span class="_ _3"/>c<span class="_ _3"/>tu<span class="_ _3"/>re</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">N<span class="_ _2"/>ote<span class="_ _7"/> 5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">An a<span class="_ _3"/>pp<span class="_ _3"/>rop<span class="_ _3"/>ri<span class="_ _3"/>ate cap<span class="_ _3"/>ita<span class="_ _3"/>l str<span class="_ _3"/>uc<span class="_ _3"/>ture i<span class="_ _3"/>s im<span class="_ _3"/>po<span class="_ _3"/>rta<span class="_ _3"/>nt to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>su<span class="_ _3"/>re we ha<span class="_ _3"/>ve th<span class="_ _3"/>e abi<span class="_ _3"/>li<span class="_ _3"/>ty to ra<span class="_ _3"/>ise n<span class="_ _3"/>ew de<span class="_ _3"/>bt wit<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">att<span class="_ _3"/>ract<span class="_ _3"/>ive term<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cos<span class="_ _3"/>ts re<span class="_ _3"/>lated to te<span class="_ _3"/>rmi<span class="_ _3"/>na<span class="_ _3"/>ti<span class="_ _3"/>ng ou<span class="_ _3"/>r Oce<span class="_ _3"/>an W<span class="_ _3"/>in<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1 pro<span class="_ _3"/>je<span class="_ _3"/>ct a<span class="_ _3"/>s wel<span class="_ _3"/>l as lowe<span class="_ _3"/>r for<span class="_ _3"/>war<span class="_ _3"/>d powe<span class="_ _3"/>r pri<span class="_ _3"/>ces<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>f<span class="_ _3"/>ur<span class="_ _3"/>the<span class="_ _3"/>r su<span class="_ _3"/>pp<span class="_ _3"/>ly cha<span class="_ _3"/>in d<span class="_ _3"/>elay<span class="_ _3"/>s an<span class="_ _3"/>d cost<span class="_ _3"/>s to mi<span class="_ _3"/>tig<span class="_ _3"/>ate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">this, incr<span class="_ _0"/>easing c<span class="_ _0"/>apit<span class="_ _0"/>al expenditur<span class="_ _0"/>es (<span class="_ _0"/>per MW) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d OP<span class="_ _3"/>EX d<span class="_ _3"/>ue to cos<span class="_ _3"/>t inf<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n and s<span class="_ _3"/>up<span class="_ _3"/>ply cha<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bot<span class="_ _3"/>tlen<span class="_ _3"/>ec<span class="_ _3"/>ks ha<span class="_ _3"/>ve ne<span class="_ _3"/>ga<span class="_ _3"/>tive<span class="_ _3"/>ly im<span class="_ _3"/>pac<span class="_ _3"/>ted o<span class="_ _3"/>ur cr<span class="_ _3"/>ed<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>tri<span class="_ _3"/>c (FF<span class="_ _3"/>O/<span class="_ _0"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted n<span class="_ _3"/>et de<span class="_ _3"/>bt) p<span class="_ _3"/>roje<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s in 2<span class="_ _3"/>023<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>ere<span class="_ _3"/>fore, w<span class="_ _3"/>e hav<span class="_ _3"/>e taken a<span class="_ _3"/>nd w<span class="_ _3"/>il<span class="_ _3"/>l cont<span class="_ _3"/>inu<span class="_ _3"/>e to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">take m<span class="_ _3"/>ea<span class="_ _3"/>sure<span class="_ _3"/>s to en<span class="_ _3"/>sure a r<span class="_ _3"/>obu<span class="_ _3"/>st b<span class="_ _3"/>ala<span class="_ _3"/>nce s<span class="_ _3"/>he<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">supporting l<span class="_ _0"/>ong-t<span class="_ _0"/>erm gr<span class="_ _0"/>owth<span class="_ _0"/> and c<span class="_ _0"/>apital<span class="_ _0"/> struct<span class="_ _0"/>ure<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>il<span class="_ _3"/>ie<span class="_ _3"/>nce towa<span class="_ _3"/>rds 20<span class="_ _3"/>30<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In F<span class="_ _3"/>eb<span class="_ _3"/>rua<span class="_ _3"/>r<span class="_ _3"/>y 2023<span class="_ _3"/>, we is<span class="_ _3"/>sue<span class="_ _3"/>d th<span class="_ _3"/>ree g<span class="_ _3"/>ree<span class="_ _3"/>n bo<span class="_ _3"/>nd<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th a total no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l va<span class="_ _3"/>lue of E<span class="_ _3"/>UR 2,<span class="_ _3"/>0<span class="_ _3"/>0<span class="_ _3"/>0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(DKK 14,885 mill<span class="_ _3"/>ion). </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In J<span class="_ _3"/>un<span class="_ _3"/>e 202<span class="_ _3"/>3, we is<span class="_ _3"/>su<span class="_ _3"/>ed a EU<span class="_ _3"/>R 10<span class="_ _3"/>0 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(D<span class="_ _3"/>KK 7<span class="_ _4"/>4<span class="_ _3"/>5 mi<span class="_ _3"/>lli<span class="_ _3"/>on) b<span class="_ _3"/>lue b<span class="_ _3"/>on<span class="_ _3"/>d. T<span class="_ _3"/>he n<span class="_ _3"/>et pro<span class="_ _3"/>cee<span class="_ _3"/>ds <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the i<span class="_ _3"/>ssu<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>ll b<span class="_ _3"/>e all<span class="_ _3"/>ocate<span class="_ _3"/>d to inves<span class="_ _3"/>t<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments<span class="_ _0"/> in offshor<span class="_ _0"/>e biodiv<span class="_ _0"/>ersity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Capi<span class="_ _3"/>tal stru<span class="_ _3"/>cture </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o e<span class="_ _3"/>nsu<span class="_ _3"/>re we h<span class="_ _3"/>ave t<span class="_ _3"/>he f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l stre<span class="_ _3"/>ng<span class="_ _3"/>th to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>operate<span class="_ _0"/> in t<span class="_ _0"/>he in<span class="_ _0"/>ternat<span class="_ _0"/>ional energy<span class="_ _0"/> and <span class="_ _49"/>capit<span class="_ _0"/>al<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">market<span class="_ _0"/>s and<span class="_ _0"/> secure<span class="_ _0"/> financing on<span class="_ _0"/> attr<span class="_ _0"/>active<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>ms<span class="_ _3"/>, we targ<span class="_ _3"/>et a so<span class="_ _3"/>lid i<span class="_ _3"/>nves<span class="_ _3"/>tm<span class="_ _3"/>ent g<span class="_ _3"/>rad<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _3"/>in<span class="_ _3"/>g with a<span class="_ _3"/>ll t<span class="_ _3"/>hre<span class="_ _3"/>e ma<span class="_ _3"/>jor r<span class="_ _3"/>ati<span class="_ _3"/>ng a<span class="_ _3"/>ge<span class="_ _3"/>nci<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">This includes<span class="_ _0"/> an FFO<span class="_ _0"/>/<span class="_ _0"/>adjusted<span class="_ _0"/> int<span class="_ _0"/>erest<span class="_ _4"/>-bea<span class="_ _3"/>ring<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>t de<span class="_ _3"/>bt cre<span class="_ _3"/>dit m<span class="_ _3"/>etr<span class="_ _3"/>ic a<span class="_ _3"/>bove 3<span class="_ _3"/>0 <span class="_ _15c"/>%<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financ<span class="_ _0"/>ing<span class="_ _0"/> polic<span class="_ _0"/>y</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ai<span class="_ _3"/>m of ou<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ing p<span class="_ _3"/>ol<span class="_ _3"/>icy i<span class="_ _3"/>s to mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">liquidity<span class="_ _0"/> and<span class="_ _0"/> re<span class="_ _0"/>financing<span class="_ _0"/> risks<span class="_ _0"/> while<span class="_ _0"/> minimising<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financing co<span class="_ _0"/>sts and<span class="_ _0"/> mat<span class="_ _0"/>ching the<span class="_ _0"/> curr<span class="_ _0"/>ency c<span class="_ _0"/>om<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>siti<span class="_ _3"/>on of o<span class="_ _3"/>ur d<span class="_ _3"/>ebt w<span class="_ _3"/>ith o<span class="_ _3"/>ur rev<span class="_ _3"/>en<span class="_ _3"/>ue. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We obta<span class="_ _3"/>in fu<span class="_ _3"/>nd<span class="_ _3"/>in<span class="_ _3"/>g in d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nt m<span class="_ _3"/>ar<span class="_ _3"/>kets a<span class="_ _3"/>nd wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nt ma<span class="_ _3"/>turi<span class="_ _3"/>tie<span class="_ _3"/>s. O<span class="_ _3"/>ur d<span class="_ _3"/>eb<span class="_ _3"/>t is <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>lid<span class="_ _3"/>ate<span class="_ _3"/>d in th<span class="_ _3"/>e pa<span class="_ _3"/>rent c<span class="_ _3"/>om<span class="_ _3"/>pany w<span class="_ _3"/>he<span class="_ _3"/>re cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">res<span class="_ _3"/>our<span class="_ _3"/>ces a<span class="_ _3"/>re ma<span class="_ _3"/>de a<span class="_ _3"/>vai<span class="_ _3"/>lab<span class="_ _3"/>le to the G<span class="_ _3"/>rou<span class="_ _3"/>p com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ni<span class="_ _3"/>es vi<span class="_ _3"/>a an i<span class="_ _3"/>nter<span class="_ _3"/>na<span class="_ _3"/>l ba<span class="_ _3"/>nk<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _3"/>sh m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nt an<span class="_ _3"/>d li<span class="_ _3"/>qu<span class="_ _3"/>i<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A gro<span class="_ _3"/>up<span class="_ _3"/>-wi<span class="_ _3"/>de ca<span class="_ _3"/>sh m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>em<span class="_ _3"/>ent s<span class="_ _3"/>et<span class="_ _0"/>-u<span class="_ _3"/>p en<span class="_ _3"/>sure<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">opt<span class="_ _3"/>im<span class="_ _3"/>al a<span class="_ _3"/>llo<span class="_ _3"/>cati<span class="_ _3"/>on of ca<span class="_ _3"/>sh i<span class="_ _3"/>n rela<span class="_ _3"/>tio<span class="_ _3"/>n to ou<span class="_ _3"/>r day<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to-<span class="_ _3"/>da<span class="_ _3"/>y op<span class="_ _3"/>era<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>nd i<span class="_ _3"/>nvest<span class="_ _3"/>me<span class="_ _3"/>nt pro<span class="_ _3"/>gra<span class="_ _3"/>mm<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We targ<span class="_ _3"/>et a li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity re<span class="_ _3"/>ser<span class="_ _3"/>ve t<span class="_ _3"/>ha<span class="_ _3"/>t ens<span class="_ _3"/>ure<span class="_ _3"/>s ad<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">qu<span class="_ _3"/>ate cove<span class="_ _3"/>rag<span class="_ _3"/>e of ou<span class="_ _3"/>r use o<span class="_ _3"/>f liq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty on a ro<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">12 mo<span class="_ _3"/>nth for<span class="_ _3"/>wa<span class="_ _3"/>rd<span class="_ _3"/>-lo<span class="_ _3"/>ok<span class="_ _3"/>in<span class="_ _3"/>g bas<span class="_ _3"/>is to li<span class="_ _3"/>mi<span class="_ _3"/>t th<span class="_ _3"/>e com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>ny's se<span class="_ _3"/>ns<span class="_ _3"/>iti<span class="_ _3"/>vit<span class="_ _3"/>y to unfore<span class="_ _3"/>se<span class="_ _3"/>en d<span class="_ _3"/>evelo<span class="_ _3"/>pm<span class="_ _3"/>ent<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng u<span class="_ _3"/>nre<span class="_ _3"/>st i<span class="_ _3"/>n the f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l m<span class="_ _3"/>arke<span class="_ _3"/>ts<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>teres<span class="_ _3"/>t<span class="_ _0"/>-<span class="_ _3"/>bea<span class="_ _3"/>rin<span class="_ _3"/>g net d<span class="_ _3"/>ebt a<span class="_ _3"/>nd F<span class="_ _3"/>F<span class="_ _0"/>O</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:421.09375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 216.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 96.6152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t:</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 484.732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,031<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,913</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bond debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 478.387px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">70,589<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>54,368</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2578px; width: 631.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal bond and bank deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 409.511px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">79,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>63,281</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity liability (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ee not<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e 3.9)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 391.354px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,196<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,236</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Leas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e liability<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 470.164px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,426<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,266</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 121.699px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t:</span><span style="position: absolute; display: inline-block; left: 0px; top: 133.01px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Debt in c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>onnection with divestments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 370.183px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,900<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,904</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Debt fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiving col<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al under credit support anne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xes<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">286<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,196</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.025px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>824</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 174.539px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 404.228px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">92,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>77,707</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 192.789px; width: 103.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts:</span><span style="position: absolute; display: inline-block; left: 0px; top: 207.275px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 482.479px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 221.291px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span><span style="position: absolute; display: inline-block; left: 0px; top: 235.291px; width: 631.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ociat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and joint ventur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.477px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">77<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 249.291px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 263.307px; width: 150.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es:</span><span style="position: absolute; display: inline-block; left: 0px; top: 277.307px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es from pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>acing col<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al under credit support anne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xes<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 247.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,854<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,449</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 291.307px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es in connection with div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 347.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">735<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>713</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 305.307px; width: 631.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 472.103px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">128</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 318.836px; width: 631.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 395.614px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">45,202<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>47,136</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 337.086px; width: 631.799px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing net deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 314.162px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">47,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>30,571</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 355.822px; width: 631.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of hybrid c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,552<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,897</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 369.822px; width: 631.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t, add back<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.264px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,339)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,924)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 383.822px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, add back<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 336.68px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,597<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,290</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 397.838px; width: 631.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash and securities no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or distribution, excluding r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>epo loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 234.791px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">867<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,241</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 411.352px; width: 523.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal adjust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ere<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>st-bearing net debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.848px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 523.529px; top: 411.352px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">59,056</span><span style="position: absolute; display: inline-block; left: 554.672px; top: 411.352px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 600.322px; top: 411.352px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">42,075</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:184.28125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 124.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Funds from oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ations (FF<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>O)</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 631.781px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 490.226px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,717<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>32,057</span><span style="position: absolute; display: inline-block; left: 0px; top: 48.9941px; width: 631.213px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Change in pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions and other adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 337.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 8,742<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,213)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 62.9941px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Change in derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 436.346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,274<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,687)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ariation mar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gin (add back)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 404.659px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,086)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,332</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vers<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al of gain (l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss) on divestment o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 326.742px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,745)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(10,885)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Income t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax paid<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 455.884px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,717)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,263)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 631.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and simil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ems, r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eived/paid<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 358.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,385<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(563)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.01px; width: 631.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vers<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al of int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ere<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st expenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 316.453px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(453)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(586)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.629px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of coupon payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s on hybrid c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apital<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.775px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(273)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(264)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.025px; width: 631.254px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dividends rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eived and c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apital r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eductions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">19<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 64.4355px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 174.539px; width: 631.781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Funds from oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ations (FF<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>O)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 399.206px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,863<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>17,951</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:94.861328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 279.387px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Funds from oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ations (FF<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>O)/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>adjusted inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t debt</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">%<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 447.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Funds fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om operations (FF<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 402.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">16,863<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,951</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.9941px; width: 631.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>otal adjust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing net deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 348.984px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">59,056<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>42,075</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.7578px; width: 631.605px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Funds from oper<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ations (FF<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>O)/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>adjusted inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 246.85px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">28.6 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>42.7 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 85.4941px; width: 631.359px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arget<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 398.685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Abov<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>~25.0 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 42.2404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>~25.0 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">FFO<span class="_ _0"/>/<span class="_ _0"/>adjust<span class="_ _0"/>ed int<span class="_ _0"/>er<span class="_ _0"/>est-bearing net deb<span class="_ _0"/>t was 28.6 <span class="_ _15c"/>% compared with 42.7 <span class="_ _15c"/>% in 2022. The decr<span class="_ _0"/>ease in ‘FF<span class="_ _0"/>O<span class="_ _0"/>/<span class="_ _0"/>adjust<span class="_ _0"/>ed int<span class="_ _0"/>erest-bearing ne<span class="_ _0"/>t debt<span class="_ _0"/>’ is mainl<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to an incr<span class="_ _0"/>eas<span class="_ _0"/>e in adjusted int<span class="_ _0"/>er<span class="_ _0"/>est-bearing net deb<span class="_ _0"/>t of DKK 17.0 billion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Inter<span class="_ _0"/>est-bearing ne<span class="_ _0"/>t debt<span class="_ _0"/>’ t<span class="_ _0"/>ot<span class="_ _0"/>all<span class="_ _0"/>ed DKK 47,379 million compar<span class="_ _0"/>ed with DKK 30,571 million in 2022.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Int<span class="_ _0"/>erest<span class="_ _4"/>-<span class="_ _3"/>be<span class="_ _0"/>aring<span class="_ _0"/> net<span class="_ _0"/> debt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inte<span class="_ _3"/>res<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>rin<span class="_ _3"/>g ne<span class="_ _3"/>t de<span class="_ _3"/>bt totalle<span class="_ _3"/>d DK<span class="_ _3"/>K 4<span class="_ _0"/>7<span class="_ _4"/>,<span class="_ _3"/>379 mi<span class="_ _3"/>ll<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at th<span class="_ _3"/>e en<span class="_ _3"/>d of 202<span class="_ _3"/>3, a<span class="_ _3"/>n inc<span class="_ _3"/>rea<span class="_ _3"/>se of D<span class="_ _3"/>KK 16,<span class="_ _3"/>80<span class="_ _3"/>8 <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>lati<span class="_ _3"/>ve to 2022<span class="_ _3"/>. The i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se in i<span class="_ _3"/>nter<span class="_ _3"/>est- <span class="_ _49"/>b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng ne<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>bt co<span class="_ _3"/>nsi<span class="_ _3"/>sts o<span class="_ _3"/>f an i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>ri<span class="_ _3"/>ng d<span class="_ _3"/>ebt of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 14,<span class="_ _3"/>87<span class="_ _15c"/>4 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on a<span class="_ _3"/>nd a de<span class="_ _3"/>cre<span class="_ _3"/>ase i<span class="_ _3"/>n i<span class="_ _3"/>nteres<span class="_ _3"/>t<span class="_ _0"/>- <span class="_ _6"/>be<span class="_ _3"/>ar<span class="_ _3"/>ing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s of DKK 1<span class="_ _3"/>,<span class="_ _0"/>934 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In F<span class="_ _3"/>eb<span class="_ _3"/>rua<span class="_ _3"/>r<span class="_ _3"/>y<span class="_ _0"/>, we is<span class="_ _3"/>su<span class="_ _3"/>ed th<span class="_ _3"/>ree n<span class="_ _3"/>ew gr<span class="_ _3"/>ee<span class="_ _3"/>n sen<span class="_ _3"/>io<span class="_ _3"/>r bo<span class="_ _3"/>nds i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e am<span class="_ _3"/>oun<span class="_ _3"/>t of EUR 2<span class="_ _3"/>,0<span class="_ _3"/>0<span class="_ _3"/>0 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n (D<span class="_ _3"/>KK 14<span class="_ _3"/>,8<span class="_ _3"/>85 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n):</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>EU<span class="_ _3"/>R 70<span class="_ _3"/>0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (<span class="_ _3"/>DK<span class="_ _3"/>K 5,210 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)<span class="_ _3"/>, <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.<span class="_ _3"/>6<span class="_ _0"/>25 <span class="_ _15c"/>% <span class="_ _6"/>inte<span class="_ _3"/>res<span class="_ _3"/>t, m<span class="_ _3"/>atur<span class="_ _3"/>in<span class="_ _3"/>g in M<span class="_ _3"/>arc<span class="_ _3"/>h 2026</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>EU<span class="_ _3"/>R 6<span class="_ _3"/>0<span class="_ _3"/>0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (<span class="_ _3"/>DK<span class="_ _3"/>K 4,<span class="_ _3"/>4<span class="_ _3"/>65 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3.750 <span class="_ _4"/>% <span class="_ _49"/>i<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _3"/>, matu<span class="_ _3"/>ri<span class="_ _3"/>ng i<span class="_ _3"/>n Ma<span class="_ _3"/>rch 2<span class="_ _3"/>030</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>EU<span class="_ _3"/>R 70<span class="_ _3"/>0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (<span class="_ _3"/>DK<span class="_ _3"/>K 5,210 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)<span class="_ _3"/>, <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4.<span class="_ _3"/>125 <span class="_ _4"/>% <span class="_ _49"/>i<span class="_ _3"/>ntere<span class="_ _3"/>st, m<span class="_ _3"/>atu<span class="_ _3"/>ri<span class="_ _3"/>ng i<span class="_ _3"/>n Ma<span class="_ _3"/>rch 20<span class="_ _3"/>35.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In J<span class="_ _3"/>un<span class="_ _3"/>e, we a<span class="_ _3"/>l<span class="_ _3"/>so is<span class="_ _3"/>sue<span class="_ _3"/>d a EU<span class="_ _3"/>R 100 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (D<span class="_ _3"/>KK 7<span class="_ _4"/>4<span class="_ _3"/>5 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n) blu<span class="_ _3"/>e sen<span class="_ _3"/>io<span class="_ _3"/>r bo<span class="_ _3"/>nd wi<span class="_ _3"/>th ma<span class="_ _3"/>tur<span class="_ _3"/>ity i<span class="_ _3"/>n Ju<span class="_ _3"/>ne 20<span class="_ _3"/>28 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d a fi<span class="_ _3"/>xe<span class="_ _3"/>d inte<span class="_ _3"/>rest r<span class="_ _3"/>ate of 3.<span class="_ _3"/>6<span class="_ _0"/>25 <span class="_ _15c"/>%<span class="_ _3"/>. T<span class="_ _3"/>he n<span class="_ _3"/>et pro<span class="_ _3"/>cee<span class="_ _3"/>ds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the i<span class="_ _3"/>ssu<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>ll b<span class="_ _3"/>e all<span class="_ _3"/>ocate<span class="_ _3"/>d to inves<span class="_ _3"/>tm<span class="_ _3"/>ent<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">offshor<span class="_ _0"/>e biodiv<span class="_ _0"/>ersity<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Rating</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve a cor<span class="_ _3"/>pora<span class="_ _3"/>te cre<span class="_ _3"/>dit r<span class="_ _3"/>ati<span class="_ _3"/>ng of B<span class="_ _3"/>BB<span class="_ _3"/>+/B<span class="_ _3"/>aa1<span class="_ _3"/>/BB<span class="_ _3"/>B+ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m Stand<span class="_ _3"/>ar<span class="_ _3"/>d &amp; Poor<span class="_ _3"/>'s<span class="_ _3"/>, Mo<span class="_ _3"/>ody<span class="_ _3"/>'s, a<span class="_ _3"/>nd F<span class="_ _3"/>itch<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Follo<span class="_ _0"/>wing our announcement re<span class="_ _0"/>garding<span class="_ _0"/> imp<span class="_ _0"/>airment<span class="_ _0"/> <span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ou<span class="_ _3"/>r US p<span class="_ _3"/>or<span class="_ _3"/>tfol<span class="_ _3"/>io o<span class="_ _3"/>n 29 Au<span class="_ _3"/>gus<span class="_ _3"/>t 202<span class="_ _3"/>3, M<span class="_ _3"/>oo<span class="_ _3"/>dy<span class="_ _3"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d the<span class="_ _3"/>ir o<span class="_ _3"/>utlo<span class="_ _3"/>ok fro<span class="_ _3"/>m sta<span class="_ _3"/>ble to ne<span class="_ _3"/>ga<span class="_ _3"/>tiv<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>ptem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3, an<span class="_ _3"/>d Stan<span class="_ _3"/>da<span class="_ _3"/>rd &amp; Poo<span class="_ _3"/>r's a<span class="_ _3"/>nd F<span class="_ _3"/>itch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>fol<span class="_ _3"/>lowed i<span class="_ _3"/>n Nove<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2023<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If o<span class="_ _3"/>ur ra<span class="_ _3"/>tin<span class="_ _3"/>gs s<span class="_ _3"/>hou<span class="_ _3"/>ld be d<span class="_ _3"/>own<span class="_ _3"/>gra<span class="_ _3"/>de<span class="_ _3"/>d by one n<span class="_ _3"/>otch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">t<span class="_ _0"/>o BBB/<span class="_ _0"/>Baa2/<span class="_ _0"/>BBB f<span class="_ _0"/>oll<span class="_ _0"/>o<span class="_ _0"/>wing<span class="_ _0"/> clar<span class="_ _0"/>ifica<span class="_ _0"/>tion<span class="_ _0"/> b<span class="_ _0"/>y t<span class="_ _0"/>he<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>ra<span class="_ _3"/>tin<span class="_ _3"/>g ag<span class="_ _3"/>en<span class="_ _3"/>cie<span class="_ _3"/>s, i<span class="_ _3"/>t wi<span class="_ _3"/>ll not i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t Ør<span class="_ _3"/>sted<span class="_ _3"/>'s b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activ<span class="_ _3"/>ities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘F<span class="_ _3"/>FO/adj<span class="_ _3"/>us<span class="_ _3"/>ted in<span class="_ _3"/>teres<span class="_ _3"/>t<span class="_ _0"/>-b<span class="_ _3"/>ea<span class="_ _3"/>rin<span class="_ _3"/>g ne<span class="_ _3"/>t de<span class="_ _3"/>bt’ wa<span class="_ _3"/>s 28.<span class="_ _3"/>6 <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in 2<span class="_ _3"/>023<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t va<span class="_ _3"/>lue o<span class="_ _3"/>f bon<span class="_ _3"/>d an<span class="_ _3"/>d ba<span class="_ _3"/>n<span class="_ _3"/>k de<span class="_ _3"/>bt</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lu<span class="_ _3"/>e of ou<span class="_ _3"/>r bon<span class="_ _3"/>d an<span class="_ _3"/>d ba<span class="_ _3"/>nk d<span class="_ _3"/>ebt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">am<span class="_ _3"/>ou<span class="_ _3"/>nted to DK<span class="_ _3"/>K 68<span class="_ _3"/>,67<span class="_ _0"/>1 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n and D<span class="_ _3"/>KK 8<span class="_ _3"/>,711 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n, re<span class="_ _3"/>spe<span class="_ _3"/>ct<span class="_ _3"/>ive<span class="_ _3"/>ly<span class="_ _0"/>, at 31 Dec<span class="_ _3"/>em<span class="_ _3"/>be<span class="_ _3"/>r 2023 (2<span class="_ _3"/>022: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 53,<span class="_ _3"/>35<span class="_ _3"/>8 mi<span class="_ _3"/>lli<span class="_ _3"/>on a<span class="_ _3"/>nd D<span class="_ _3"/>KK 8,<span class="_ _3"/>4<span class="_ _3"/>83 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on<span class="_ _3"/>, res<span class="_ _3"/>pe<span class="_ _3"/>c<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>vely). Th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of is<span class="_ _3"/>sue<span class="_ _3"/>d bo<span class="_ _3"/>nds h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed a<span class="_ _3"/>s the m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue a<span class="_ _3"/>t 3<span class="_ _0"/>1 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lev<span class="_ _3"/>el 1 – q<span class="_ _3"/>uoted p<span class="_ _3"/>ri<span class="_ _3"/>ces).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lu<span class="_ _3"/>e of ba<span class="_ _3"/>nk loa<span class="_ _3"/>ns h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n dete<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e pr<span class="_ _3"/>ese<span class="_ _3"/>nt val<span class="_ _3"/>ue of ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d futu<span class="_ _3"/>re i<span class="_ _3"/>nsta<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts a<span class="_ _3"/>nd i<span class="_ _3"/>ntere<span class="_ _3"/>st p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s usi<span class="_ _3"/>ng t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p<span class="_ _0"/>'s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nt inte<span class="_ _3"/>res<span class="_ _3"/>t rate on lo<span class="_ _3"/>an<span class="_ _3"/>s as th<span class="_ _3"/>e di<span class="_ _3"/>scou<span class="_ _3"/>nt ra<span class="_ _3"/>te<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lev<span class="_ _3"/>el 2 – <span class="_ _49"/>o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to the le<span class="_ _3"/>vel of i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>tes be<span class="_ _3"/>in<span class="_ _3"/>g lower a<span class="_ _3"/>t the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me of i<span class="_ _3"/>ssu<span class="_ _3"/>an<span class="_ _3"/>ce, th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of ou<span class="_ _3"/>r bon<span class="_ _3"/>d an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>nk d<span class="_ _3"/>ebt i<span class="_ _3"/>s be<span class="_ _3"/>low the c<span class="_ _3"/>ar<span class="_ _3"/>ryi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Loan arrangeme<span class="_ _3"/>nts and cr<span class="_ _0"/>edit facilities</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, w<span class="_ _3"/>e had b<span class="_ _3"/>an<span class="_ _3"/>k loa<span class="_ _3"/>n ob<span class="_ _3"/>li<span class="_ _3"/>gat<span class="_ _3"/>io<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">totall<span class="_ _3"/>in<span class="_ _3"/>g DK<span class="_ _3"/>K 5,0<span class="_ _3"/>30 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n (2022<span class="_ _3"/>: DKK 5<span class="_ _3"/>,8<span class="_ _3"/>80 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the Eu<span class="_ _3"/>ro<span class="_ _3"/>pea<span class="_ _3"/>n Inv<span class="_ _3"/>est<span class="_ _3"/>me<span class="_ _3"/>nt Ba<span class="_ _3"/>nk a<span class="_ _3"/>nd N<span class="_ _3"/>ord<span class="_ _3"/>ic I<span class="_ _3"/>nves<span class="_ _3"/>t<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt B<span class="_ _3"/>an<span class="_ _3"/>k. T<span class="_ _3"/>he lo<span class="_ _3"/>ans o<span class="_ _3"/>ffe<span class="_ _3"/>red by th<span class="_ _3"/>ese m<span class="_ _3"/>ulti<span class="_ _3"/>late<span class="_ _3"/>ral </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instit<span class="_ _0"/>utions<span class="_ _0"/> co<span class="_ _0"/>fund s<span class="_ _0"/>pecific energ<span class="_ _0"/>y pr<span class="_ _0"/>ojects </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th ma<span class="_ _3"/>turi<span class="_ _3"/>tie<span class="_ _3"/>s exc<span class="_ _3"/>ee<span class="_ _3"/>di<span class="_ _3"/>ng th<span class="_ _3"/>ose n<span class="_ _3"/>or<span class="_ _3"/>ma<span class="_ _3"/>lly avai<span class="_ _3"/>lab<span class="_ _3"/>le i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e com<span class="_ _3"/>me<span class="_ _3"/>rci<span class="_ _3"/>al ba<span class="_ _3"/>n<span class="_ _3"/>kin<span class="_ _3"/>g ma<span class="_ _3"/>rket<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Furthermore,<span class="_ _0"/> we<span class="_ _0"/> had non-canc<span class="_ _0"/>ellable<span class="_ _0"/> credit<span class="_ _0"/> f<span class="_ _0"/>acilities<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d un<span class="_ _3"/>dra<span class="_ _3"/>wn lo<span class="_ _3"/>an a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s of DK<span class="_ _3"/>K 51,159 m<span class="_ _3"/>il<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 57<span class="_ _4"/>,179 mi<span class="_ _3"/>ll<span class="_ _3"/>ion) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with<span class="_ _0"/> a number<span class="_ _0"/> of<span class="_ _0"/> Scandinavian, int<span class="_ _0"/>ernat<span class="_ _0"/>ional, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>T<span class="_ _0"/>aiw<span class="_ _3"/>an<span class="_ _3"/>ese b<span class="_ _3"/>an<span class="_ _3"/>ks<span class="_ _3"/>. See n<span class="_ _3"/>ote 5.<span class="_ _3"/>4 ‘L<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>dit<span class="_ _3"/>y rese<span class="_ _3"/>r<span class="_ _3"/>ve’ for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fu<span class="_ _3"/>r<span class="_ _3"/>th<span class="_ _3"/>e<span class="_ _3"/>r de<span class="_ _3"/>ta<span class="_ _3"/>il<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In c<span class="_ _0"/>onnection wit<span class="_ _0"/>h the<span class="_ _0"/>se l<span class="_ _0"/>oan arr<span class="_ _0"/>angements and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>t faci<span class="_ _3"/>li<span class="_ _3"/>tie<span class="_ _3"/>s, we m<span class="_ _3"/>ay b<span class="_ _3"/>e met w<span class="_ _3"/>ith d<span class="_ _3"/>em<span class="_ _3"/>an<span class="_ _3"/>ds for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>ca<span class="_ _3"/>nce<span class="_ _3"/>lla<span class="_ _3"/>tio<span class="_ _3"/>n an<span class="_ _3"/>d rep<span class="_ _3"/>aym<span class="_ _3"/>ent of a<span class="_ _3"/>ny dra<span class="_ _3"/>wn a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he eve<span class="_ _3"/>nt of sh<span class="_ _3"/>ar<span class="_ _3"/>eh<span class="_ _3"/>old<span class="_ _3"/>er<span class="_ _3"/>s othe<span class="_ _3"/>r th<span class="_ _3"/>an a g<span class="_ _3"/>rou<span class="_ _3"/>p con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>sti<span class="_ _3"/>ng of t<span class="_ _3"/>he Da<span class="_ _3"/>ni<span class="_ _3"/>sh s<span class="_ _3"/>tate an<span class="_ _3"/>d Dan<span class="_ _3"/>is<span class="_ _3"/>h powe<span class="_ _3"/>r di<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tribution<span class="_ _0"/> companies<span class="_ _0"/> con<span class="_ _0"/>trolling<span class="_ _0"/> more<span class="_ _0"/> than 50<span class="_ _0"/> <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e sha<span class="_ _3"/>re ca<span class="_ _3"/>pi<span class="_ _3"/>tal or vo<span class="_ _3"/>tin<span class="_ _3"/>g ri<span class="_ _3"/>ght<span class="_ _3"/>s in Ø<span class="_ _3"/>rste<span class="_ _3"/>d A<span class="_ _3"/>/S<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r <span class="_ _49"/>f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>ng a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s are n<span class="_ _3"/>ot su<span class="_ _3"/>bje<span class="_ _3"/>ct to a<span class="_ _3"/>ny </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">other<span class="_ _0"/> unusual t<span class="_ _0"/>erms<span class="_ _0"/> or c<span class="_ _0"/>onditions.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:180.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 144.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Changes in int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 375.596px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">77,707<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>60,358</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.2578px; width: 81.8438px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash trans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>actions:</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Proc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eeds fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om raising l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,584<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,090</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alments on loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 434.846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,580)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21,482)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alments on leas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 439.05px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(712)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(582)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.576px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Change in other int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing debt and t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity liabilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 260.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,625)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,291</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.273px; width: 101.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-cash tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansactions:</span><span style="position: absolute; display: inline-block; left: 0px; top: 128.76px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Raising l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ease debt,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 439.05px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">872<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,316</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.775px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank loans ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>quired in a business c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ombination<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.268px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">437</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 156.775px; width: 631.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change adjustments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> amortisation, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 324.826px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">335<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(721)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 170.289px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 355.553px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">92,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>77,707</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:310.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0234375px; width: 100.436px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Senior bonds issued at </span><span style="position: absolute; display: inline-block; left: 232.469px; top: 0.0078125px; width: 95.0215px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Outst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>anding amount </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0234px; width: 84.6035px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31 December 2023</span><span style="position: absolute; display: inline-block; left: 139.297px; top: 12.0234px; width: 35.1387px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ype of </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.4941px; width: 70.5352px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Million, curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency</span><span style="position: absolute; display: inline-block; left: 131.953px; top: 24.0078px; width: 41.0508px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">financing</span><span style="position: absolute; display: inline-block; left: 350.781px; top: 24.0078px; width: 0px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Coupon (%)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 19.1895px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Time of issue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 36.2285px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturing<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>Quoted in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -423.308px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.8517px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>DKK </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.7441px; width: 433.4px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Gr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>600<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,473<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2.250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 433.4px; top: 42.7441px; width: 143.947px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">June 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 29.7539px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.045px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> June 2028<span style="word-spacing: -0.045px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 22.3594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 577.348px; top: 42.7441px; width: 54.1699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.3379px; width: 631.623px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Gr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,591<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1.500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2017<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2029<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">London</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 69.916px; width: 631.834px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 125.426px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>900<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,709<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3.250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.3574px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sep. 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.3574px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Sep. 2031<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 21.9727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembourg</span><span style="position: absolute; display: inline-block; left: 0px; top: 83.4941px; width: 631.641px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 125.426px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,591<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2.875<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">June 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>June 2033<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 21.9727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembourg</span><span style="position: absolute; display: inline-block; left: 0px; top: 97.0723px; width: 631.77px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Gr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>700<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,218<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3.625<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.9902px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Feb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 23.9707px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>March 2026<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 21.9727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Luxembourg</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.65px; width: 631.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Blue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>100<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>745<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3.625<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">June 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>June 2028<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 22.3594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g</span><span style="position: absolute; display: inline-block; left: 0px; top: 124.244px; width: 631.77px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Gr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>600<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,473<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3.750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.9902px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Feb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 23.9707px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>March 2030<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 21.9727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Luxembourg</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 137.822px; width: 631.77px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Gr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>een<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>700<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,218<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4.125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.9902px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Feb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 23.9707px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>March 2035<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 21.9727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Luxembourg</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.4px; width: 631.506px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 124.969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>350<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,011<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2.125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">May 2019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>May 2027<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 22.3594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.979px; width: 631.57px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.258px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,452<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4.875<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.7988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Jan. 2012<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.7988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Jan. 2032<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>London</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.557px; width: 631.506px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 124.969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>300<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2.500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">May 2019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>May 2033<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 22.3594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g</span><span style="position: absolute; display: inline-block; left: 0px; top: 192.135px; width: 249.41px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 124.969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>250</span><span style="position: absolute; display: inline-block; left: 249.156px; top: 192.676px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 301.234px; top: 192.119px; width: 331.383px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,151<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 31.5938px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>CPI+0.375<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">May 2019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>May 2034<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 22.3594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembourg</span><span style="position: absolute; display: inline-block; left: 0px; top: 205.697px; width: 631.482px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 124.969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>375<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,226<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5.125<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.3574px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sep. 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.3574px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Sep. 2034<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 21.9727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g</span><span style="position: absolute; display: inline-block; left: 0px; top: 219.275px; width: 631.84px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.258px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,301<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5.750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.3652px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Apr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2010<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.9902px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Apr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2040<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">London</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.854px; width: 631.482px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 124.969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>575<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,947<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5.375<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.3574px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sep. 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 33.3574px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Sep. 2042<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 21.9727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g</span><span style="position: absolute; display: inline-block; left: 0px; top: 246.447px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 125.812px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,000<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>880<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.920<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2026<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.3498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aipei</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 260.025px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 125.812px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,000<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>880<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.600<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2020<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2027<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.3498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aipei</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 273.604px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 125.812px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,000<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>660<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.700<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2020<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2030<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.3498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aipei</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 287.182px; width: 631.336px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 125.812px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,000<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,759<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1.500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> 2019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2034<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.3498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aipei</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 300.76px; width: 631.336px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 125.812px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Green<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,000<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,759<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>0.980<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> 2020<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 32.0801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. 2040<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.3498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aipei</span></span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/> <span class="_ _1"/>Issued principal is indexed t<span class="_ _0"/>o an out<span class="_ _0"/>standing amount o<span class="_ _0"/>f GBP 309 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>million corr<span class="_ _0"/>esponding to DKK 2,654 mil<span class="_ _0"/>lion at 31 December 2023.<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In addition to s<span class="_ _0"/>enior bonds, w<span class="_ _0"/>e have issued a number o<span class="_ _0"/>f hybrid<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bonds, s<span class="_ _0"/>ee not<span class="_ _0"/>e 5.3 ‘Hybrid capit<span class="_ _0"/>al<span class="_ _0"/>’<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>nd d<span class="_ _3"/>ebt<span class="_ _3"/>, ba<span class="_ _3"/>nk d<span class="_ _3"/>eb<span class="_ _3"/>t, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r paya<span class="_ _3"/>bl<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed a<span class="_ _3"/>t in<span class="_ _3"/>cept<span class="_ _3"/>io<span class="_ _3"/>n at m<span class="_ _3"/>ark<span class="_ _3"/>et va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(ty<span class="_ _3"/>pi<span class="_ _3"/>cal<span class="_ _3"/>ly proc<span class="_ _3"/>ee<span class="_ _3"/>ds re<span class="_ _3"/>ce<span class="_ _3"/>ive<span class="_ _3"/>d) n<span class="_ _3"/>et of tra<span class="_ _3"/>ns<span class="_ _3"/>ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s inc<span class="_ _3"/>ur<span class="_ _3"/>red<span class="_ _3"/>. I<span class="_ _3"/>n sub<span class="_ _3"/>seq<span class="_ _3"/>ue<span class="_ _3"/>nt p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>s, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed at a<span class="_ _3"/>mo<span class="_ _3"/>r<span class="_ _3"/>tis<span class="_ _3"/>ed co<span class="_ _3"/>st<span class="_ _3"/>, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e cos<span class="_ _3"/>t (p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>e no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l val<span class="_ _3"/>ue is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>nter<span class="_ _3"/>est e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses o<span class="_ _3"/>ver t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m of th<span class="_ _3"/>e loa<span class="_ _3"/>n, u<span class="_ _3"/>si<span class="_ _3"/>ng t<span class="_ _3"/>he ef<span class="_ _3"/>fe<span class="_ _3"/>cti<span class="_ _3"/>ve i<span class="_ _3"/>nter<span class="_ _3"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate m<span class="_ _3"/>et<span class="_ _3"/>ho<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ied a<span class="_ _3"/>s cu<span class="_ _3"/>rre<span class="_ _3"/>nt<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>les<span class="_ _3"/>s th<span class="_ _3"/>e Gro<span class="_ _3"/>up h<span class="_ _3"/>as a<span class="_ _3"/>n un<span class="_ _3"/>con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l ri<span class="_ _3"/>ght to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>fer s<span class="_ _3"/>ettl<span class="_ _3"/>em<span class="_ _3"/>ent of t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty to at le<span class="_ _3"/>as<span class="_ _3"/>t on<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar af<span class="_ _3"/>te<span class="_ _3"/>r the b<span class="_ _3"/>al<span class="_ _3"/>an<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:421.09375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 216.914px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 96.6152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t:</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 484.732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,031<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,913</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bond debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 478.387px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">70,589<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>54,368</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2578px; width: 631.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal bond and bank deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 409.511px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">79,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>63,281</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity liability (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ee not<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e 3.9)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 391.354px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,196<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,236</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Leas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e liability<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 470.164px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,426<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,266</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 121.699px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t:</span><span style="position: absolute; display: inline-block; left: 0px; top: 133.01px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Debt in c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>onnection with divestments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 370.183px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,900<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,904</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Debt fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiving col<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al under credit support anne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xes<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 279.17px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">286<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,196</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.025px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>824</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 174.539px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 404.228px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">92,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>77,707</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 192.789px; width: 103.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts:</span><span style="position: absolute; display: inline-block; left: 0px; top: 207.275px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 482.479px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 221.291px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span><span style="position: absolute; display: inline-block; left: 0px; top: 235.291px; width: 631.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es from ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ociat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es and joint ventur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 340.477px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">77<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 249.291px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 263.307px; width: 150.111px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es:</span><span style="position: absolute; display: inline-block; left: 0px; top: 277.307px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es from pl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>acing col<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al under credit support anne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xes<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 247.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,854<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,449</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 291.307px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es in connection with div<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>estments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 347.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">735<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>713</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 305.307px; width: 631.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 472.103px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">128</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 318.836px; width: 631.805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 395.614px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">45,202<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>47,136</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 337.086px; width: 631.799px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est-bearing net deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 314.162px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">47,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>30,571</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 355.822px; width: 631.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% of hybrid c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>apit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,552<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,897</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 369.822px; width: 631.424px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing deb<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t, add back<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.264px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,339)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,924)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 383.822px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est-bearing r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, add back<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 336.68px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,597<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,290</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 397.838px; width: 631.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash and securities no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or distribution, excluding r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>epo loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 234.791px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">867<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,241</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 411.352px; width: 523.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal adjust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ere<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>st-bearing net debt<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.848px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 523.529px; top: 411.352px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">59,056</span><span style="position: absolute; display: inline-block; left: 554.672px; top: 411.352px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 600.322px; top: 411.352px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">42,075</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hybrid c<span class="_ _0"/>apital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:234.626953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 1160.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hybrid bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.879px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3017 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 133.699px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3021<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3021</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 1139.48px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ype<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 194.742px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinated</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9941px; width: 1159.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 141.445px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,668 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 4,416 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,697 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,692 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,630 million</span><span style="position: absolute; display: inline-block; left: 0px; top: 55.2441px; width: 1108.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial classific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 118.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Equit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equity<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equity<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equity</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.4941px; width: 1236.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Notional amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 500 million (DKK 3,727 million)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 61.0898px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 600 million (DKK 4,473 million)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 61.0898px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 500 milllion (DKK 3,727 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion) <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 500 milllion (DKK 3,727 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion) <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>GBP 425 million (DKK 3,656 million)</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.7441px; width: 1144.9px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Issued<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 2017<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>December 2019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 2021<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.752px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 2021</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.01px; width: 1145.03px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maturing<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 3017<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 3019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 3021<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.752px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>December 3022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 3021</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.26px; width: 1135.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.746px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Luxembourg<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.766px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.766px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembourg<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembourg<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.766px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembourg</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 146.51px; width: 1158.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">First r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>edemption at par<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24 Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 2027<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18 February 2031<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.965px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8 December 2028<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18 February 2033</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.76px; width: 1207.04px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coupon f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the first<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ven y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears fixed at 2.25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>0 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Eight years fixed at 1.75 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>0 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>en years fixed at 1.50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>0 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Six years fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed at 5.250 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12 years fixed at 2.500 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.a.</span><span style="position: absolute; display: inline-block; left: 0px; top: 183.01px; width: 203.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coupon in subsequent period is adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ted e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>very<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 215.281px; top: 183.01px; width: 191.338px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.899 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2024, +2.149 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points </span><span style="position: absolute; display: inline-block; left: 431.562px; top: 183.01px; width: 191.338px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.952 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2027, +2.020 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points </span><span style="position: absolute; display: inline-block; left: 648.516px; top: 183.01px; width: 208.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.860 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2031 and +2.610 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points </span><span style="position: absolute; display: inline-block; left: 865px; top: 183.01px; width: 193.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+2.619 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2028, +2.869 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 1081.22px; top: 183.01px; width: 189.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ted e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>very fiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e years with the fiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e-y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear </span><span style="position: absolute; display: inline-block; left: 0px; top: 195.01px; width: 167.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">five y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears with the five-<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>year eur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap</span><span style="position: absolute; display: inline-block; left: 215.281px; top: 195.01px; width: 185.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2029,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and +2.899 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points from 2044</span><span style="position: absolute; display: inline-block; left: 431.562px; top: 195.01px; width: 185.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2032,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and +2.952 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points from 2047</span><span style="position: absolute; display: inline-block; left: 648.516px; top: 195.01px; width: 46.2891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2051</span><span style="position: absolute; display: inline-block; left: 865px; top: 195.01px; width: 185.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2033,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and +3.619 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points from 2048</span><span style="position: absolute; display: inline-block; left: 1081.22px; top: 195.01px; width: 205.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">benchmark gil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t +2.136 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2033 and </span><span style="position: absolute; display: inline-block; left: 1081.22px; top: 207.01px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+2.886 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2053</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.26px; width: 1119.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al of int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve iss<span class="_ _3"/>ue<span class="_ _3"/>d hybr<span class="_ _3"/>id ca<span class="_ _3"/>pita<span class="_ _3"/>l wh<span class="_ _3"/>ich i<span class="_ _3"/>s sub<span class="_ _3"/>ord<span class="_ _3"/>in<span class="_ _3"/>ate <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ou<span class="_ _3"/>r othe<span class="_ _3"/>r cre<span class="_ _3"/>di<span class="_ _3"/>tors<span class="_ _3"/>. Th<span class="_ _3"/>e pu<span class="_ _3"/>rp<span class="_ _3"/>ose of i<span class="_ _3"/>ssu<span class="_ _3"/>in<span class="_ _3"/>g hybr<span class="_ _3"/>id <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pita<span class="_ _3"/>l is to st<span class="_ _3"/>ren<span class="_ _3"/>gth<span class="_ _3"/>en o<span class="_ _3"/>ur ca<span class="_ _3"/>pi<span class="_ _3"/>tal ba<span class="_ _3"/>se a<span class="_ _3"/>nd fu<span class="_ _3"/>nd <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We have i<span class="_ _3"/>ssu<span class="_ _3"/>ed E<span class="_ _3"/>UR hyb<span class="_ _3"/>rid b<span class="_ _3"/>on<span class="_ _3"/>ds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th a total no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l va<span class="_ _3"/>lue of E<span class="_ _3"/>UR 2,<span class="_ _3"/>10<span class="_ _3"/>0 mi<span class="_ _3"/>lli<span class="_ _3"/>on a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">GBP 4<span class="_ _4"/>25 milli<span class="_ _0"/>on, r<span class="_ _0"/>especti<span class="_ _0"/>vel<span class="_ _4"/>y,<span class="_ _0"/> equiv<span class="_ _0"/>alen<span class="_ _0"/>t t<span class="_ _0"/>o<span class="_ _0"/><span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9,<span class="_ _3"/>31<span class="_ _0"/>0 <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (2022<span class="_ _3"/>: EU<span class="_ _3"/>R 2,1<span class="_ _0"/>94 mi<span class="_ _3"/>lli<span class="_ _3"/>on a<span class="_ _3"/>nd<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">GBP 4<span class="_ _4"/>25 mil<span class="_ _0"/>lion, r<span class="_ _0"/>espect<span class="_ _0"/>ivel<span class="_ _4"/>y,<span class="_ _0"/> <span class="_ _49"/>equival<span class="_ _0"/>ent<span class="_ _0"/> t<span class="_ _0"/>o<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK<span class="_ _0"/> 1<span class="_ _4"/>9<span class="_ _0"/>,8<span class="_ _0"/>77 mil<span class="_ _0"/>lion)<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a<span class="_ _3"/>ll o<span class="_ _3"/>ur hyb<span class="_ _3"/>ri<span class="_ _3"/>d bon<span class="_ _3"/>ds<span class="_ _3"/>, we ha<span class="_ _3"/>ve th<span class="_ _3"/>e ri<span class="_ _3"/>ght to de<span class="_ _3"/>fer </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cou<span class="_ _3"/>po<span class="_ _3"/>n pay<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd u<span class="_ _3"/>ltim<span class="_ _3"/>ately de<span class="_ _3"/>ci<span class="_ _3"/>de no<span class="_ _3"/>t to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay <span class="_ _3"/>the<span class="_ _3"/>m at m<span class="_ _3"/>atu<span class="_ _3"/>rity. De<span class="_ _3"/>fer<span class="_ _3"/>red co<span class="_ _3"/>up<span class="_ _3"/>on pa<span class="_ _3"/>yme<span class="_ _3"/>nts <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>com<span class="_ _3"/>e pay<span class="_ _3"/>ab<span class="_ _3"/>le, how<span class="_ _3"/>ever, if we d<span class="_ _3"/>eci<span class="_ _3"/>de to p<span class="_ _3"/>ay di<span class="_ _3"/>vi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>nd<span class="_ _3"/>s to our s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er<span class="_ _3"/>s or p<span class="_ _3"/>ay cou<span class="_ _3"/>po<span class="_ _3"/>n pay<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on o<span class="_ _0"/>ther <span class="_ _0"/>hy<span class="_ _0"/>brid bonds.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a c<span class="_ _3"/>ons<span class="_ _3"/>eq<span class="_ _3"/>ue<span class="_ _3"/>nce of th<span class="_ _3"/>e sp<span class="_ _3"/>ec<span class="_ _3"/>ia<span class="_ _3"/>l term<span class="_ _3"/>s reg<span class="_ _3"/>ard<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hybr<span class="_ _3"/>id bo<span class="_ _3"/>nd<span class="_ _3"/>s, th<span class="_ _3"/>ese a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ied a<span class="_ _3"/>s eq<span class="_ _3"/>ui<span class="_ _3"/>ty, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>th<span class="_ _3"/>er<span class="_ _3"/>efore co<span class="_ _3"/>up<span class="_ _3"/>on pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hyb<span class="_ _3"/>ri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>es i<span class="_ _3"/>ssu<span class="_ _3"/>ed b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at q<span class="_ _3"/>ua<span class="_ _3"/>li<span class="_ _3"/>fy fo<span class="_ _3"/>r tre<span class="_ _3"/>at-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>n acc<span class="_ _3"/>ord<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>th th<span class="_ _3"/>e ru<span class="_ _3"/>les o<span class="_ _3"/>n com<span class="_ _3"/>po<span class="_ _3"/>un<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>st<span class="_ _3"/>rum<span class="_ _3"/>en<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e sp<span class="_ _3"/>ec<span class="_ _3"/>ia<span class="_ _3"/>l cha<span class="_ _3"/>ra<span class="_ _3"/>cte<span class="_ _3"/>ri<span class="_ _3"/>sti<span class="_ _3"/>cs o<span class="_ _3"/>f the b<span class="_ _3"/>on<span class="_ _3"/>ds<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e not<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hi<span class="_ _3"/>ch co<span class="_ _3"/>nst<span class="_ _3"/>itu<span class="_ _3"/>tes a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, is rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at p<span class="_ _3"/>res<span class="_ _3"/>ent v<span class="_ _3"/>alu<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ity h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>ed by th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ce b<span class="_ _3"/>etw<span class="_ _3"/>ee<span class="_ _3"/>n the n<span class="_ _3"/>et p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s rec<span class="_ _3"/>ei<span class="_ _3"/>ved a<span class="_ _3"/>nd t<span class="_ _3"/>he p<span class="_ _3"/>res<span class="_ _3"/>ent va<span class="_ _3"/>lu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. The ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt o<span class="_ _3"/>f the l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to ni<span class="_ _3"/>l on i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n as t<span class="_ _3"/>he o<span class="_ _3"/>nly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s the r<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al v<span class="_ _3"/>alu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1,<span class="_ _3"/>00<span class="_ _3"/>0 y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d for a<span class="_ _3"/>s di<span class="_ _3"/>vi<span class="_ _3"/>de<span class="_ _3"/>nd<span class="_ _3"/>s, wh<span class="_ _3"/>ic<span class="_ _3"/>h are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>t the t<span class="_ _3"/>im<span class="_ _3"/>e th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>is<span class="_ _3"/>es<span class="_ _3"/>. Thi<span class="_ _3"/>s is b<span class="_ _3"/>ec<span class="_ _3"/>aus<span class="_ _3"/>e th<span class="_ _3"/>e cou<span class="_ _3"/>po<span class="_ _3"/>n is d<span class="_ _3"/>isc<span class="_ _3"/>ret<span class="_ _3"/>ion<span class="_ _3"/>ar<span class="_ _3"/>y, an<span class="_ _3"/>d the<span class="_ _3"/>re<span class="_ _3"/>fore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">any d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d cou<span class="_ _3"/>po<span class="_ _3"/>n la<span class="_ _3"/>pse<span class="_ _3"/>s up<span class="_ _3"/>on ma<span class="_ _3"/>tur<span class="_ _3"/>it<span class="_ _3"/>y of the hy<span class="_ _3"/>br<span class="_ _3"/>id <span class="_ _1"/>cap<span class="_ _3"/>ita<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt of ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within<span class="_ _0"/> financing activitie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ed<span class="_ _3"/>em<span class="_ _3"/>pti<span class="_ _3"/>on of hy<span class="_ _3"/>bri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l<span class="_ _3"/>, the p<span class="_ _3"/>aym<span class="_ _3"/>e<span class="_ _3"/>nt wi<span class="_ _3"/>ll be <span class="_ _1"/>d<span class="_ _3"/>ist<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>ty, ap<span class="_ _3"/>plyi<span class="_ _3"/>ng t<span class="_ _3"/>he sa<span class="_ _3"/>me r<span class="_ _3"/>ati<span class="_ _3"/>o as w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hybr<span class="_ _3"/>id c<span class="_ _3"/>api<span class="_ _3"/>tal w<span class="_ _3"/>as i<span class="_ _3"/>ssu<span class="_ _3"/>ed<span class="_ _3"/>. Th<span class="_ _3"/>is m<span class="_ _3"/>ea<span class="_ _3"/>ns th<span class="_ _3"/>at t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he p<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>n re<span class="_ _3"/>de<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>n and t<span class="_ _3"/>he n<span class="_ _3"/>et pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>ved o<span class="_ _3"/>n is<span class="_ _3"/>su<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d di<span class="_ _3"/>rec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity, as t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g hybr<span class="_ _3"/>id i<span class="_ _3"/>ssu<span class="_ _3"/>es w<span class="_ _3"/>il<span class="_ _3"/>l be n<span class="_ _3"/>il d<span class="_ _3"/>ur<span class="_ _3"/>ing t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t of the l<span class="_ _3"/>ife o<span class="_ _3"/>f the hy<span class="_ _3"/>br<span class="_ _3"/>id ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liqui<span class="_ _3"/>dity r<span class="_ _0"/>eser<span class="_ _3"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liquid<span class="_ _3"/>ity<span class="_ _0"/> reserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity re<span class="_ _3"/>ser<span class="_ _3"/>ve a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 90<span class="_ _3"/>.7 bi<span class="_ _3"/>ll<span class="_ _3"/>ion (<span class="_ _3"/>31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2022: D<span class="_ _3"/>KK 97<span class="_ _4"/>.<span class="_ _3"/>8 bi<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve i<span class="_ _3"/>s du<span class="_ _3"/>e to a dec<span class="_ _3"/>rea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _3"/>ash a<span class="_ _3"/>nd u<span class="_ _3"/>nd<span class="_ _3"/>raw<span class="_ _3"/>n cre<span class="_ _3"/>dit fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies of D<span class="_ _3"/>KK 6<span class="_ _3"/>,03<span class="_ _3"/>3 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n and D<span class="_ _3"/>KK 6<span class="_ _3"/>,17<span class="_ _15c"/>4 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on<span class="_ _3"/>, res<span class="_ _3"/>pec<span class="_ _3"/>ti<span class="_ _3"/>vely. Par<span class="_ _3"/>tly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cou<span class="_ _3"/>nter<span class="_ _3"/>ed by an i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se in a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,0<span class="_ _3"/>8<span class="_ _3"/>8 mi<span class="_ _3"/>lli<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Col<span class="_ _0"/>lat<span class="_ _0"/>eral<span class="_ _0"/> and<span class="_ _0"/> mar<span class="_ _0"/>gin p<span class="_ _0"/>ost<span class="_ _0"/>ings</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en we t<span class="_ _3"/>rad<span class="_ _3"/>e in d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s to exe<span class="_ _3"/>cute ou<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stra<span class="_ _0"/>teg<span class="_ _0"/>y<span class="_ _0"/>, w<span class="_ _0"/>e hav<span class="_ _0"/>e tw<span class="_ _0"/>o al<span class="_ _0"/>t<span class="_ _0"/>ernatives<span class="_ _0"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e is se<span class="_ _3"/>ttled o<span class="_ _3"/>n an </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g bas<span class="_ _3"/>is th<span class="_ _3"/>rou<span class="_ _3"/>gh re<span class="_ _3"/>ce<span class="_ _3"/>ipt o<span class="_ _3"/>r pla<span class="_ _3"/>cem<span class="_ _3"/>ent o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ll<span class="_ _3"/>ate<span class="_ _3"/>ra<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re we a<span class="_ _3"/>cce<span class="_ _3"/>pt the c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk t<span class="_ _3"/>hat w<span class="_ _3"/>ill </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur if w<span class="_ _3"/>e ga<span class="_ _3"/>in on t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g un<span class="_ _3"/>de<span class="_ _3"/>r both ty<span class="_ _3"/>pe<span class="_ _3"/>s of ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of cou<span class="_ _3"/>nter<span class="_ _3"/>par<span class="_ _3"/>t<span class="_ _3"/>ies w<span class="_ _3"/>ith w<span class="_ _3"/>hom w<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _3"/>ng<span class="_ _3"/>ag<span class="_ _3"/>in<span class="_ _3"/>g to ac<span class="_ _3"/>hiev<span class="_ _3"/>e the m<span class="_ _3"/>ost o<span class="_ _3"/>pti<span class="_ _3"/>ma<span class="_ _3"/>l pr<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te and l<span class="_ _3"/>im<span class="_ _3"/>it t<span class="_ _3"/>he pote<span class="_ _3"/>nti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve im<span class="_ _3"/>pa<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on o<span class="_ _3"/>ur ca<span class="_ _3"/>sh p<span class="_ _3"/>osi<span class="_ _3"/>tio<span class="_ _3"/>n from te<span class="_ _3"/>mp<span class="_ _3"/>ora<span class="_ _3"/>r<span class="_ _3"/>y flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>, we ac<span class="_ _3"/>ti<span class="_ _3"/>vely ma<span class="_ _3"/>na<span class="_ _3"/>ge th<span class="_ _3"/>e volu<span class="_ _3"/>me of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>de<span class="_ _3"/>s bet<span class="_ _3"/>wee<span class="_ _3"/>n tra<span class="_ _3"/>di<span class="_ _3"/>ng wi<span class="_ _3"/>th a<span class="_ _3"/>nd wi<span class="_ _3"/>tho<span class="_ _3"/>ut co<span class="_ _3"/>llate<span class="_ _3"/>ral </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As of 31 D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, 12 <span class="_ _4"/>% (20<span class="_ _3"/>22: 31 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r an<span class="_ _3"/>d ga<span class="_ _3"/>s tra<span class="_ _3"/>des a<span class="_ _3"/>nd 8<span class="_ _3"/>8 <span class="_ _15c"/>% (2<span class="_ _3"/>022: 8<span class="_ _3"/>6 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>ncy, inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd i<span class="_ _3"/>ntere<span class="_ _3"/>st rate h<span class="_ _3"/>ed<span class="_ _3"/>ges h<span class="_ _3"/>ad d<span class="_ _3"/>ai<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">margin<span class="_ _0"/> sett<span class="_ _0"/>l<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o l<span class="_ _3"/>im<span class="_ _3"/>it ca<span class="_ _3"/>sh i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t, we a<span class="_ _3"/>ls<span class="_ _3"/>o provi<span class="_ _3"/>de n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>ash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l as pa<span class="_ _3"/>re<span class="_ _3"/>nt com<span class="_ _3"/>pa<span class="_ _3"/>ny and b<span class="_ _3"/>an<span class="_ _3"/>k gu<span class="_ _3"/>ara<span class="_ _3"/>ntee<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le. At th<span class="_ _3"/>e en<span class="_ _3"/>d of De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3, we ha<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cove<span class="_ _3"/>red EU<span class="_ _3"/>R 0.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n in co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d var<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n ma<span class="_ _3"/>rgi<span class="_ _3"/>ns o<span class="_ _3"/>n en<span class="_ _3"/>ergy h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s thr<span class="_ _3"/>oug<span class="_ _3"/>h a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>rent com<span class="_ _3"/>pany gu<span class="_ _3"/>arantee<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r col<span class="_ _3"/>late<span class="_ _3"/>ral a<span class="_ _3"/>nd m<span class="_ _3"/>arg<span class="_ _3"/>in p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s rel<span class="_ _3"/>ated to tra<span class="_ _3"/>d<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g wit<span class="_ _3"/>h de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>nd co<span class="_ _3"/>llate<span class="_ _3"/>ral r<span class="_ _3"/>ela<span class="_ _3"/>ted to in<span class="_ _3"/>sura<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd es<span class="_ _3"/>crow a<span class="_ _3"/>ccou<span class="_ _3"/>nts h<span class="_ _3"/>ave d<span class="_ _3"/>ecr<span class="_ _3"/>ea<span class="_ _3"/>sed f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 17<span class="_ _15c"/>.<span class="_ _3"/>3 bi<span class="_ _3"/>ll<span class="_ _3"/>ion a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>022 to DK<span class="_ _3"/>K 7<span class="_ _15c"/>.9 bil<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. T<span class="_ _3"/>he de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>e was <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>l<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dr<span class="_ _3"/>ive<span class="_ _3"/>n by the la<span class="_ _3"/>rg<span class="_ _3"/>e dec<span class="_ _3"/>rea<span class="_ _3"/>se i<span class="_ _3"/>n powe<span class="_ _3"/>r an<span class="_ _3"/>d gas p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e yea<span class="_ _3"/>r, colla<span class="_ _3"/>tera<span class="_ _3"/>l pay<span class="_ _3"/>me<span class="_ _3"/>nts re<span class="_ _3"/>late<span class="_ _3"/>d to vari<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l ma<span class="_ _3"/>rgi<span class="_ _3"/>ns d<span class="_ _3"/>ec<span class="_ _3"/>rea<span class="_ _3"/>sed by D<span class="_ _3"/>KK 2.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d DK<span class="_ _3"/>K 7<span class="_ _15c"/>.<span class="_ _3"/>1 bi<span class="_ _3"/>ll<span class="_ _3"/>ion<span class="_ _3"/>, res<span class="_ _3"/>pe<span class="_ _3"/>ct<span class="_ _3"/>ive<span class="_ _3"/>l<span class="_ _0"/>y, and a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 3.<span class="_ _0"/>9 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>n and v<span class="_ _3"/>ari<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>arg<span class="_ _3"/>in r<span class="_ _3"/>ela<span class="_ _3"/>te t<span class="_ _0"/>o e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>, an<span class="_ _3"/>d the c<span class="_ _3"/>red<span class="_ _3"/>it su<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>t an<span class="_ _3"/>ne<span class="_ _3"/>x (C<span class="_ _3"/>SA) re<span class="_ _3"/>lates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to cur<span class="_ _3"/>ren<span class="_ _3"/>cy, inf<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>teres<span class="_ _3"/>t rate he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. Ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">col<span class="_ _3"/>late<span class="_ _3"/>ral m<span class="_ _3"/>ai<span class="_ _3"/>nly rela<span class="_ _3"/>tes to in<span class="_ _3"/>sur<span class="_ _3"/>an<span class="_ _3"/>ce li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">esc<span class="_ _3"/>row acc<span class="_ _3"/>oun<span class="_ _3"/>ts<span class="_ _3"/>. Fur<span class="_ _3"/>th<span class="_ _3"/>er s<span class="_ _3"/>ecu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>an b<span class="_ _3"/>e pla<span class="_ _3"/>ced </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l in re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>s pa<span class="_ _3"/>rt of o<span class="_ _3"/>ur ca<span class="_ _3"/>sh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 163.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s, s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance shee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 425.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>draf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts that ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e part of the ongoing cash management<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.66px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>. s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,144<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>16,175</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.5078px; width: 143.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.743px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 122.773px; width: 164.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Securities can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, av<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ailabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 438.251px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29,515<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,428</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or use<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.658px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>769</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 164.789px; width: 631.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.73px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our cash and s<span class="_ _0"/>ecurities divided int<span class="_ _0"/>o avail<span class="_ _0"/>able and no<span class="_ _0"/>t avail<span class="_ _0"/>able f<span class="_ _0"/>or us<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 98.0332px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of securitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 627.205px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 164.203px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>Fixed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2422px; width: 45.1758px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturities</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 627.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0-2 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,064<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,032<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,096<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,315</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 626.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">371<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,287<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,986</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 626.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Af<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ter 5 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 155.297px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,583<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,565<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,148<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,666<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,896</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.2734px; width: 627.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arrying amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,018<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>23,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,664<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,533<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our securities split int<span class="_ _0"/>o mat<span class="_ _0"/>urities and fixed or floating int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>es. <span class="_ _0"/>The o<span class="_ _0"/>vervie<span class="_ _0"/>w includes int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps us<span class="_ _0"/>ed to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">manage the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk on the securities<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash,<span class="_ _0"/> c<span class="_ _0"/>ash<span class="_ _0"/> equiv<span class="_ _0"/>alent<span class="_ _0"/>s, an<span class="_ _0"/>d s<span class="_ _0"/>ecur<span class="_ _0"/>itie<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re a key ele<span class="_ _3"/>me<span class="_ _3"/>nt in o<span class="_ _3"/>ur l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>erefo<span class="_ _3"/>re, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts a<span class="_ _3"/>re m<span class="_ _3"/>ai<span class="_ _3"/>nly mad<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>A<span class="_ _3"/>A-r<span class="_ _3"/>ated D<span class="_ _3"/>an<span class="_ _3"/>ish m<span class="_ _3"/>or<span class="_ _3"/>tga<span class="_ _3"/>ge b<span class="_ _3"/>on<span class="_ _3"/>ds an<span class="_ _3"/>d, to a le<span class="_ _3"/>sse<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent<span class="_ _3"/>, in ot<span class="_ _3"/>he<span class="_ _3"/>r bo<span class="_ _3"/>nds<span class="_ _3"/>. M<span class="_ _3"/>ost of t<span class="_ _3"/>he se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es q<span class="_ _3"/>ua<span class="_ _3"/>lif<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>ith th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh ce<span class="_ _3"/>ntra<span class="_ _3"/>l ba<span class="_ _3"/>nk<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Danmarks Nationalbank<span class="_ _3"/>’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _3"/>Sec<span class="_ _3"/>uri<span class="_ _3"/>ti<span class="_ _3"/>es not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble for u<span class="_ _3"/>se’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pledged<span class="_ _0"/> as c<span class="_ _0"/>olla<span class="_ _0"/>ter<span class="_ _0"/>al f<span class="_ _0"/>or:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>i<span class="_ _3"/>nsu<span class="_ _3"/>ran<span class="_ _3"/>ce<span class="_ _3"/>-re<span class="_ _3"/>late<span class="_ _3"/>d prov<span class="_ _3"/>isi<span class="_ _3"/>ons<span class="_ _3"/>: DK<span class="_ _3"/>K 387 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 381 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g in f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s: D<span class="_ _3"/>KK 0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 388 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, w<span class="_ _3"/>e had r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l in th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt of DK<span class="_ _3"/>K 286 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,1<span class="_ _0"/>94 mil<span class="_ _3"/>li<span class="_ _3"/>on) co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>osi<span class="_ _3"/>tive <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh not a<span class="_ _3"/>va<span class="_ _3"/>ila<span class="_ _3"/>ble fo<span class="_ _3"/>r use’ c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>ses<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>ing w<span class="_ _3"/>ith f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts: D<span class="_ _3"/>KK 421 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 366 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce-<span class="_ _3"/>re<span class="_ _3"/>lated p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>ns: <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 41 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 38 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>ayab<span class="_ _3"/>les fo<span class="_ _3"/>r the p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se of ga<span class="_ _3"/>s th<span class="_ _3"/>at ha<span class="_ _3"/>s not <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yet b<span class="_ _3"/>ee<span class="_ _3"/>n sett<span class="_ _3"/>led<span class="_ _3"/>, pla<span class="_ _3"/>ced o<span class="_ _3"/>n a res<span class="_ _3"/>tri<span class="_ _3"/>cte<span class="_ _3"/>d acco<span class="_ _3"/>unt<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 2,<span class="_ _3"/>029 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls62 ws2c"> <span class="_ _16"> </span> <span class="_ _49"/>collateral for o<span class="_ _0"/>ther transac<span class="_ _3"/>tions: <span class="ls0 ws0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 38 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">F<span class="_ _0"/>air v<span class="_ _0"/>alue measurement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:255.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 194.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value hier<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arch<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y of financial instruments</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 5.99219px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 509.594px; top: 5.99219px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 758.906px; top: 5.97656px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 816.375px; top: 5.97656px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 365.656px; top: 18.0078px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 479.891px; top: 17.9922px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 557.625px; top: 17.9922px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 672.016px; top: 17.9922px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 787.453px; top: 17.9766px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 863.672px; top: 17.9609px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 28.834px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 392.062px; top: 30.0078px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 29.9922px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 545.953px; top: 29.9766px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023</span></span><span style="position: absolute; display: inline-block; left: 698.359px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 774.922px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 851.516px; top: 29.9609px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.6973px; width: 962.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 62.2266px; width: 963.152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>entory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 334.594px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 80.9629px; width: 962.994px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bonds<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 397.26px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.4766px; width: 963.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 357.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.447px; width: 962.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,701<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,744<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,241<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,278</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.447px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 141.447px; width: 962.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.961px; width: 963.311px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 302.443px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,786<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,829<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,200<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,237</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.977px; width: 42.4922px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 204.713px; width: 962.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,424<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,660<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,592<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,713</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 218.729px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.729px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 246.242px; width: 963.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 289.266px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,976<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>57,559</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All asse<span class="_ _0"/>ts and liabilities measur<span class="_ _0"/>ed at mark<span class="_ _0"/>et v<span class="_ _0"/>alue are measur<span class="_ _0"/>ed on a r<span class="_ _0"/>ecurring basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>t fai<span class="_ _3"/>r valu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A nu<span class="_ _3"/>mb<span class="_ _3"/>er of o<span class="_ _3"/>ur d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s, m<span class="_ _3"/>ai<span class="_ _3"/>nly powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s, a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>red b<span class="_ _3"/>as<span class="_ _3"/>ed on u<span class="_ _3"/>no<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inputs due<span class="_ _0"/> to<span class="_ _0"/> the<span class="_ _0"/> long<span class="_ _0"/> duration<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> con<span class="_ _0"/>tracts.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm US p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces (m<span class="_ _3"/>ai<span class="_ _3"/>nly ERCOT) a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>rm<span class="_ _3"/>an p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation<span class="_ _0"/> principl<span class="_ _0"/>es<span class="_ _0"/> and pro<span class="_ _0"/>cess</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In o<span class="_ _3"/>rde<span class="_ _3"/>r to mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>se th<span class="_ _3"/>e use of s<span class="_ _3"/>ubj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve est<span class="_ _3"/>im<span class="_ _3"/>ates o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>cati<span class="_ _3"/>on<span class="_ _3"/>s of pa<span class="_ _3"/>ram<span class="_ _3"/>eter<span class="_ _3"/>s an<span class="_ _3"/>d calcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n mod<span class="_ _3"/>el<span class="_ _3"/>s<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">it i<span class="_ _3"/>s ou<span class="_ _3"/>r pol<span class="_ _3"/>ic<span class="_ _3"/>y to deter<span class="_ _3"/>mi<span class="_ _3"/>ne fa<span class="_ _3"/>ir va<span class="_ _3"/>lue b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l info<span class="_ _3"/>rma<span class="_ _3"/>tio<span class="_ _3"/>n th<span class="_ _3"/>at mo<span class="_ _3"/>st a<span class="_ _3"/>ccur<span class="_ _3"/>ately ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es<span class="_ _3"/>. We use p<span class="_ _3"/>ric<span class="_ _3"/>in<span class="_ _3"/>g ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s and b<span class="_ _3"/>en<span class="_ _3"/>ch<span class="_ _3"/>ma<span class="_ _3"/>rk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vice<span class="_ _3"/>s to in<span class="_ _3"/>crea<span class="_ _3"/>se th<span class="_ _3"/>e da<span class="_ _3"/>ta qua<span class="_ _3"/>li<span class="_ _3"/>ty. Ma<span class="_ _3"/>rket va<span class="_ _3"/>lu<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are d<span class="_ _3"/>ete<span class="_ _3"/>rmi<span class="_ _3"/>ne<span class="_ _3"/>d by the R<span class="_ _3"/>is<span class="_ _3"/>k Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt fu<span class="_ _3"/>nc<span class="_ _3"/>tio<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al p<span class="_ _3"/>ric<span class="_ _3"/>e provi<span class="_ _3"/>de<span class="_ _3"/>rs to e<span class="_ _3"/>nsu<span class="_ _3"/>re a hi<span class="_ _3"/>gh q<span class="_ _3"/>ua<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity i<span class="_ _3"/>n ou<span class="_ _3"/>r pr<span class="_ _3"/>ice cu<span class="_ _3"/>r<span class="_ _3"/>ves<span class="_ _3"/>. Wh<span class="_ _3"/>ere p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we mo<span class="_ _3"/>de<span class="_ _3"/>l th<span class="_ _3"/>e pri<span class="_ _3"/>ces b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>ur p<span class="_ _3"/>rio<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>ri<span class="_ _3"/>en<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>re rele<span class="_ _3"/>vant a<span class="_ _3"/>nd p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>va<span class="_ _3"/>li<span class="_ _3"/>da<span class="_ _3"/>te our p<span class="_ _3"/>ri<span class="_ _3"/>ce cur<span class="_ _3"/>ve<span class="_ _3"/>s ag<span class="_ _3"/>ai<span class="_ _3"/>nst t<span class="_ _3"/>hi<span class="_ _3"/>rd-<span class="_ _3"/>pa<span class="_ _3"/>r<span class="_ _3"/>ty da<span class="_ _3"/>ta.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fai<span class="_ _3"/>r va<span class="_ _3"/>lu<span class="_ _3"/>e hi<span class="_ _3"/>era<span class="_ _3"/>rc<span class="_ _3"/>hy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on q<span class="_ _3"/>uoted p<span class="_ _3"/>ri<span class="_ _3"/>ces co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e <span class="_ _49"/>q<span class="_ _3"/>uote<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ives t<span class="_ _3"/>hat a<span class="_ _3"/>re tra<span class="_ _3"/>de<span class="_ _3"/>d in a<span class="_ _3"/>ct<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket<span class="_ _3"/>s<span class="_ _3"/>. The m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue<span class="_ _3"/>s of de<span class="_ _3"/>riv<span class="_ _3"/>ati<span class="_ _3"/>ves tra<span class="_ _3"/>de<span class="_ _3"/>d in <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>ct<span class="_ _3"/>ive m<span class="_ _3"/>ar<span class="_ _3"/>ket is of<span class="_ _3"/>ten s<span class="_ _3"/>ettle<span class="_ _3"/>d on a d<span class="_ _3"/>ai<span class="_ _3"/>l<span class="_ _0"/>y ba<span class="_ _3"/>si<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ere<span class="_ _3"/>by mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>sin<span class="_ _3"/>g th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue p<span class="_ _3"/>res<span class="_ _3"/>ente<span class="_ _3"/>d on <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the b<span class="_ _0"/>alance<span class="_ _0"/> sheet.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves w<span class="_ _3"/>he<span class="_ _3"/>re val<span class="_ _3"/>uat<span class="_ _3"/>ion m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s wi<span class="_ _3"/>th ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>ts a<span class="_ _3"/>re use<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on no<span class="_ _3"/>n-<span class="_ _3"/>o<span class="_ _3"/>bse<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s ma<span class="_ _3"/>in<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">comprise<span class="_ _0"/> long-<span class="_ _0"/>t<span class="_ _0"/>erm po<span class="_ _0"/>wer pur<span class="_ _0"/>chase<span class="_ _0"/> agreements<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(CPPAs) th<span class="_ _3"/>at loc<span class="_ _3"/>k th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce of th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion ov<span class="_ _3"/>er a p<span class="_ _3"/>eri<span class="_ _3"/>od of u<span class="_ _3"/>p to 10<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>0 yea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to the lo<span class="_ _3"/>ng d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>ese C<span class="_ _3"/>PP<span class="_ _0"/>As<span class="_ _3"/>, powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are n<span class="_ _3"/>ot ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>bl<span class="_ _3"/>e for a lar<span class="_ _3"/>ge pa<span class="_ _3"/>r<span class="_ _3"/>t of the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are b<span class="_ _0"/>ased<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on U<span class="_ _3"/>S powe<span class="_ _3"/>r pr<span class="_ _3"/>ices (<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y ERCOT) a<span class="_ _3"/>nd G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">power p<span class="_ _3"/>rices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Estima<span class="_ _3"/>ting as-produced pow<span class="_ _0"/>er prices</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Si<span class="_ _3"/>nce o<span class="_ _3"/>ur C<span class="_ _3"/>PP<span class="_ _0"/>As a<span class="_ _3"/>re no<span class="_ _3"/>rm<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y set<span class="_ _3"/>tled o<span class="_ _3"/>n the a<span class="_ _3"/>ctu<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s ava<span class="_ _3"/>ila<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e mar<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ket a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n a con<span class="_ _3"/>stant p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on (f<span class="_ _3"/>lat p<span class="_ _3"/>rofi<span class="_ _3"/>le)<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we take i<span class="_ _3"/>nto acc<span class="_ _3"/>oun<span class="_ _3"/>t tha<span class="_ _3"/>t ou<span class="_ _3"/>r exp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not co<span class="_ _3"/>ns<span class="_ _3"/>tant<span class="_ _3"/>, an<span class="_ _3"/>d thu<span class="_ _3"/>s ou<span class="_ _3"/>r CPP<span class="_ _0"/>A<span class="_ _3"/>s wil<span class="_ _3"/>l not b<span class="_ _3"/>e sett<span class="_ _3"/>led </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t a fla<span class="_ _3"/>t prof<span class="_ _3"/>ile p<span class="_ _3"/>ri<span class="_ _3"/>ce (see d<span class="_ _3"/>es<span class="_ _3"/>cri<span class="_ _3"/>pti<span class="_ _3"/>on of vo<span class="_ _3"/>lum<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk i<span class="_ _3"/>n note 6.<span class="_ _3"/>2). Fo<span class="_ _3"/>r the m<span class="_ _3"/>aj<span class="_ _3"/>ori<span class="_ _3"/>ty of ou<span class="_ _3"/>r ma<span class="_ _3"/>rke<span class="_ _3"/>ts<span class="_ _3"/>, the f<span class="_ _3"/>lat </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>i<span class="_ _3"/>le powe<span class="_ _3"/>r pr<span class="_ _3"/>ice ca<span class="_ _3"/>n be o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>ved for a m<span class="_ _3"/>ax<span class="_ _3"/>im<span class="_ _3"/>um </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of fou<span class="_ _3"/>r to six y<span class="_ _3"/>ea<span class="_ _3"/>rs i<span class="_ _3"/>n the m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>fte<span class="_ _3"/>r whi<span class="_ _3"/>ch a<span class="_ _3"/>n ac<span class="_ _3"/>tiv<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>ist<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:138.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 236.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es valued on the basis o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f unobservabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e input</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.629px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value at 1 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.581px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(14,687)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,448)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ofit or l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 364.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(31)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(322)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough other c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ompr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ehensive income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,766<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,476)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sales/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>redemp<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 449.19px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,366<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,190</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.57px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Purchas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es/issues<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 465.439px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(497)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 324.826px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,773)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 311.947px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> 308<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">639</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.273px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value at 31 D<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 392.051px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:110.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 180.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able input per c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ommodity pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 422.272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,261)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,580)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,642)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(737)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,263)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 455.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(37)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 499.406px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(70)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 631.312px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The main unobserv<span class="_ _0"/>able inputs ar<span class="_ _0"/>e US po<span class="_ _0"/>wer pric<span class="_ _0"/>es and German pow<span class="_ _0"/>er prices<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.376953125px;"><span style="position: absolute; display: inline-block; left: 363.172px; top: 0.0078125px; width: 268.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er price (DKK/MWh)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Sensitivity (DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 215.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of signific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able inputs and<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 274.047px; top: 18.2578px; width: 43.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eight<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 51.8438px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">sensitivities</span><span style="position: absolute; display: inline-block; left: 280.453px; top: 30.2578px; width: 36.5098px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">aver<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>age</span><span style="position: absolute; display: inline-block; left: 352.219px; top: 30.2578px; width: 41.1797px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">minimum</span><span style="position: absolute; display: inline-block; left: 424.906px; top: 30.2578px; width: 205.395px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">maximum<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">+25 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-25 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.5078px; width: 156.258px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intermit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ency-adjust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>wer pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.9941px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 198.621px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">297<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>81<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>971<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,303)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,634</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany (2025-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 202.781px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">440<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>654<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,256)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,256</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">302<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>422<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(530)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>520</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US SPP (2024-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 212.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">189<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>128<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(436)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>583</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Irel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and (2024-2042)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>389<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>808<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>69</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws the significant unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e inputs used in the f<span class="_ _4"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value measur<span class="_ _0"/>ements c<span class="_ _0"/>ategoris<span class="_ _0"/>ed as le<span class="_ _0"/>vel 3 o<span class="_ _0"/>f the f<span class="_ _0"/>air val<span class="_ _0"/>ue hierar<span class="_ _0"/>ch<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toge<span class="_ _0"/>ther with a sensitivit<span class="_ _0"/>y anal<span class="_ _0"/>ysis as at 31 Dec<span class="_ _0"/>ember 2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If intermit<span class="_ _0"/>t<span class="_ _0"/>ency-adjus<span class="_ _0"/>ted po<span class="_ _0"/>wer pric<span class="_ _0"/>es in German<span class="_ _0"/>y as of 31 December<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 increas<span class="_ _0"/>ed/<span class="_ _0"/>decr<span class="_ _0"/>eased b<span class="_ _0"/>y 25 <span class="_ _4"/>%, the mark<span class="_ _0"/>et value w<span class="_ _0"/>ould decr<span class="_ _0"/>ease<span class="_ _0"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">increas<span class="_ _0"/>e by DKK 1,256 mil<span class="_ _0"/>lion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation techniques and significant<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e<span class="_ _0"/> inputs<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use a d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>ted cas<span class="_ _3"/>h flow m<span class="_ _3"/>od<span class="_ _3"/>el fo<span class="_ _3"/>r the va<span class="_ _3"/>lu<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of pow<span class="_ _3"/>er d<span class="_ _3"/>er<span class="_ _3"/>ivat<span class="_ _3"/>ive<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e US pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>has<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts g<span class="_ _3"/>ive e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e lon<span class="_ _3"/>g-ter<span class="_ _3"/>m US pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>es, m<span class="_ _3"/>ai<span class="_ _3"/>nly in t<span class="_ _3"/>he ERCOT<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">SPP<span class="_ _0"/>, an<span class="_ _3"/>d MI<span class="_ _3"/>SO re<span class="_ _3"/>gio<span class="_ _3"/>ns<span class="_ _3"/>. Th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t four to s<span class="_ _3"/>ix ye<span class="_ _3"/>ar<span class="_ _3"/>s. F<span class="_ _3"/>or th<span class="_ _3"/>e follow<span class="_ _3"/>in<span class="_ _3"/>g four </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to si<span class="_ _3"/>x yea<span class="_ _3"/>rs<span class="_ _3"/>, the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce is e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted ba<span class="_ _3"/>sed o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>np<span class="_ _3"/>ut<span class="_ _3"/>s (gas p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>nd h<span class="_ _3"/>eat r<span class="_ _3"/>ates). F<span class="_ _3"/>or th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s non<span class="_ _3"/>-<span class="_ _3"/> <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>ated by e<span class="_ _3"/>xt<span class="_ _3"/>rap<span class="_ _3"/>ola<span class="_ _3"/>tin<span class="_ _3"/>g the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toward<span class="_ _3"/>s th<span class="_ _3"/>e U.S<span class="_ _3"/>. En<span class="_ _3"/>er<span class="_ _3"/>gy Info<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on Ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>stra<span class="_ _3"/>tio<span class="_ _3"/>n's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>e forec<span class="_ _3"/>ast<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g si<span class="_ _3"/>mi<span class="_ _3"/>lar s<span class="_ _3"/>ea<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>lit<span class="_ _3"/>y as i<span class="_ _3"/>n prev<span class="_ _3"/>iou<span class="_ _3"/>s pe<span class="_ _3"/>ri<span class="_ _3"/>ods<span class="_ _3"/>. A<span class="_ _3"/>s only a mi<span class="_ _3"/>no<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>d is w<span class="_ _3"/>ith<span class="_ _3"/>in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s are n<span class="_ _3"/>on<span class="_ _3"/>-o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le, we c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>y th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le in<span class="_ _3"/>pu<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>ny and o<span class="_ _3"/>the<span class="_ _3"/>r cou<span class="_ _3"/>ntr<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>re we ha<span class="_ _3"/>ve lon<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m PP<span class="_ _0"/>A cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce is o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for u<span class="_ _3"/>p to fiv<span class="_ _3"/>e yea<span class="_ _3"/>rs<span class="_ _3"/>. Wh<span class="_ _3"/>en p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re no lo<span class="_ _3"/>nge<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e ma<span class="_ _3"/>rket<span class="_ _3"/>, we ha<span class="_ _3"/>ve es<span class="_ _3"/>tim<span class="_ _3"/>ated t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r pr<span class="_ _3"/>ice by ex<span class="_ _3"/>tr<span class="_ _3"/>apo<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g the la<span class="_ _3"/>st ye<span class="_ _3"/>ar w<span class="_ _3"/>ith a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">observabl<span class="_ _0"/>e p<span class="_ _0"/>ow<span class="_ _0"/>er pri<span class="_ _0"/>ce,<span class="_ _0"/> t<span class="_ _0"/>aking exp<span class="_ _0"/>ected<span class="_ _0"/> in<span class="_ _0"/>flati<span class="_ _0"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d se<span class="_ _3"/>aso<span class="_ _3"/>na<span class="_ _3"/>li<span class="_ _3"/>ty into a<span class="_ _3"/>ccou<span class="_ _3"/>nt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquired CPP<span class="_ _0"/>As</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m lon<span class="_ _3"/>g-te<span class="_ _3"/>rm CP<span class="_ _3"/>P<span class="_ _0"/>As </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acq<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d in a b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss co<span class="_ _3"/>mb<span class="_ _3"/>ina<span class="_ _3"/>ti<span class="_ _3"/>on is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>nu<span class="_ _3"/>e in p<span class="_ _3"/>rofi<span class="_ _3"/>t or los<span class="_ _3"/>s in t<span class="_ _3"/>he fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod to w<span class="_ _3"/>hi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue re<span class="_ _3"/>late<span class="_ _3"/>s. T<span class="_ _3"/>hi<span class="_ _3"/>s ef<span class="_ _3"/>fect<span class="_ _3"/>ive<span class="_ _3"/>ly inc<span class="_ _3"/>rea<span class="_ _3"/>ses o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>s the r<span class="_ _3"/>even<span class="_ _3"/>ue f<span class="_ _3"/>rom th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pr<span class="_ _3"/>ice to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice a<span class="_ _3"/>t the c<span class="_ _3"/>losi<span class="_ _3"/>ng d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d an i<span class="_ _3"/>nco<span class="_ _3"/>me of D<span class="_ _3"/>KK 1<span class="_ _0"/>97 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 228 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n) re<span class="_ _3"/>lated to th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m CPPAs<span class="_ _3"/>. Th<span class="_ _3"/>e total am<span class="_ _3"/>ou<span class="_ _3"/>nt of in<span class="_ _3"/>it<span class="_ _3"/>ia<span class="_ _3"/>l fair </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue a<span class="_ _3"/>s of 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s to a loss of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1,24<span class="_ _3"/>3 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: lo<span class="_ _3"/>ss of D<span class="_ _3"/>KK 1,<span class="_ _3"/>497 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>il<span class="_ _3"/>l be re<span class="_ _3"/>cog<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>s reven<span class="_ _3"/>ue i<span class="_ _3"/>n a fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _0"/>te<span class="_ _0"/>gor<span class="_ _0"/>ies<span class="_ _0"/> o<span class="_ _0"/>f fin<span class="_ _0"/>anci<span class="_ _0"/>al ins<span class="_ _0"/>trum<span class="_ _0"/>ents</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.8</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:342.203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 155.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Categorie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s of financial instruments</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,251<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,775</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 482.479px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s measured at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value via the inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">37,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>42,972</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 447.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,783<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,709</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 448.748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">795<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>275</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">478</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es (ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets) used as hedging instrument<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 316.453px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,578<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,462</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 447.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,107<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,701</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ounts r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 414.81px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,200<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,459</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 165.275px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,626<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,649</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.789px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s measured at amortised c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 327.603px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">28,933<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>40,809</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 197.525px; width: 631.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,712<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 211.039px; width: 631.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities measured at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue via the income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,712<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 230.682px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 444.064px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41,237</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.682px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 448.748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>697</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.682px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 389.82px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,073</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 272.195px; width: 631.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es (liabilities) used as hedging instrument<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 297.926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">18,500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,007</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 290.932px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank loans and issued bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 398.685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">79,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63,281</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 304.947px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 456.668px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,915<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,641</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 318.947px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ounts payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 424.001px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,591<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,310</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 332.461px; width: 631.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities measured at amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed cost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 309.193px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">103,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>95,232</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our financial instruments divided int<span class="_ _0"/>o c<span class="_ _0"/>ategories<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cat<span class="_ _0"/>egories indicat<span class="_ _0"/>e ho<span class="_ _0"/>w the financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the financial s<span class="_ _0"/>tat<span class="_ _0"/>ement.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial instruments are<span class="_ _0"/> used<span class="_ _0"/> for<span class="_ _0"/> various purpos<span class="_ _0"/>es. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The purpo<span class="_ _0"/>se de<span class="_ _0"/>termines<span class="_ _0"/> the<span class="_ _0"/> cat<span class="_ _0"/>egory<span class="_ _0"/>, and<span class="_ _0"/> whether<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e valu<span class="_ _3"/>e ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent of t<span class="_ _3"/>he i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nt sh<span class="_ _3"/>ou<span class="_ _3"/>ld be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e prof<span class="_ _3"/>it (l<span class="_ _3"/>oss) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar o<span class="_ _3"/>r as pa<span class="_ _3"/>r<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g rese<span class="_ _3"/>r<span class="_ _3"/>ve in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r valu<span class="_ _3"/>e of f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>red <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a<span class="_ _3"/>mo<span class="_ _3"/>rt<span class="_ _3"/>ise<span class="_ _3"/>d cos<span class="_ _3"/>t is id<span class="_ _3"/>en<span class="_ _3"/>tica<span class="_ _3"/>l to the c<span class="_ _3"/>arr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th the e<span class="_ _3"/>xce<span class="_ _3"/>pti<span class="_ _3"/>on of ba<span class="_ _3"/>nk l<span class="_ _3"/>oan<span class="_ _3"/>s an<span class="_ _3"/>d is<span class="_ _3"/>sue<span class="_ _3"/>d bo<span class="_ _3"/>nds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he ma<span class="_ _3"/>rke<span class="_ _3"/>t valu<span class="_ _3"/>e is s<span class="_ _3"/>tated i<span class="_ _3"/>n note 5.<span class="_ _3"/>1 ‘I<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _0"/> <span class="_ _49"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>ar<span class="_ _3"/>in<span class="_ _3"/>g net d<span class="_ _3"/>ebt a<span class="_ _3"/>nd F<span class="_ _3"/>FO’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity ana<span class="_ _3"/>l<span class="_ _0"/>y<span class="_ _0"/>sis of fina<span class="_ _3"/>ncial ins<span class="_ _3"/>truments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.9</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.189453125px;"><span style="position: absolute; display: inline-block; left: 350.781px; top: 0.0078125px; width: 280.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31 December 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 138.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Sensitivit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sis of financial </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 55.1719px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">instruments </span><span style="position: absolute; display: inline-block; left: 226.484px; top: 31.0234px; width: 23.8418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Price <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 365.656px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 471.453px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 561.172px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.3984px; width: 30.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 215.281px; top: 43.0234px; width: 32.6836px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">change</span><span style="position: absolute; display: inline-block; left: 272.641px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 390.609px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 587.047px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 227.9px; white-space: pre; word-spacing: 0.216px; letter-spacing: -0.216px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Powe<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 227.9px; top: 61.7598px; width: 403.506px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(277)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,119)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,791)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,382)</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 75.7598px; width: 406.471px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">562<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,263<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,794<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,402</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 211.371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(588)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(127)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>177</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 103.775px; width: 406.441px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">588<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>127<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(177)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(360)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>277</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 131.775px; width: 406.652px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">360<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(158)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>608<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.791px; width: 631.236px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,430)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,727)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 159.791px; width: 406.148px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(817)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,965<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,727</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.791px; width: 631.465px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(947)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(853)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 187.791px; width: 406.664px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,070<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>947<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>853</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(386)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(743)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 215.807px; width: 406.371px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">386<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 229.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(212)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(15)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(899)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(125)</span><span style="position: absolute; display: inline-block; left: 230.125px; top: 243.822px; width: 400.729px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>899<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.822px; width: 208.699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 208.699px; top: 257.822px; width: 197.496px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 406.195px; top: 257.822px; width: 224.982px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,162)</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.822px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>920<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(332)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,224</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e se<span class="_ _3"/>nsi<span class="_ _3"/>tiv<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ys<span class="_ _3"/>is in t<span class="_ _3"/>he ta<span class="_ _3"/>ble sh<span class="_ _3"/>ows th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>es<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g a rel<span class="_ _3"/>ati<span class="_ _3"/>ve pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t on pr<span class="_ _3"/>ofi<span class="_ _3"/>t (los<span class="_ _3"/>s) befor<span class="_ _3"/>e tax com<span class="_ _3"/>p<span class="_ _3"/>ris<span class="_ _3"/>es fi<span class="_ _3"/>na<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts th<span class="_ _3"/>at re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>pe<span class="_ _3"/>n at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate, a<span class="_ _3"/>nd w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve an e<span class="_ _3"/>ffe<span class="_ _3"/>ct o<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cur<span class="_ _3"/>rent f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ef<span class="_ _3"/>fec<span class="_ _3"/>t on eq<span class="_ _3"/>ui<span class="_ _3"/>ty b<span class="_ _3"/>efore ta<span class="_ _3"/>x com<span class="_ _3"/>pri<span class="_ _3"/>ses f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts t<span class="_ _3"/>hat r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>ne<span class="_ _3"/>d ope<span class="_ _3"/>n at t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce s<span class="_ _3"/>hee<span class="_ _3"/>t date<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d wh<span class="_ _3"/>ich a<span class="_ _3"/>re va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted d<span class="_ _3"/>ire<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s in<span class="_ _3"/>clud<span class="_ _3"/>e de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>s wel<span class="_ _3"/>l as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eivabl<span class="_ _0"/>es<span class="_ _0"/> and pa<span class="_ _0"/>yabl<span class="_ _0"/>es in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> c<span class="_ _0"/>urrencie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e il<span class="_ _3"/>lust<span class="_ _3"/>rate<span class="_ _3"/>d sen<span class="_ _3"/>sit<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s on<span class="_ _3"/>l<span class="_ _0"/>y co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e the i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> our<span class="_ _0"/> financial<span class="_ _0"/> instrumen<span class="_ _0"/>ts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed e<span class="_ _3"/>xpo<span class="_ _3"/>su<span class="_ _3"/>re ha<span class="_ _3"/>d bee<span class="_ _3"/>n i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he se<span class="_ _3"/>ns<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>vity a<span class="_ _3"/>na<span class="_ _3"/>lysis<span class="_ _3"/>, th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t of a pri<span class="_ _3"/>ce ch<span class="_ _3"/>an<span class="_ _3"/>ge wo<span class="_ _3"/>uld h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en re<span class="_ _3"/>du<span class="_ _3"/>ced o<span class="_ _3"/>r of<span class="_ _3"/>fset e<span class="_ _3"/>nti<span class="_ _3"/>rely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>oci<span class="_ _3"/>ate<span class="_ _3"/>d hed<span class="_ _3"/>gi<span class="_ _3"/>ng of n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n fore<span class="_ _3"/>ig<span class="_ _3"/>n su<span class="_ _3"/>bsi<span class="_ _3"/>di<span class="_ _3"/>ari<span class="_ _3"/>es a<span class="_ _3"/>re not i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tab<span class="_ _3"/>le, a<span class="_ _3"/>s the e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s of the s<span class="_ _3"/>um of th<span class="_ _3"/>e inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red to b<span class="_ _3"/>e ne<span class="_ _3"/>utra<span class="_ _3"/>l to cha<span class="_ _3"/>ng<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _0"/>urrenc<span class="_ _0"/>ies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s wou<span class="_ _3"/>ld red<span class="_ _3"/>uc<span class="_ _3"/>e eq<span class="_ _3"/>uit<span class="_ _3"/>y by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,718 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 6<span class="_ _3"/>,257 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>nd d<span class="_ _3"/>ebt<span class="_ _3"/>, ba<span class="_ _3"/>nk d<span class="_ _3"/>eb<span class="_ _3"/>t, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r paya<span class="_ _3"/>bl<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed a<span class="_ _3"/>t in<span class="_ _3"/>cept<span class="_ _3"/>io<span class="_ _3"/>n at m<span class="_ _3"/>ark<span class="_ _3"/>et va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(ty<span class="_ _3"/>pi<span class="_ _3"/>cal<span class="_ _3"/>ly proc<span class="_ _3"/>ee<span class="_ _3"/>ds re<span class="_ _3"/>ce<span class="_ _3"/>ive<span class="_ _3"/>d) n<span class="_ _3"/>et of tra<span class="_ _3"/>ns<span class="_ _3"/>ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s inc<span class="_ _3"/>ur<span class="_ _3"/>red<span class="_ _3"/>. I<span class="_ _3"/>n sub<span class="_ _3"/>seq<span class="_ _3"/>ue<span class="_ _3"/>nt p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>s, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed at a<span class="_ _3"/>mo<span class="_ _3"/>r<span class="_ _3"/>tis<span class="_ _3"/>ed co<span class="_ _3"/>st<span class="_ _3"/>, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e cos<span class="_ _3"/>t (p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>e no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l val<span class="_ _3"/>ue is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>nter<span class="_ _3"/>est e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses o<span class="_ _3"/>ver t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m of th<span class="_ _3"/>e loa<span class="_ _3"/>n, u<span class="_ _3"/>si<span class="_ _3"/>ng t<span class="_ _3"/>he ef<span class="_ _3"/>fe<span class="_ _3"/>cti<span class="_ _3"/>ve i<span class="_ _3"/>nter<span class="_ _3"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate m<span class="_ _3"/>et<span class="_ _3"/>ho<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ied a<span class="_ _3"/>s cu<span class="_ _3"/>rre<span class="_ _3"/>nt<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>les<span class="_ _3"/>s th<span class="_ _3"/>e Gro<span class="_ _3"/>up h<span class="_ _3"/>as a<span class="_ _3"/>n un<span class="_ _3"/>con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l ri<span class="_ _3"/>ght to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>fer s<span class="_ _3"/>ettl<span class="_ _3"/>em<span class="_ _3"/>ent of t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty to at le<span class="_ _3"/>as<span class="_ _3"/>t on<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar af<span class="_ _3"/>te<span class="_ _3"/>r the b<span class="_ _3"/>al<span class="_ _3"/>an<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hyb<span class="_ _3"/>ri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>es i<span class="_ _3"/>ssu<span class="_ _3"/>ed b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at q<span class="_ _3"/>ua<span class="_ _3"/>li<span class="_ _3"/>fy fo<span class="_ _3"/>r tre<span class="_ _3"/>at-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>n acc<span class="_ _3"/>ord<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>th th<span class="_ _3"/>e ru<span class="_ _3"/>les o<span class="_ _3"/>n com<span class="_ _3"/>po<span class="_ _3"/>un<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>st<span class="_ _3"/>rum<span class="_ _3"/>en<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e sp<span class="_ _3"/>ec<span class="_ _3"/>ia<span class="_ _3"/>l cha<span class="_ _3"/>ra<span class="_ _3"/>cte<span class="_ _3"/>ri<span class="_ _3"/>sti<span class="_ _3"/>cs o<span class="_ _3"/>f the b<span class="_ _3"/>on<span class="_ _3"/>ds<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e not<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hi<span class="_ _3"/>ch co<span class="_ _3"/>nst<span class="_ _3"/>itu<span class="_ _3"/>tes a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, is rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at p<span class="_ _3"/>res<span class="_ _3"/>ent v<span class="_ _3"/>alu<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ity h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>ed by th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ce b<span class="_ _3"/>etw<span class="_ _3"/>ee<span class="_ _3"/>n the n<span class="_ _3"/>et p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s rec<span class="_ _3"/>ei<span class="_ _3"/>ved a<span class="_ _3"/>nd t<span class="_ _3"/>he p<span class="_ _3"/>res<span class="_ _3"/>ent va<span class="_ _3"/>lu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. The ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt o<span class="_ _3"/>f the l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to ni<span class="_ _3"/>l on i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n as t<span class="_ _3"/>he o<span class="_ _3"/>nly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s the r<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al v<span class="_ _3"/>alu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1,<span class="_ _3"/>00<span class="_ _3"/>0 y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d for a<span class="_ _3"/>s di<span class="_ _3"/>vi<span class="_ _3"/>de<span class="_ _3"/>nd<span class="_ _3"/>s, wh<span class="_ _3"/>ic<span class="_ _3"/>h are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>t the t<span class="_ _3"/>im<span class="_ _3"/>e th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>is<span class="_ _3"/>es<span class="_ _3"/>. Thi<span class="_ _3"/>s is b<span class="_ _3"/>ec<span class="_ _3"/>aus<span class="_ _3"/>e th<span class="_ _3"/>e cou<span class="_ _3"/>po<span class="_ _3"/>n is d<span class="_ _3"/>isc<span class="_ _3"/>ret<span class="_ _3"/>ion<span class="_ _3"/>ar<span class="_ _3"/>y, an<span class="_ _3"/>d the<span class="_ _3"/>re<span class="_ _3"/>fore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">any d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d cou<span class="_ _3"/>po<span class="_ _3"/>n la<span class="_ _3"/>pse<span class="_ _3"/>s up<span class="_ _3"/>on ma<span class="_ _3"/>tur<span class="_ _3"/>it<span class="_ _3"/>y of the hy<span class="_ _3"/>br<span class="_ _3"/>id <span class="_ _1"/>cap<span class="_ _3"/>ita<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt of ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within<span class="_ _0"/> financing activitie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ed<span class="_ _3"/>em<span class="_ _3"/>pti<span class="_ _3"/>on of hy<span class="_ _3"/>bri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l<span class="_ _3"/>, the p<span class="_ _3"/>aym<span class="_ _3"/>e<span class="_ _3"/>nt wi<span class="_ _3"/>ll be <span class="_ _1"/>d<span class="_ _3"/>ist<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>ty, ap<span class="_ _3"/>plyi<span class="_ _3"/>ng t<span class="_ _3"/>he sa<span class="_ _3"/>me r<span class="_ _3"/>ati<span class="_ _3"/>o as w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hybr<span class="_ _3"/>id c<span class="_ _3"/>api<span class="_ _3"/>tal w<span class="_ _3"/>as i<span class="_ _3"/>ssu<span class="_ _3"/>ed<span class="_ _3"/>. Th<span class="_ _3"/>is m<span class="_ _3"/>ea<span class="_ _3"/>ns th<span class="_ _3"/>at t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he p<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>n re<span class="_ _3"/>de<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>n and t<span class="_ _3"/>he n<span class="_ _3"/>et pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>ved o<span class="_ _3"/>n is<span class="_ _3"/>su<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d di<span class="_ _3"/>rec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity, as t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g hybr<span class="_ _3"/>id i<span class="_ _3"/>ssu<span class="_ _3"/>es w<span class="_ _3"/>il<span class="_ _3"/>l be n<span class="_ _3"/>il d<span class="_ _3"/>ur<span class="_ _3"/>ing t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t of the l<span class="_ _3"/>ife o<span class="_ _3"/>f the hy<span class="_ _3"/>br<span class="_ _3"/>id ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Bo<span class="_ _3"/>nd d<span class="_ _3"/>ebt<span class="_ _3"/>, ba<span class="_ _3"/>nk d<span class="_ _3"/>eb<span class="_ _3"/>t, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r paya<span class="_ _3"/>bl<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed a<span class="_ _3"/>t in<span class="_ _3"/>cept<span class="_ _3"/>io<span class="_ _3"/>n at m<span class="_ _3"/>ark<span class="_ _3"/>et va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(ty<span class="_ _3"/>pi<span class="_ _3"/>cal<span class="_ _3"/>ly proc<span class="_ _3"/>ee<span class="_ _3"/>ds re<span class="_ _3"/>ce<span class="_ _3"/>ive<span class="_ _3"/>d) n<span class="_ _3"/>et of tra<span class="_ _3"/>ns<span class="_ _3"/>ac-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on co<span class="_ _3"/>st<span class="_ _3"/>s inc<span class="_ _3"/>ur<span class="_ _3"/>red<span class="_ _3"/>. I<span class="_ _3"/>n sub<span class="_ _3"/>seq<span class="_ _3"/>ue<span class="_ _3"/>nt p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>s, t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re m<span class="_ _3"/>eas<span class="_ _3"/>ur<span class="_ _3"/>ed at a<span class="_ _3"/>mo<span class="_ _3"/>r<span class="_ _3"/>tis<span class="_ _3"/>ed co<span class="_ _3"/>st<span class="_ _3"/>, so </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>at th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e cos<span class="_ _3"/>t (p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>e no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l val<span class="_ _3"/>ue is r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n prof<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r as i<span class="_ _3"/>nter<span class="_ _3"/>est e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses o<span class="_ _3"/>ver t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m of th<span class="_ _3"/>e loa<span class="_ _3"/>n, u<span class="_ _3"/>si<span class="_ _3"/>ng t<span class="_ _3"/>he ef<span class="_ _3"/>fe<span class="_ _3"/>cti<span class="_ _3"/>ve i<span class="_ _3"/>nter<span class="_ _3"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate m<span class="_ _3"/>et<span class="_ _3"/>ho<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re cla<span class="_ _3"/>ss<span class="_ _3"/>if<span class="_ _3"/>ied a<span class="_ _3"/>s cu<span class="_ _3"/>rre<span class="_ _3"/>nt<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">un<span class="_ _3"/>les<span class="_ _3"/>s th<span class="_ _3"/>e Gro<span class="_ _3"/>up h<span class="_ _3"/>as a<span class="_ _3"/>n un<span class="_ _3"/>con<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>na<span class="_ _3"/>l ri<span class="_ _3"/>ght to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>fer s<span class="_ _3"/>ettl<span class="_ _3"/>em<span class="_ _3"/>ent of t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty to at le<span class="_ _3"/>as<span class="_ _3"/>t on<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar af<span class="_ _3"/>te<span class="_ _3"/>r the b<span class="_ _3"/>al<span class="_ _3"/>an<span class="_ _3"/>ce sh<span class="_ _3"/>eet d<span class="_ _3"/>ate<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Share<span class="_ _0"/> c<span class="_ _0"/>apit<span class="_ _0"/>al<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d's sh<span class="_ _3"/>ar<span class="_ _3"/>e cap<span class="_ _3"/>ital i<span class="_ _3"/>s DK<span class="_ _3"/>K 4,2<span class="_ _3"/>03,<span class="_ _3"/>810,8<span class="_ _3"/>0<span class="_ _3"/>0 (20<span class="_ _3"/>22: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4,<span class="_ _3"/>204 m<span class="_ _3"/>i<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>, di<span class="_ _3"/>vid<span class="_ _3"/>ed i<span class="_ _3"/>nto sh<span class="_ _3"/>are<span class="_ _3"/>s of DK<span class="_ _3"/>K 10. Th<span class="_ _3"/>e sh<span class="_ _3"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pita<span class="_ _3"/>l is u<span class="_ _3"/>nch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d fro<span class="_ _3"/>m last y<span class="_ _3"/>ea<span class="_ _3"/>r<span class="_ _0"/>. No s<span class="_ _3"/>ha<span class="_ _3"/>res a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>s<span class="_ _3"/>ubj<span class="_ _3"/>ec<span class="_ _3"/>t to spe<span class="_ _3"/>ci<span class="_ _3"/>al ri<span class="_ _3"/>gh<span class="_ _3"/>ts or r<span class="_ _3"/>est<span class="_ _3"/>ric<span class="_ _3"/>ti<span class="_ _3"/>ons o<span class="_ _3"/>n voti<span class="_ _3"/>ng r<span class="_ _3"/>igh<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All s<span class="_ _3"/>ha<span class="_ _3"/>res a<span class="_ _3"/>re fu<span class="_ _3"/>lly pai<span class="_ _3"/>d up<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>reasur<span class="_ _0"/>y shar<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o s<span class="_ _3"/>ecu<span class="_ _3"/>re ou<span class="_ _3"/>r sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me<span class="_ _3"/>, we ha<span class="_ _3"/>ve acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">treas<span class="_ _0"/>ury shares<span class="_ _0"/> in ac<span class="_ _0"/>cordanc<span class="_ _0"/>e wi<span class="_ _0"/>th the<span class="_ _0"/> authoris<span class="_ _0"/>ation<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ap<span class="_ _3"/>prove<span class="_ _3"/>d by the g<span class="_ _3"/>en<span class="_ _3"/>er<span class="_ _3"/>al m<span class="_ _3"/>eet<span class="_ _3"/>ing<span class="_ _3"/>. T<span class="_ _3"/>he total <span class="_ _6"/>po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of tre<span class="_ _3"/>asu<span class="_ _3"/>r<span class="_ _3"/>y sha<span class="_ _3"/>res c<span class="_ _3"/>ons<span class="_ _3"/>is<span class="_ _3"/>ts of 15<span class="_ _3"/>0,784 s<span class="_ _3"/>har<span class="_ _3"/>es at 31 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3 (2022<span class="_ _3"/>: 154<span class="_ _3"/>,<span class="_ _3"/>34<span class="_ _3"/>4)<span class="_ _3"/>, cor<span class="_ _3"/>resp<span class="_ _3"/>on<span class="_ _3"/>di<span class="_ _3"/>ng to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">les<span class="_ _3"/>s tha<span class="_ _3"/>n 0.<span class="_ _3"/>1 <span class="_ _15c"/>% of th<span class="_ _3"/>e sh<span class="_ _3"/>are ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dividends<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Boar<span class="_ _0"/>d o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/> recommends<span class="_ _0"/> that<span class="_ _0"/> dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 5,675 mil<span class="_ _3"/>li<span class="_ _3"/>on) be p<span class="_ _3"/>ai<span class="_ _3"/>d for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the financial<span class="_ _0"/> year<span class="_ _4"/>, corre<span class="_ _0"/>sponding t<span class="_ _0"/>o DKK<span class="_ _0"/> 0<span class="_ _0"/> per share<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 13.50 p<span class="_ _3"/>er s<span class="_ _3"/>ha<span class="_ _3"/>re).</span> 0 5675000000 0 13.5 <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Eq<span class="_ _3"/>uity</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:220.658203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 81px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Earnings per shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>fit (loss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 419.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(20,182)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,996</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, h<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ybrid capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al owners o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 298.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(553)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(577)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ests<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 425.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(324)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>130</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2578px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s share of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit (lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) for the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 339.445px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(21,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,549</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 24.2109px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(’000)</span><span style="position: absolute; display: inline-block; left: 0px; top: 122.01px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>verage number of out<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anding shares<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.268px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">420,227<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>420,209</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 136.025px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dilutive e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ect of shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogramme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 385.519px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 149.539px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>verage number of out<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>standing shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> dilut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 311.947px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">420,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>420,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 181.041px; width: 24.6562px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(DKK)</span><span style="position: absolute; display: inline-block; left: 0px; top: 199.291px; width: 81.5273px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Earnings per shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e </span><span style="position: absolute; display: inline-block; left: 531.047px; top: 199.291px; width: 23.9238px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(50.1)</span><span style="position: absolute; display: inline-block; left: 611.922px; top: 199.291px; width: 19.1895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">34.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 211.291px; width: 113.801px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dilut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed earnings per share</span><span style="position: absolute; display: inline-block; left: 531.047px; top: 211.291px; width: 23.9238px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(50.1)</span><span style="position: absolute; display: inline-block; left: 611.922px; top: 211.291px; width: 19.1895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">34.6</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Share<span class="_ _0"/> c<span class="_ _0"/>apit<span class="_ _0"/>al<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ør<span class="_ _3"/>ste<span class="_ _3"/>d's sh<span class="_ _3"/>ar<span class="_ _3"/>e cap<span class="_ _3"/>ital i<span class="_ _3"/>s DK<span class="_ _3"/>K 4,2<span class="_ _3"/>03,<span class="_ _3"/>810,8<span class="_ _3"/>0<span class="_ _3"/>0 (20<span class="_ _3"/>22: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">4,<span class="_ _3"/>204 m<span class="_ _3"/>i<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>, di<span class="_ _3"/>vid<span class="_ _3"/>ed i<span class="_ _3"/>nto sh<span class="_ _3"/>are<span class="_ _3"/>s of DK<span class="_ _3"/>K 10. Th<span class="_ _3"/>e sh<span class="_ _3"/>are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pita<span class="_ _3"/>l is u<span class="_ _3"/>nch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>d fro<span class="_ _3"/>m last y<span class="_ _3"/>ea<span class="_ _3"/>r<span class="_ _0"/>. No s<span class="_ _3"/>ha<span class="_ _3"/>res a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>s<span class="_ _3"/>ubj<span class="_ _3"/>ec<span class="_ _3"/>t to spe<span class="_ _3"/>ci<span class="_ _3"/>al ri<span class="_ _3"/>gh<span class="_ _3"/>ts or r<span class="_ _3"/>est<span class="_ _3"/>ric<span class="_ _3"/>ti<span class="_ _3"/>ons o<span class="_ _3"/>n voti<span class="_ _3"/>ng r<span class="_ _3"/>igh<span class="_ _3"/>ts<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All s<span class="_ _3"/>ha<span class="_ _3"/>res a<span class="_ _3"/>re fu<span class="_ _3"/>lly pai<span class="_ _3"/>d up<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>reasur<span class="_ _0"/>y shar<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o s<span class="_ _3"/>ecu<span class="_ _3"/>re ou<span class="_ _3"/>r sh<span class="_ _3"/>are p<span class="_ _3"/>rog<span class="_ _3"/>ram<span class="_ _3"/>me<span class="_ _3"/>, we ha<span class="_ _3"/>ve acq<span class="_ _3"/>ui<span class="_ _3"/>re<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">treas<span class="_ _0"/>ury shares<span class="_ _0"/> in ac<span class="_ _0"/>cordanc<span class="_ _0"/>e wi<span class="_ _0"/>th the<span class="_ _0"/> authoris<span class="_ _0"/>ation<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ap<span class="_ _3"/>prove<span class="_ _3"/>d by the g<span class="_ _3"/>en<span class="_ _3"/>er<span class="_ _3"/>al m<span class="_ _3"/>eet<span class="_ _3"/>ing<span class="_ _3"/>. T<span class="_ _3"/>he total <span class="_ _6"/>po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of tre<span class="_ _3"/>asu<span class="_ _3"/>r<span class="_ _3"/>y sha<span class="_ _3"/>res c<span class="_ _3"/>ons<span class="_ _3"/>is<span class="_ _3"/>ts of 15<span class="_ _3"/>0,784 s<span class="_ _3"/>har<span class="_ _3"/>es at 31 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3 (2022<span class="_ _3"/>: 154<span class="_ _3"/>,<span class="_ _3"/>34<span class="_ _3"/>4)<span class="_ _3"/>, cor<span class="_ _3"/>resp<span class="_ _3"/>on<span class="_ _3"/>di<span class="_ _3"/>ng to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">les<span class="_ _3"/>s tha<span class="_ _3"/>n 0.<span class="_ _3"/>1 <span class="_ _15c"/>% of th<span class="_ _3"/>e sh<span class="_ _3"/>are ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Dividends<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The Boar<span class="_ _0"/>d o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/> recommends<span class="_ _0"/> that<span class="_ _0"/> dividends </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 5,675 mil<span class="_ _3"/>li<span class="_ _3"/>on) be p<span class="_ _3"/>ai<span class="_ _3"/>d for </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the financial<span class="_ _0"/> year<span class="_ _4"/>, corre<span class="_ _0"/>sponding t<span class="_ _0"/>o DKK<span class="_ _0"/> 0<span class="_ _0"/> per share<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 13.50 p<span class="_ _3"/>er s<span class="_ _3"/>ha<span class="_ _3"/>re).</span></span> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ow<span class="_ _3"/>ne<span class="_ _3"/>rs i<span class="_ _3"/>n Ør<span class="_ _3"/>ste<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh state i<span class="_ _3"/>s the p<span class="_ _3"/>ri<span class="_ _3"/>nc<span class="_ _3"/>ipa<span class="_ _3"/>l sh<span class="_ _3"/>are<span class="_ _3"/>ho<span class="_ _3"/>lde<span class="_ _3"/>r wi<span class="_ _3"/>th an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own<span class="_ _3"/>er<span class="_ _3"/>shi<span class="_ _3"/>p in<span class="_ _3"/>teres<span class="_ _3"/>t of 50<span class="_ _3"/>.1 <span class="_ _4"/>%<span class="_ _3"/>. In a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on<span class="_ _3"/>, An<span class="_ _3"/>de<span class="_ _3"/>l ha<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an ow<span class="_ _3"/>ne<span class="_ _3"/>rsh<span class="_ _3"/>ip i<span class="_ _3"/>nter<span class="_ _3"/>est a<span class="_ _3"/>bove 5 <span class="_ _4"/>%<span class="_ _3"/>. Se<span class="_ _3"/>e note 16 ‘O<span class="_ _3"/>wne<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ip i<span class="_ _3"/>nfor<span class="_ _3"/>mat<span class="_ _3"/>ion<span class="_ _3"/>’ in th<span class="_ _3"/>e pa<span class="_ _3"/>ren<span class="_ _3"/>t com<span class="_ _3"/>pa<span class="_ _3"/>ny's fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">st<span class="_ _0"/>at<span class="_ _0"/>ement<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:247.546875px;"><span style="position: absolute; display: inline-block; left: 792.188px; top: 0.0078125px; width: 74.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging res<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erve </span><span style="position: absolute; display: inline-block; left: 866.484px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 64.6348px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Reserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es 2023</span><span style="position: absolute; display: inline-block; left: 328.484px; top: 31.0078px; width: 75.3984px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oreign curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ency <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 429.828px; top: 31.0078px; width: 68.0273px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of net </span><span style="position: absolute; display: inline-block; left: 539.625px; top: 31.0078px; width: 50.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 31.0078px; width: 50.9355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of </span><span style="position: absolute; display: inline-block; left: 727.078px; top: 31.0078px; width: 50.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 821.078px; top: 31.0078px; width: 50.9355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of </span><span style="position: absolute; display: inline-block; left: 940.125px; top: 31.0078px; width: 24.5625px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 317.406px; top: 43.0078px; width: 83.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">transl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>serve</span><span style="position: absolute; display: inline-block; left: 441.516px; top: 43.0078px; width: 54.2461px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>estments</span><span style="position: absolute; display: inline-block; left: 554px; top: 43.0078px; width: 35.5781px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 628.016px; top: 43.0078px; width: 54.4922px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">divestment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 743.031px; top: 43.0078px; width: 34.1895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est</span><span style="position: absolute; display: inline-block; left: 790.859px; top: 43.0078px; width: 78.4395px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> production <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>assets</span><span style="position: absolute; display: inline-block; left: 926.312px; top: 43.0078px; width: 36.4453px; white-space: pre; word-spacing: 0.018px; letter-spacing: -0.018px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">reserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 963.158px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Res<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erves at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(725)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,178)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(26,694)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(26,467)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 962.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.66px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">531<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">531</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 963.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f hedging<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 268.793px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(328)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,950<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(41)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>108<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,689</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.273px; width: 149.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue adjustments tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o:</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.76px; width: 963.023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,437)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,437)</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.775px; width: 963.275px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome – gain on dives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 146.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(80)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(44)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(103)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.775px; width: 963.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">512<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">512</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.775px; width: 963.205px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 264.943px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(236)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>134<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,410)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.289px; width: 17.502px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax:</span><span style="position: absolute; display: inline-block; left: 0px; top: 187.791px; width: 962.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on hedging and currency adjustment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(110)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>120<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,080)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,566)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.305px; width: 963.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vement f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.183px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">341<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(423)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,079<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,716)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,216</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.555px; width: 963.275px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es including t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 184.84px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(384)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,601)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(8,615)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>414<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(10,251)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 237.805px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xcluding t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,093)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,053)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(9,827)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>530<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(12,528)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:230.546875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 64.6348px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Reserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 962.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Res<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erves at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 281.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,475<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,833)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(24,585)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(460)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>574<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>51<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(24,778)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 962.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 253.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,625)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,625)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 963.152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f hedging<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 268.793px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">738<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(29,935)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,786<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,578<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>50<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,783)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 149.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue adjustments tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o:</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 963.457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>11,730<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>11,730</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 962.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome – gain on dives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">574<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>102<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,970<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,449</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.775px; width: 963.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,475<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,475</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 963.258px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 264.943px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(583)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(583)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.775px; width: 963.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, plant, and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.666px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(116)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(116)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 156.289px; width: 17.502px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax:</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.791px; width: 962.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on hedging and currency adjustment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 203.707px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(185)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(349)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(129)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(439)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(236)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 184.305px; width: 963.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vement f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 269.666px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(2,200)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,109)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>460<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,556<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(51)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,689)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.555px; width: 963.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es including t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 184.84px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(725)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,178)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(26,694)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2,130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(26,467)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 220.805px; width: 963.158px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xcluding t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,544)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,510)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(33,000)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2,731<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(33,323)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">F<span class="_ _0"/>oreign curr<span class="_ _0"/>ency transl<span class="_ _0"/>ation re<span class="_ _0"/>serve<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The f<span class="_ _0"/>or<span class="_ _0"/>eign currenc<span class="_ _0"/>y transl<span class="_ _0"/>ation r<span class="_ _0"/>eserve c<span class="_ _0"/>omprises:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>ex<span class="_ _0"/>change rat<span class="_ _0"/>e adjustment<span class="_ _0"/>s arising on transl<span class="_ _0"/>ation of the <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>financial stat<span class="_ _0"/>ements of f<span class="_ _4"/>oreign entities with a curr<span class="_ _0"/>ency that <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is not the Gr<span class="_ _0"/>oup<span class="_ _0"/>'<span class="_ _4"/>s present<span class="_ _0"/>ation curr<span class="_ _0"/>ency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>ex<span class="_ _0"/>change rat<span class="_ _0"/>e adjustment<span class="_ _0"/>s rel<span class="_ _0"/>ating t<span class="_ _0"/>o loans that f<span class="_ _0"/>orm part <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of our net in<span class="_ _0"/>ve<span class="_ _0"/>stment in such entities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>ex<span class="_ _0"/>change rat<span class="_ _0"/>e adjustment<span class="_ _0"/>s rel<span class="_ _0"/>ating t<span class="_ _0"/>o hedging trans<span class="_ _0"/>actions <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on our net in<span class="_ _0"/>vestment in such entities<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On realis<span class="_ _0"/>ation or partial realis<span class="_ _0"/>ation of the net in<span class="_ _0"/>v<span class="_ _0"/>estment, the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in pr<span class="_ _0"/>ofit (l<span class="_ _0"/>oss) f<span class="_ _0"/>or the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">year if a f<span class="_ _0"/>or<span class="_ _0"/>eign ex<span class="_ _0"/>change gain (loss) is r<span class="_ _0"/>ealised b<span class="_ _0"/>y the dive<span class="_ _0"/>sted<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">entity<span class="_ _4"/>. <span class="_ _0"/>The <span class="_ _6"/>for<span class="_ _0"/>eign ex<span class="_ _0"/>change gain (loss) is tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed t<span class="_ _0"/>o the item<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">where the gain (l<span class="_ _0"/>oss) is r<span class="_ _0"/>ecognis<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging of re<span class="_ _0"/>v<span class="_ _0"/>enue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging of r<span class="_ _0"/>ev<span class="_ _0"/>enue includes hedging of ener<span class="_ _0"/>gy<span class="_ _4"/>, currency<span class="_ _4"/>, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>inflation risks associat<span class="_ _0"/>ed with r<span class="_ _0"/>ev<span class="_ _0"/>enue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Share pr<span class="_ _0"/>emium res<span class="_ _0"/>erve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>tained earnings include the shar<span class="_ _0"/>e pr<span class="_ _0"/>emium r<span class="_ _0"/>eserve o<span class="_ _0"/>f DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">21,279 million (2022: 21,279 million), r<span class="_ _0"/>epr<span class="_ _0"/>esenting the e<span class="_ _0"/>xcess<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the amount of subs<span class="_ _0"/>cribed-f<span class="_ _0"/>or shar<span class="_ _0"/>e capit<span class="_ _0"/>al o<span class="_ _0"/>ver the nominal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value of the<span class="_ _0"/>se shar<span class="_ _0"/>es in connection with c<span class="_ _0"/>apital injections<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Costs of hedging r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o basis spr<span class="_ _0"/>ead on currenc<span class="_ _0"/>y swap<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and option pr<span class="_ _0"/>emiums included in the hedging <span class="_ _6"/>reserv<span class="_ _0"/>e amount </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to DKK 6 mil<span class="_ _0"/>lion (2022: 10 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:220.658203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 81px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Earnings per shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.441px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>fit (loss) f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 419.31px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(20,182)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,996</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>osts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, h<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ybrid capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al owners o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 298.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(553)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(577)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Non-contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olling int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ests<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 425.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(324)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>130</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2578px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s share of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit (lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) for the y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ear<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 339.445px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(21,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,549</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 24.2109px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(’000)</span><span style="position: absolute; display: inline-block; left: 0px; top: 122.01px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>verage number of out<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>anding shares<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.268px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">420,227<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>420,209</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 136.025px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dilutive e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ect of shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ogramme<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 385.519px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">280<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>233</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 149.539px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>verage number of out<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>standing shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> dilut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 311.947px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">420,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.0585px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>420,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 181.041px; width: 24.6562px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(DKK)</span><span style="position: absolute; display: inline-block; left: 0px; top: 199.291px; width: 81.5273px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Earnings per shar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e </span><span style="position: absolute; display: inline-block; left: 531.047px; top: 199.291px; width: 23.9238px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(50.1)</span><span style="position: absolute; display: inline-block; left: 611.922px; top: 199.291px; width: 19.1895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">34.6</span><span style="position: absolute; display: inline-block; left: 0px; top: 211.291px; width: 113.801px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dilut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed earnings per share</span><span style="position: absolute; display: inline-block; left: 531.047px; top: 211.291px; width: 23.9238px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(50.1)</span><span style="position: absolute; display: inline-block; left: 611.922px; top: 211.291px; width: 19.1895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">34.6</span></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:247.546875px;"><span style="position: absolute; display: inline-block; left: 792.188px; top: 0.0078125px; width: 74.2266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging res<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erve </span><span style="position: absolute; display: inline-block; left: 866.484px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 64.6348px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Reserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es 2023</span><span style="position: absolute; display: inline-block; left: 328.484px; top: 31.0078px; width: 75.3984px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oreign curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ency <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 429.828px; top: 31.0078px; width: 68.0273px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of net </span><span style="position: absolute; display: inline-block; left: 539.625px; top: 31.0078px; width: 50.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 633.047px; top: 31.0078px; width: 50.9355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of </span><span style="position: absolute; display: inline-block; left: 727.078px; top: 31.0078px; width: 50.4727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 821.078px; top: 31.0078px; width: 50.9355px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of </span><span style="position: absolute; display: inline-block; left: 940.125px; top: 31.0078px; width: 24.5625px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 317.406px; top: 43.0078px; width: 83.9004px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">transl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ation re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>serve</span><span style="position: absolute; display: inline-block; left: 441.516px; top: 43.0078px; width: 54.2461px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>estments</span><span style="position: absolute; display: inline-block; left: 554px; top: 43.0078px; width: 35.5781px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>venue</span><span style="position: absolute; display: inline-block; left: 628.016px; top: 43.0078px; width: 54.4922px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">divestment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 743.031px; top: 43.0078px; width: 34.1895px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>est</span><span style="position: absolute; display: inline-block; left: 790.859px; top: 43.0078px; width: 78.4395px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> production <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.63477px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>assets</span><span style="position: absolute; display: inline-block; left: 926.312px; top: 43.0078px; width: 36.4453px; white-space: pre; word-spacing: 0.018px; letter-spacing: -0.018px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">reserves</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 963.158px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Res<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erves at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(725)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,178)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(26,694)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(26,467)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 962.848px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.66px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">531<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">531</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 963.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f hedging<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 268.793px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(328)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,950<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(41)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>108<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,689</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.273px; width: 149.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue adjustments tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o:</span><span style="position: absolute; display: inline-block; left: 0px; top: 117.76px; width: 963.023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,437)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,437)</span><span style="position: absolute; display: inline-block; left: 0px; top: 131.775px; width: 963.275px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome – gain on dives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 146.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(80)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(44)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(103)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.775px; width: 963.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">512<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">512</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 159.775px; width: 963.205px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 264.943px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(236)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>134<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,410)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.289px; width: 17.502px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax:</span><span style="position: absolute; display: inline-block; left: 0px; top: 187.791px; width: 962.959px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on hedging and currency adjustment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(110)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>120<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,080)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,566)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.305px; width: 963.492px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vement f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.183px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">341<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(423)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>18,079<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,716)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,216</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 219.555px; width: 963.275px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es including t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 184.84px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(384)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,601)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(8,615)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(65)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>414<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(10,251)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 237.805px; width: 963px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xcluding t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,093)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,053)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(9,827)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>530<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(12,528)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:230.546875px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 64.6348px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Reserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 962.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Res<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>erves at 1 January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 281.959px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,475<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,833)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(24,585)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(460)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>574<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>51<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(24,778)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 962.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 253.717px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,625)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,625)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 963.152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f hedging<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 268.793px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">738<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(29,935)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,786<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,578<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>50<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,783)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2734px; width: 149.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue adjustments tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erred t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o:</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 963.457px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 360.855px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>11,730<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>11,730</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 962.854px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome – gain on dives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tment of asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">574<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>102<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,970<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9,449</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.775px; width: 963.299px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other operating e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 285.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,475<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 184.201px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,475</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 963.258px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 264.943px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(583)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(583)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.775px; width: 963.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Propert<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, plant, and equipment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.666px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(116)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(116)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 156.289px; width: 17.502px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax:</span><span style="position: absolute; display: inline-block; left: 0px; top: 170.791px; width: 962.918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax on hedging and currency adjustment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 203.707px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">851<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(185)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(349)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(129)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(439)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(236)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 184.305px; width: 963.369px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vement f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or the year<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 269.666px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(2,200)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>655<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,109)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>460<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>1,556<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(51)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,689)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 202.555px; width: 963.27px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es including t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 184.84px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(725)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,178)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(26,694)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2,130<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(26,467)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 220.805px; width: 963.158px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xcluding t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,544)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,510)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.9002px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(33,000)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2,731<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 57.3457px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(33,323)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">F<span class="_ _0"/>oreign curr<span class="_ _0"/>ency transl<span class="_ _0"/>ation re<span class="_ _0"/>serve<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The f<span class="_ _0"/>or<span class="_ _0"/>eign currenc<span class="_ _0"/>y transl<span class="_ _0"/>ation r<span class="_ _0"/>eserve c<span class="_ _0"/>omprises:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>ex<span class="_ _0"/>change rat<span class="_ _0"/>e adjustment<span class="_ _0"/>s arising on transl<span class="_ _0"/>ation of the <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>financial stat<span class="_ _0"/>ements of f<span class="_ _4"/>oreign entities with a curr<span class="_ _0"/>ency that <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is not the Gr<span class="_ _0"/>oup<span class="_ _0"/>'<span class="_ _4"/>s present<span class="_ _0"/>ation curr<span class="_ _0"/>ency</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>ex<span class="_ _0"/>change rat<span class="_ _0"/>e adjustment<span class="_ _0"/>s rel<span class="_ _0"/>ating t<span class="_ _0"/>o loans that f<span class="_ _0"/>orm part <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of our net in<span class="_ _0"/>ve<span class="_ _0"/>stment in such entities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls32"> <span class="_ _181"> </span> <span class="_ _1"/>ex<span class="_ _0"/>change rat<span class="_ _0"/>e adjustment<span class="_ _0"/>s rel<span class="_ _0"/>ating t<span class="_ _0"/>o hedging trans<span class="_ _0"/>actions <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on our net in<span class="_ _0"/>vestment in such entities<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On realis<span class="_ _0"/>ation or partial realis<span class="_ _0"/>ation of the net in<span class="_ _0"/>v<span class="_ _0"/>estment, the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in pr<span class="_ _0"/>ofit (l<span class="_ _0"/>oss) f<span class="_ _0"/>or the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">year if a f<span class="_ _0"/>or<span class="_ _0"/>eign ex<span class="_ _0"/>change gain (loss) is r<span class="_ _0"/>ealised b<span class="_ _0"/>y the dive<span class="_ _0"/>sted<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">entity<span class="_ _4"/>. <span class="_ _0"/>The <span class="_ _6"/>for<span class="_ _0"/>eign ex<span class="_ _0"/>change gain (loss) is tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed t<span class="_ _0"/>o the item<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">where the gain (l<span class="_ _0"/>oss) is r<span class="_ _0"/>ecognis<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging of re<span class="_ _0"/>v<span class="_ _0"/>enue</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging of r<span class="_ _0"/>ev<span class="_ _0"/>enue includes hedging of ener<span class="_ _0"/>gy<span class="_ _4"/>, currency<span class="_ _4"/>, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _6"/>inflation risks associat<span class="_ _0"/>ed with r<span class="_ _0"/>ev<span class="_ _0"/>enue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Share pr<span class="_ _0"/>emium res<span class="_ _0"/>erve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Re<span class="_ _0"/>tained earnings include the shar<span class="_ _0"/>e pr<span class="_ _0"/>emium r<span class="_ _0"/>eserve o<span class="_ _0"/>f DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">21,279 million (2022: 21,279 million), r<span class="_ _0"/>epr<span class="_ _0"/>esenting the e<span class="_ _0"/>xcess<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of the amount of subs<span class="_ _0"/>cribed-f<span class="_ _0"/>or shar<span class="_ _0"/>e capit<span class="_ _0"/>al o<span class="_ _0"/>ver the nominal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value of the<span class="_ _0"/>se shar<span class="_ _0"/>es in connection with c<span class="_ _0"/>apital injections<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Costs of hedging r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o basis spr<span class="_ _0"/>ead on currenc<span class="_ _0"/>y swap<span class="_ _0"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and option pr<span class="_ _0"/>emiums included in the hedging <span class="_ _6"/>reserv<span class="_ _0"/>e amount </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to DKK 6 mil<span class="_ _0"/>lion (2022: 10 million).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hybrid c<span class="_ _0"/>apital</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:234.626953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 1160.88px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hybrid bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.879px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3017 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 133.699px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3021<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.844px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Green due in 3021</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 1139.48px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ype<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 194.742px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 157.512px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Subordinated</span><span style="position: absolute; display: inline-block; left: 0px; top: 36.9941px; width: 1159.22px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carrying amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 141.445px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,668 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 4,416 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,697 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,692 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>DKK 3,630 million</span><span style="position: absolute; display: inline-block; left: 0px; top: 55.2441px; width: 1108.18px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial classific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 118.301px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Equit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equit<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equity<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equity<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 188.59px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Equity</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.4941px; width: 1236.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Notional amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 500 million (DKK 3,727 million)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 61.0898px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 600 million (DKK 4,473 million)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 61.0898px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 500 milllion (DKK 3,727 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion) <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>EUR 500 milllion (DKK 3,727 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion) <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>GBP 425 million (DKK 3,656 million)</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.7441px; width: 1144.9px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Issued<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 2017<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>December 2019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 2021<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.752px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>December 2022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 2021</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 110.01px; width: 1145.03px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Maturing<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 3017<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 3019<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 3021<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 151.752px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>December 3022<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.119px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>February 3021</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.26px; width: 1135.26px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.746px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Luxembourg<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.766px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembour<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>g<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.766px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembourg<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembourg<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 161.766px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Luxembourg</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 146.51px; width: 1158.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">First r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>edemption at par<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24 Nov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ember 2027<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18 February 2031<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.965px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8 December 2028<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18 February 2033</span><span style="position: absolute; display: inline-block; left: 0px; top: 164.76px; width: 1207.04px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coupon f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the first<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ven y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears fixed at 2.25 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>0 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Eight years fixed at 1.75 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>0 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>en years fixed at 1.50 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>0 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Six years fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed at 5.250 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12 years fixed at 2.500 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% p.a.</span><span style="position: absolute; display: inline-block; left: 0px; top: 183.01px; width: 203.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coupon in subsequent period is adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ted e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>very<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 215.281px; top: 183.01px; width: 191.338px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.899 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2024, +2.149 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points </span><span style="position: absolute; display: inline-block; left: 431.562px; top: 183.01px; width: 191.338px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.952 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2027, +2.020 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points </span><span style="position: absolute; display: inline-block; left: 648.516px; top: 183.01px; width: 208.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.860 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2031 and +2.610 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points </span><span style="position: absolute; display: inline-block; left: 865px; top: 183.01px; width: 193.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+2.619 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2028, +2.869 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 1081.22px; top: 183.01px; width: 189.738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ted e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>very fiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e years with the fiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e-y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ear </span><span style="position: absolute; display: inline-block; left: 0px; top: 195.01px; width: 167.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">five y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears with the five-<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>year eur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap</span><span style="position: absolute; display: inline-block; left: 215.281px; top: 195.01px; width: 185.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2029,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and +2.899 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points from 2044</span><span style="position: absolute; display: inline-block; left: 431.562px; top: 195.01px; width: 185.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2032,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and +2.952 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points from 2047</span><span style="position: absolute; display: inline-block; left: 648.516px; top: 195.01px; width: 46.2891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2051</span><span style="position: absolute; display: inline-block; left: 865px; top: 195.01px; width: 185.982px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">from 2033,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> and +3.619 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points from 2048</span><span style="position: absolute; display: inline-block; left: 1081.22px; top: 195.01px; width: 205.723px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">benchmark gil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t +2.136 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2033 and </span><span style="position: absolute; display: inline-block; left: 1081.22px; top: 207.01px; width: 116.473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+2.886 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>% points fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 2053</span><span style="position: absolute; display: inline-block; left: 0px; top: 225.26px; width: 1119.73px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Def<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al of int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payment<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Optional</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve iss<span class="_ _3"/>ue<span class="_ _3"/>d hybr<span class="_ _3"/>id ca<span class="_ _3"/>pita<span class="_ _3"/>l wh<span class="_ _3"/>ich i<span class="_ _3"/>s sub<span class="_ _3"/>ord<span class="_ _3"/>in<span class="_ _3"/>ate <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to ou<span class="_ _3"/>r othe<span class="_ _3"/>r cre<span class="_ _3"/>di<span class="_ _3"/>tors<span class="_ _3"/>. Th<span class="_ _3"/>e pu<span class="_ _3"/>rp<span class="_ _3"/>ose of i<span class="_ _3"/>ssu<span class="_ _3"/>in<span class="_ _3"/>g hybr<span class="_ _3"/>id <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pita<span class="_ _3"/>l is to st<span class="_ _3"/>ren<span class="_ _3"/>gth<span class="_ _3"/>en o<span class="_ _3"/>ur ca<span class="_ _3"/>pi<span class="_ _3"/>tal ba<span class="_ _3"/>se a<span class="_ _3"/>nd fu<span class="_ _3"/>nd <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts<span class="_ _3"/>. We have i<span class="_ _3"/>ssu<span class="_ _3"/>ed E<span class="_ _3"/>UR hyb<span class="_ _3"/>rid b<span class="_ _3"/>on<span class="_ _3"/>ds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th a total no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l va<span class="_ _3"/>lue of E<span class="_ _3"/>UR 2,<span class="_ _3"/>10<span class="_ _3"/>0 mi<span class="_ _3"/>lli<span class="_ _3"/>on a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">GBP 4<span class="_ _4"/>25 milli<span class="_ _0"/>on, r<span class="_ _0"/>especti<span class="_ _0"/>vel<span class="_ _4"/>y,<span class="_ _0"/> equiv<span class="_ _0"/>alen<span class="_ _0"/>t t<span class="_ _0"/>o<span class="_ _0"/><span class="ls0 ws0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9,<span class="_ _3"/>31<span class="_ _0"/>0 <span class="_ _49"/>m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (2022<span class="_ _3"/>: EU<span class="_ _3"/>R 2,1<span class="_ _0"/>94 mi<span class="_ _3"/>lli<span class="_ _3"/>on a<span class="_ _3"/>nd<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">GBP 4<span class="_ _4"/>25 mil<span class="_ _0"/>lion, r<span class="_ _0"/>espect<span class="_ _0"/>ivel<span class="_ _4"/>y,<span class="_ _0"/> <span class="_ _49"/>equival<span class="_ _0"/>ent<span class="_ _0"/> t<span class="_ _0"/>o<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK<span class="_ _0"/> 1<span class="_ _4"/>9<span class="_ _0"/>,8<span class="_ _0"/>77 mil<span class="_ _0"/>lion)<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For a<span class="_ _3"/>ll o<span class="_ _3"/>ur hyb<span class="_ _3"/>ri<span class="_ _3"/>d bon<span class="_ _3"/>ds<span class="_ _3"/>, we ha<span class="_ _3"/>ve th<span class="_ _3"/>e ri<span class="_ _3"/>ght to de<span class="_ _3"/>fer </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cou<span class="_ _3"/>po<span class="_ _3"/>n pay<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd u<span class="_ _3"/>ltim<span class="_ _3"/>ately de<span class="_ _3"/>ci<span class="_ _3"/>de no<span class="_ _3"/>t to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pay <span class="_ _3"/>the<span class="_ _3"/>m at m<span class="_ _3"/>atu<span class="_ _3"/>rity. De<span class="_ _3"/>fer<span class="_ _3"/>red co<span class="_ _3"/>up<span class="_ _3"/>on pa<span class="_ _3"/>yme<span class="_ _3"/>nts <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>com<span class="_ _3"/>e pay<span class="_ _3"/>ab<span class="_ _3"/>le, how<span class="_ _3"/>ever, if we d<span class="_ _3"/>eci<span class="_ _3"/>de to p<span class="_ _3"/>ay di<span class="_ _3"/>vi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>nd<span class="_ _3"/>s to our s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er<span class="_ _3"/>s or p<span class="_ _3"/>ay cou<span class="_ _3"/>po<span class="_ _3"/>n pay<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on o<span class="_ _0"/>ther <span class="_ _0"/>hy<span class="_ _0"/>brid bonds.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As a c<span class="_ _3"/>ons<span class="_ _3"/>eq<span class="_ _3"/>ue<span class="_ _3"/>nce of th<span class="_ _3"/>e sp<span class="_ _3"/>ec<span class="_ _3"/>ia<span class="_ _3"/>l term<span class="_ _3"/>s reg<span class="_ _3"/>ard<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hybr<span class="_ _3"/>id bo<span class="_ _3"/>nd<span class="_ _3"/>s, th<span class="_ _3"/>ese a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ied a<span class="_ _3"/>s eq<span class="_ _3"/>ui<span class="_ _3"/>ty, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>th<span class="_ _3"/>er<span class="_ _3"/>efore co<span class="_ _3"/>up<span class="_ _3"/>on pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n eq<span class="_ _3"/>ui<span class="_ _3"/>ty.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hyb<span class="_ _3"/>ri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>es i<span class="_ _3"/>ssu<span class="_ _3"/>ed b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at q<span class="_ _3"/>ua<span class="_ _3"/>li<span class="_ _3"/>fy fo<span class="_ _3"/>r tre<span class="_ _3"/>at-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>n acc<span class="_ _3"/>ord<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>th th<span class="_ _3"/>e ru<span class="_ _3"/>les o<span class="_ _3"/>n com<span class="_ _3"/>po<span class="_ _3"/>un<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>st<span class="_ _3"/>rum<span class="_ _3"/>en<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e sp<span class="_ _3"/>ec<span class="_ _3"/>ia<span class="_ _3"/>l cha<span class="_ _3"/>ra<span class="_ _3"/>cte<span class="_ _3"/>ri<span class="_ _3"/>sti<span class="_ _3"/>cs o<span class="_ _3"/>f the b<span class="_ _3"/>on<span class="_ _3"/>ds<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e not<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hi<span class="_ _3"/>ch co<span class="_ _3"/>nst<span class="_ _3"/>itu<span class="_ _3"/>tes a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, is rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at p<span class="_ _3"/>res<span class="_ _3"/>ent v<span class="_ _3"/>alu<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ity h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>ed by th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ce b<span class="_ _3"/>etw<span class="_ _3"/>ee<span class="_ _3"/>n the n<span class="_ _3"/>et p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s rec<span class="_ _3"/>ei<span class="_ _3"/>ved a<span class="_ _3"/>nd t<span class="_ _3"/>he p<span class="_ _3"/>res<span class="_ _3"/>ent va<span class="_ _3"/>lu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. The ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt o<span class="_ _3"/>f the l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to ni<span class="_ _3"/>l on i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n as t<span class="_ _3"/>he o<span class="_ _3"/>nly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s the r<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al v<span class="_ _3"/>alu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1,<span class="_ _3"/>00<span class="_ _3"/>0 y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d for a<span class="_ _3"/>s di<span class="_ _3"/>vi<span class="_ _3"/>de<span class="_ _3"/>nd<span class="_ _3"/>s, wh<span class="_ _3"/>ic<span class="_ _3"/>h are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>t the t<span class="_ _3"/>im<span class="_ _3"/>e th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>is<span class="_ _3"/>es<span class="_ _3"/>. Thi<span class="_ _3"/>s is b<span class="_ _3"/>ec<span class="_ _3"/>aus<span class="_ _3"/>e th<span class="_ _3"/>e cou<span class="_ _3"/>po<span class="_ _3"/>n is d<span class="_ _3"/>isc<span class="_ _3"/>ret<span class="_ _3"/>ion<span class="_ _3"/>ar<span class="_ _3"/>y, an<span class="_ _3"/>d the<span class="_ _3"/>re<span class="_ _3"/>fore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">any d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d cou<span class="_ _3"/>po<span class="_ _3"/>n la<span class="_ _3"/>pse<span class="_ _3"/>s up<span class="_ _3"/>on ma<span class="_ _3"/>tur<span class="_ _3"/>it<span class="_ _3"/>y of the hy<span class="_ _3"/>br<span class="_ _3"/>id <span class="_ _1"/>cap<span class="_ _3"/>ita<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt of ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within<span class="_ _0"/> financing activitie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ed<span class="_ _3"/>em<span class="_ _3"/>pti<span class="_ _3"/>on of hy<span class="_ _3"/>bri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l<span class="_ _3"/>, the p<span class="_ _3"/>aym<span class="_ _3"/>e<span class="_ _3"/>nt wi<span class="_ _3"/>ll be <span class="_ _1"/>d<span class="_ _3"/>ist<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>ty, ap<span class="_ _3"/>plyi<span class="_ _3"/>ng t<span class="_ _3"/>he sa<span class="_ _3"/>me r<span class="_ _3"/>ati<span class="_ _3"/>o as w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hybr<span class="_ _3"/>id c<span class="_ _3"/>api<span class="_ _3"/>tal w<span class="_ _3"/>as i<span class="_ _3"/>ssu<span class="_ _3"/>ed<span class="_ _3"/>. Th<span class="_ _3"/>is m<span class="_ _3"/>ea<span class="_ _3"/>ns th<span class="_ _3"/>at t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he p<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>n re<span class="_ _3"/>de<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>n and t<span class="_ _3"/>he n<span class="_ _3"/>et pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>ved o<span class="_ _3"/>n is<span class="_ _3"/>su<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d di<span class="_ _3"/>rec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity, as t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g hybr<span class="_ _3"/>id i<span class="_ _3"/>ssu<span class="_ _3"/>es w<span class="_ _3"/>il<span class="_ _3"/>l be n<span class="_ _3"/>il d<span class="_ _3"/>ur<span class="_ _3"/>ing t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t of the l<span class="_ _3"/>ife o<span class="_ _3"/>f the hy<span class="_ _3"/>br<span class="_ _3"/>id ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hyb<span class="_ _3"/>ri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>es i<span class="_ _3"/>ssu<span class="_ _3"/>ed b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at q<span class="_ _3"/>ua<span class="_ _3"/>li<span class="_ _3"/>fy fo<span class="_ _3"/>r tre<span class="_ _3"/>at-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>n acc<span class="_ _3"/>ord<span class="_ _3"/>an<span class="_ _3"/>ce wi<span class="_ _3"/>th th<span class="_ _3"/>e ru<span class="_ _3"/>les o<span class="_ _3"/>n com<span class="_ _3"/>po<span class="_ _3"/>un<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>st<span class="_ _3"/>rum<span class="_ _3"/>en<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e sp<span class="_ _3"/>ec<span class="_ _3"/>ia<span class="_ _3"/>l cha<span class="_ _3"/>ra<span class="_ _3"/>cte<span class="_ _3"/>ri<span class="_ _3"/>sti<span class="_ _3"/>cs o<span class="_ _3"/>f the b<span class="_ _3"/>on<span class="_ _3"/>ds<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e not<span class="_ _3"/>io<span class="_ _3"/>na<span class="_ _3"/>l am<span class="_ _3"/>ou<span class="_ _3"/>nt, w<span class="_ _3"/>hi<span class="_ _3"/>ch co<span class="_ _3"/>nst<span class="_ _3"/>itu<span class="_ _3"/>tes a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, is rec<span class="_ _3"/>og<span class="_ _3"/>ni<span class="_ _3"/>sed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at p<span class="_ _3"/>res<span class="_ _3"/>ent v<span class="_ _3"/>alu<span class="_ _3"/>e, a<span class="_ _3"/>nd e<span class="_ _3"/>qu<span class="_ _3"/>ity h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n in<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>ed by th<span class="_ _3"/>e di<span class="_ _3"/>ffe<span class="_ _3"/>r-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>ce b<span class="_ _3"/>etw<span class="_ _3"/>ee<span class="_ _3"/>n the n<span class="_ _3"/>et p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s rec<span class="_ _3"/>ei<span class="_ _3"/>ved a<span class="_ _3"/>nd t<span class="_ _3"/>he p<span class="_ _3"/>res<span class="_ _3"/>ent va<span class="_ _3"/>lu<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e di<span class="_ _3"/>sco<span class="_ _3"/>unte<span class="_ _3"/>d li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y. The ca<span class="_ _3"/>rr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt o<span class="_ _3"/>f the l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>one<span class="_ _3"/>nt a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to ni<span class="_ _3"/>l on i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n as t<span class="_ _3"/>he o<span class="_ _3"/>nly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>yme<span class="_ _3"/>nt o<span class="_ _3"/>bl<span class="_ _3"/>ig<span class="_ _3"/>ati<span class="_ _3"/>on i<span class="_ _3"/>s the r<span class="_ _3"/>ep<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al v<span class="_ _3"/>alu<span class="_ _3"/>e in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1,<span class="_ _3"/>00<span class="_ _3"/>0 y<span class="_ _3"/>ea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d for a<span class="_ _3"/>s di<span class="_ _3"/>vi<span class="_ _3"/>de<span class="_ _3"/>nd<span class="_ _3"/>s, wh<span class="_ _3"/>ic<span class="_ _3"/>h are </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed d<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>t the t<span class="_ _3"/>im<span class="_ _3"/>e th<span class="_ _3"/>e pay<span class="_ _3"/>me<span class="_ _3"/>nt ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>is<span class="_ _3"/>es<span class="_ _3"/>. Thi<span class="_ _3"/>s is b<span class="_ _3"/>ec<span class="_ _3"/>aus<span class="_ _3"/>e th<span class="_ _3"/>e cou<span class="_ _3"/>po<span class="_ _3"/>n is d<span class="_ _3"/>isc<span class="_ _3"/>ret<span class="_ _3"/>ion<span class="_ _3"/>ar<span class="_ _3"/>y, an<span class="_ _3"/>d the<span class="_ _3"/>re<span class="_ _3"/>fore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">any d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d cou<span class="_ _3"/>po<span class="_ _3"/>n la<span class="_ _3"/>pse<span class="_ _3"/>s up<span class="_ _3"/>on ma<span class="_ _3"/>tur<span class="_ _3"/>it<span class="_ _3"/>y of the hy<span class="_ _3"/>br<span class="_ _3"/>id <span class="_ _1"/>cap<span class="_ _3"/>ita<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>upo<span class="_ _3"/>n pa<span class="_ _3"/>yme<span class="_ _3"/>nt<span class="_ _3"/>s are r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d in t<span class="_ _3"/>he s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nt of ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">within<span class="_ _0"/> financing activitie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ed<span class="_ _3"/>em<span class="_ _3"/>pti<span class="_ _3"/>on of hy<span class="_ _3"/>bri<span class="_ _3"/>d ca<span class="_ _3"/>pita<span class="_ _3"/>l<span class="_ _3"/>, the p<span class="_ _3"/>aym<span class="_ _3"/>e<span class="_ _3"/>nt wi<span class="_ _3"/>ll be <span class="_ _1"/>d<span class="_ _3"/>ist<span class="_ _3"/>ri<span class="_ _3"/>bu<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty an<span class="_ _3"/>d eq<span class="_ _3"/>ui<span class="_ _3"/>ty, ap<span class="_ _3"/>plyi<span class="_ _3"/>ng t<span class="_ _3"/>he sa<span class="_ _3"/>me r<span class="_ _3"/>ati<span class="_ _3"/>o as w<span class="_ _3"/>he<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hybr<span class="_ _3"/>id c<span class="_ _3"/>api<span class="_ _3"/>tal w<span class="_ _3"/>as i<span class="_ _3"/>ssu<span class="_ _3"/>ed<span class="_ _3"/>. Th<span class="_ _3"/>is m<span class="_ _3"/>ea<span class="_ _3"/>ns th<span class="_ _3"/>at t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en t<span class="_ _3"/>he p<span class="_ _3"/>aym<span class="_ _3"/>ent o<span class="_ _3"/>n re<span class="_ _3"/>de<span class="_ _3"/>mpt<span class="_ _3"/>io<span class="_ _3"/>n and t<span class="_ _3"/>he n<span class="_ _3"/>et pr<span class="_ _3"/>oce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cei<span class="_ _3"/>ved o<span class="_ _3"/>n is<span class="_ _3"/>su<span class="_ _3"/>e is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d di<span class="_ _3"/>rec<span class="_ _3"/>tly in e<span class="_ _3"/>qu<span class="_ _3"/>ity, as t<span class="_ _3"/>he l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>rt<span class="_ _3"/>io<span class="_ _3"/>n of th<span class="_ _3"/>e ex<span class="_ _3"/>ist<span class="_ _3"/>in<span class="_ _3"/>g hybr<span class="_ _3"/>id i<span class="_ _3"/>ssu<span class="_ _3"/>es w<span class="_ _3"/>il<span class="_ _3"/>l be n<span class="_ _3"/>il d<span class="_ _3"/>ur<span class="_ _3"/>ing t<span class="_ _3"/>he f<span class="_ _3"/>ir<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>t of the l<span class="_ _3"/>ife o<span class="_ _3"/>f the hy<span class="_ _3"/>br<span class="_ _3"/>id ca<span class="_ _3"/>pi<span class="_ _3"/>tal<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Col<span class="_ _0"/>lat<span class="_ _0"/>eral<span class="_ _0"/> and<span class="_ _0"/> mar<span class="_ _0"/>gin p<span class="_ _0"/>ost<span class="_ _0"/>ings</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en we t<span class="_ _3"/>rad<span class="_ _3"/>e in d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s to exe<span class="_ _3"/>cute ou<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stra<span class="_ _0"/>teg<span class="_ _0"/>y<span class="_ _0"/>, w<span class="_ _0"/>e hav<span class="_ _0"/>e tw<span class="_ _0"/>o al<span class="_ _0"/>t<span class="_ _0"/>ernatives<span class="_ _0"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e is se<span class="_ _3"/>ttled o<span class="_ _3"/>n an </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g bas<span class="_ _3"/>is th<span class="_ _3"/>rou<span class="_ _3"/>gh re<span class="_ _3"/>ce<span class="_ _3"/>ipt o<span class="_ _3"/>r pla<span class="_ _3"/>cem<span class="_ _3"/>ent o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ll<span class="_ _3"/>ate<span class="_ _3"/>ra<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re we a<span class="_ _3"/>cce<span class="_ _3"/>pt the c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk t<span class="_ _3"/>hat w<span class="_ _3"/>ill </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur if w<span class="_ _3"/>e ga<span class="_ _3"/>in on t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g un<span class="_ _3"/>de<span class="_ _3"/>r both ty<span class="_ _3"/>pe<span class="_ _3"/>s of ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of cou<span class="_ _3"/>nter<span class="_ _3"/>par<span class="_ _3"/>t<span class="_ _3"/>ies w<span class="_ _3"/>ith w<span class="_ _3"/>hom w<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _3"/>ng<span class="_ _3"/>ag<span class="_ _3"/>in<span class="_ _3"/>g to ac<span class="_ _3"/>hiev<span class="_ _3"/>e the m<span class="_ _3"/>ost o<span class="_ _3"/>pti<span class="_ _3"/>ma<span class="_ _3"/>l pr<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te and l<span class="_ _3"/>im<span class="_ _3"/>it t<span class="_ _3"/>he pote<span class="_ _3"/>nti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve im<span class="_ _3"/>pa<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on o<span class="_ _3"/>ur ca<span class="_ _3"/>sh p<span class="_ _3"/>osi<span class="_ _3"/>tio<span class="_ _3"/>n from te<span class="_ _3"/>mp<span class="_ _3"/>ora<span class="_ _3"/>r<span class="_ _3"/>y flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>, we ac<span class="_ _3"/>ti<span class="_ _3"/>vely ma<span class="_ _3"/>na<span class="_ _3"/>ge th<span class="_ _3"/>e volu<span class="_ _3"/>me of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>de<span class="_ _3"/>s bet<span class="_ _3"/>wee<span class="_ _3"/>n tra<span class="_ _3"/>di<span class="_ _3"/>ng wi<span class="_ _3"/>th a<span class="_ _3"/>nd wi<span class="_ _3"/>tho<span class="_ _3"/>ut co<span class="_ _3"/>llate<span class="_ _3"/>ral </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As of 31 D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, 12 <span class="_ _4"/>% (20<span class="_ _3"/>22: 31 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r an<span class="_ _3"/>d ga<span class="_ _3"/>s tra<span class="_ _3"/>des a<span class="_ _3"/>nd 8<span class="_ _3"/>8 <span class="_ _15c"/>% (2<span class="_ _3"/>022: 8<span class="_ _3"/>6 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>ncy, inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd i<span class="_ _3"/>ntere<span class="_ _3"/>st rate h<span class="_ _3"/>ed<span class="_ _3"/>ges h<span class="_ _3"/>ad d<span class="_ _3"/>ai<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">margin<span class="_ _0"/> sett<span class="_ _0"/>l<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o l<span class="_ _3"/>im<span class="_ _3"/>it ca<span class="_ _3"/>sh i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t, we a<span class="_ _3"/>ls<span class="_ _3"/>o provi<span class="_ _3"/>de n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>ash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l as pa<span class="_ _3"/>re<span class="_ _3"/>nt com<span class="_ _3"/>pa<span class="_ _3"/>ny and b<span class="_ _3"/>an<span class="_ _3"/>k gu<span class="_ _3"/>ara<span class="_ _3"/>ntee<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le. At th<span class="_ _3"/>e en<span class="_ _3"/>d of De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3, we ha<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cove<span class="_ _3"/>red EU<span class="_ _3"/>R 0.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n in co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d var<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n ma<span class="_ _3"/>rgi<span class="_ _3"/>ns o<span class="_ _3"/>n en<span class="_ _3"/>ergy h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s thr<span class="_ _3"/>oug<span class="_ _3"/>h a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>rent com<span class="_ _3"/>pany gu<span class="_ _3"/>arantee<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r col<span class="_ _3"/>late<span class="_ _3"/>ral a<span class="_ _3"/>nd m<span class="_ _3"/>arg<span class="_ _3"/>in p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s rel<span class="_ _3"/>ated to tra<span class="_ _3"/>d<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g wit<span class="_ _3"/>h de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>nd co<span class="_ _3"/>llate<span class="_ _3"/>ral r<span class="_ _3"/>ela<span class="_ _3"/>ted to in<span class="_ _3"/>sura<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd es<span class="_ _3"/>crow a<span class="_ _3"/>ccou<span class="_ _3"/>nts h<span class="_ _3"/>ave d<span class="_ _3"/>ecr<span class="_ _3"/>ea<span class="_ _3"/>sed f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 17<span class="_ _15c"/>.<span class="_ _3"/>3 bi<span class="_ _3"/>ll<span class="_ _3"/>ion a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>022 to DK<span class="_ _3"/>K 7<span class="_ _15c"/>.9 bil<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. T<span class="_ _3"/>he de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>e was <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>l<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dr<span class="_ _3"/>ive<span class="_ _3"/>n by the la<span class="_ _3"/>rg<span class="_ _3"/>e dec<span class="_ _3"/>rea<span class="_ _3"/>se i<span class="_ _3"/>n powe<span class="_ _3"/>r an<span class="_ _3"/>d gas p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e yea<span class="_ _3"/>r, colla<span class="_ _3"/>tera<span class="_ _3"/>l pay<span class="_ _3"/>me<span class="_ _3"/>nts re<span class="_ _3"/>late<span class="_ _3"/>d to vari<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l ma<span class="_ _3"/>rgi<span class="_ _3"/>ns d<span class="_ _3"/>ec<span class="_ _3"/>rea<span class="_ _3"/>sed by D<span class="_ _3"/>KK 2.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d DK<span class="_ _3"/>K 7<span class="_ _15c"/>.<span class="_ _3"/>1 bi<span class="_ _3"/>ll<span class="_ _3"/>ion<span class="_ _3"/>, res<span class="_ _3"/>pe<span class="_ _3"/>ct<span class="_ _3"/>ive<span class="_ _3"/>l<span class="_ _0"/>y, and a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 3.<span class="_ _0"/>9 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>n and v<span class="_ _3"/>ari<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>arg<span class="_ _3"/>in r<span class="_ _3"/>ela<span class="_ _3"/>te t<span class="_ _0"/>o e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>, an<span class="_ _3"/>d the c<span class="_ _3"/>red<span class="_ _3"/>it su<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>t an<span class="_ _3"/>ne<span class="_ _3"/>x (C<span class="_ _3"/>SA) re<span class="_ _3"/>lates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to cur<span class="_ _3"/>ren<span class="_ _3"/>cy, inf<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>teres<span class="_ _3"/>t rate he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. Ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">col<span class="_ _3"/>late<span class="_ _3"/>ral m<span class="_ _3"/>ai<span class="_ _3"/>nly rela<span class="_ _3"/>tes to in<span class="_ _3"/>sur<span class="_ _3"/>an<span class="_ _3"/>ce li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">esc<span class="_ _3"/>row acc<span class="_ _3"/>oun<span class="_ _3"/>ts<span class="_ _3"/>. Fur<span class="_ _3"/>th<span class="_ _3"/>er s<span class="_ _3"/>ecu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>an b<span class="_ _3"/>e pla<span class="_ _3"/>ced </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l in re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>s pa<span class="_ _3"/>rt of o<span class="_ _3"/>ur ca<span class="_ _3"/>sh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _3"/>Sec<span class="_ _3"/>uri<span class="_ _3"/>ti<span class="_ _3"/>es not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble for u<span class="_ _3"/>se’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pledged<span class="_ _0"/> as c<span class="_ _0"/>olla<span class="_ _0"/>ter<span class="_ _0"/>al f<span class="_ _0"/>or:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>i<span class="_ _3"/>nsu<span class="_ _3"/>ran<span class="_ _3"/>ce<span class="_ _3"/>-re<span class="_ _3"/>late<span class="_ _3"/>d prov<span class="_ _3"/>isi<span class="_ _3"/>ons<span class="_ _3"/>: DK<span class="_ _3"/>K 387 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 381 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g in f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s: D<span class="_ _3"/>KK 0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 388 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, w<span class="_ _3"/>e had r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l in th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt of DK<span class="_ _3"/>K 286 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,1<span class="_ _0"/>94 mil<span class="_ _3"/>li<span class="_ _3"/>on) co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>osi<span class="_ _3"/>tive <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh not a<span class="_ _3"/>va<span class="_ _3"/>ila<span class="_ _3"/>ble fo<span class="_ _3"/>r use’ c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>ses<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>ing w<span class="_ _3"/>ith f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts: D<span class="_ _3"/>KK 421 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 366 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce-<span class="_ _3"/>re<span class="_ _3"/>lated p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>ns: <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 41 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 38 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>ayab<span class="_ _3"/>les fo<span class="_ _3"/>r the p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se of ga<span class="_ _3"/>s th<span class="_ _3"/>at ha<span class="_ _3"/>s not <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yet b<span class="_ _3"/>ee<span class="_ _3"/>n sett<span class="_ _3"/>led<span class="_ _3"/>, pla<span class="_ _3"/>ced o<span class="_ _3"/>n a res<span class="_ _3"/>tri<span class="_ _3"/>cte<span class="_ _3"/>d acco<span class="_ _3"/>unt<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 2,<span class="_ _3"/>029 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls62 ws2c"> <span class="_ _16"> </span> <span class="_ _49"/>collateral for o<span class="_ _0"/>ther transac<span class="_ _3"/>tions: <span class="ls0 ws0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 38 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liqui<span class="_ _3"/>dity r<span class="_ _0"/>eser<span class="_ _3"/>ve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Liquid<span class="_ _3"/>ity<span class="_ _0"/> reserve</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity re<span class="_ _3"/>ser<span class="_ _3"/>ve a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 90<span class="_ _3"/>.7 bi<span class="_ _3"/>ll<span class="_ _3"/>ion (<span class="_ _3"/>31 Dece<span class="_ _3"/>m<span class="_ _3"/>be<span class="_ _3"/>r 2022: D<span class="_ _3"/>KK 97<span class="_ _4"/>.<span class="_ _3"/>8 bi<span class="_ _3"/>lli<span class="_ _3"/>on)<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve i<span class="_ _3"/>s du<span class="_ _3"/>e to a dec<span class="_ _3"/>rea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _3"/>ash a<span class="_ _3"/>nd u<span class="_ _3"/>nd<span class="_ _3"/>raw<span class="_ _3"/>n cre<span class="_ _3"/>dit fa<span class="_ _3"/>ci<span class="_ _3"/>lit<span class="_ _3"/>ies of D<span class="_ _3"/>KK 6<span class="_ _3"/>,03<span class="_ _3"/>3 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n and D<span class="_ _3"/>KK 6<span class="_ _3"/>,17<span class="_ _15c"/>4 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on<span class="_ _3"/>, res<span class="_ _3"/>pec<span class="_ _3"/>ti<span class="_ _3"/>vely. Par<span class="_ _3"/>tly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cou<span class="_ _3"/>nter<span class="_ _3"/>ed by an i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se in a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,0<span class="_ _3"/>8<span class="_ _3"/>8 mi<span class="_ _3"/>lli<span class="_ _3"/>on<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Col<span class="_ _0"/>lat<span class="_ _0"/>eral<span class="_ _0"/> and<span class="_ _0"/> mar<span class="_ _0"/>gin p<span class="_ _0"/>ost<span class="_ _0"/>ings</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en we t<span class="_ _3"/>rad<span class="_ _3"/>e in d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s to exe<span class="_ _3"/>cute ou<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">stra<span class="_ _0"/>teg<span class="_ _0"/>y<span class="_ _0"/>, w<span class="_ _0"/>e hav<span class="_ _0"/>e tw<span class="_ _0"/>o al<span class="_ _0"/>t<span class="_ _0"/>ernatives<span class="_ _0"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re th<span class="_ _3"/>e ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e is se<span class="_ _3"/>ttled o<span class="_ _3"/>n an </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g bas<span class="_ _3"/>is th<span class="_ _3"/>rou<span class="_ _3"/>gh re<span class="_ _3"/>ce<span class="_ _3"/>ipt o<span class="_ _3"/>r pla<span class="_ _3"/>cem<span class="_ _3"/>ent o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ll<span class="_ _3"/>ate<span class="_ _3"/>ra<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>T<span class="_ _0"/>rad<span class="_ _3"/>in<span class="_ _3"/>g whe<span class="_ _3"/>re we a<span class="_ _3"/>cce<span class="_ _3"/>pt the c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk t<span class="_ _3"/>hat w<span class="_ _3"/>ill </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">occ<span class="_ _3"/>ur if w<span class="_ _3"/>e ga<span class="_ _3"/>in on t<span class="_ _3"/>he tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g un<span class="_ _3"/>de<span class="_ _3"/>r both ty<span class="_ _3"/>pe<span class="_ _3"/>s of ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>cre<span class="_ _3"/>ase t<span class="_ _3"/>he n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of cou<span class="_ _3"/>nter<span class="_ _3"/>par<span class="_ _3"/>t<span class="_ _3"/>ies w<span class="_ _3"/>ith w<span class="_ _3"/>hom w<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are e<span class="_ _3"/>ng<span class="_ _3"/>ag<span class="_ _3"/>in<span class="_ _3"/>g to ac<span class="_ _3"/>hiev<span class="_ _3"/>e the m<span class="_ _3"/>ost o<span class="_ _3"/>pti<span class="_ _3"/>ma<span class="_ _3"/>l pr<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te and l<span class="_ _3"/>im<span class="_ _3"/>it t<span class="_ _3"/>he pote<span class="_ _3"/>nti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve im<span class="_ _3"/>pa<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on o<span class="_ _3"/>ur ca<span class="_ _3"/>sh p<span class="_ _3"/>osi<span class="_ _3"/>tio<span class="_ _3"/>n from te<span class="_ _3"/>mp<span class="_ _3"/>ora<span class="_ _3"/>r<span class="_ _3"/>y flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>, we ac<span class="_ _3"/>ti<span class="_ _3"/>vely ma<span class="_ _3"/>na<span class="_ _3"/>ge th<span class="_ _3"/>e volu<span class="_ _3"/>me of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>de<span class="_ _3"/>s bet<span class="_ _3"/>wee<span class="_ _3"/>n tra<span class="_ _3"/>di<span class="_ _3"/>ng wi<span class="_ _3"/>th a<span class="_ _3"/>nd wi<span class="_ _3"/>tho<span class="_ _3"/>ut co<span class="_ _3"/>llate<span class="_ _3"/>ral </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">arrangements.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">As of 31 D<span class="_ _3"/>ece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, 12 <span class="_ _4"/>% (20<span class="_ _3"/>22: 31 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r an<span class="_ _3"/>d ga<span class="_ _3"/>s tra<span class="_ _3"/>des a<span class="_ _3"/>nd 8<span class="_ _3"/>8 <span class="_ _15c"/>% (2<span class="_ _3"/>022: 8<span class="_ _3"/>6 <span class="_ _15c"/>%) of ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>ncy, inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd i<span class="_ _3"/>ntere<span class="_ _3"/>st rate h<span class="_ _3"/>ed<span class="_ _3"/>ges h<span class="_ _3"/>ad d<span class="_ _3"/>ai<span class="_ _3"/>ly<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">margin<span class="_ _0"/> sett<span class="_ _0"/>l<span class="_ _0"/>ements.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o l<span class="_ _3"/>im<span class="_ _3"/>it ca<span class="_ _3"/>sh i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t, we a<span class="_ _3"/>ls<span class="_ _3"/>o provi<span class="_ _3"/>de n<span class="_ _3"/>on<span class="_ _3"/>-c<span class="_ _3"/>ash </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l as pa<span class="_ _3"/>re<span class="_ _3"/>nt com<span class="_ _3"/>pa<span class="_ _3"/>ny and b<span class="_ _3"/>an<span class="_ _3"/>k gu<span class="_ _3"/>ara<span class="_ _3"/>ntee<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le. At th<span class="_ _3"/>e en<span class="_ _3"/>d of De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3, we ha<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cove<span class="_ _3"/>red EU<span class="_ _3"/>R 0.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n in co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>ns </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d var<span class="_ _3"/>ia<span class="_ _3"/>tio<span class="_ _3"/>n ma<span class="_ _3"/>rgi<span class="_ _3"/>ns o<span class="_ _3"/>n en<span class="_ _3"/>ergy h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s thr<span class="_ _3"/>oug<span class="_ _3"/>h a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>rent com<span class="_ _3"/>pany gu<span class="_ _3"/>arantee<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r col<span class="_ _3"/>late<span class="_ _3"/>ral a<span class="_ _3"/>nd m<span class="_ _3"/>arg<span class="_ _3"/>in p<span class="_ _3"/>aym<span class="_ _3"/>ent<span class="_ _3"/>s rel<span class="_ _3"/>ated to tra<span class="_ _3"/>d<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g wit<span class="_ _3"/>h de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>nd co<span class="_ _3"/>llate<span class="_ _3"/>ral r<span class="_ _3"/>ela<span class="_ _3"/>ted to in<span class="_ _3"/>sura<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd es<span class="_ _3"/>crow a<span class="_ _3"/>ccou<span class="_ _3"/>nts h<span class="_ _3"/>ave d<span class="_ _3"/>ecr<span class="_ _3"/>ea<span class="_ _3"/>sed f<span class="_ _3"/>rom </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 17<span class="_ _15c"/>.<span class="_ _3"/>3 bi<span class="_ _3"/>ll<span class="_ _3"/>ion a<span class="_ _3"/>t 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>022 to DK<span class="_ _3"/>K 7<span class="_ _15c"/>.9 bil<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. T<span class="_ _3"/>he de<span class="_ _3"/>cre<span class="_ _3"/>as<span class="_ _3"/>e was <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>ri<span class="_ _3"/>l<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">dr<span class="_ _3"/>ive<span class="_ _3"/>n by the la<span class="_ _3"/>rg<span class="_ _3"/>e dec<span class="_ _3"/>rea<span class="_ _3"/>se i<span class="_ _3"/>n powe<span class="_ _3"/>r an<span class="_ _3"/>d gas p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>ri<span class="_ _3"/>ng th<span class="_ _3"/>e yea<span class="_ _3"/>r, colla<span class="_ _3"/>tera<span class="_ _3"/>l pay<span class="_ _3"/>me<span class="_ _3"/>nts re<span class="_ _3"/>late<span class="_ _3"/>d to vari<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>l ma<span class="_ _3"/>rgi<span class="_ _3"/>ns d<span class="_ _3"/>ec<span class="_ _3"/>rea<span class="_ _3"/>sed by D<span class="_ _3"/>KK 2.<span class="_ _3"/>5 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d DK<span class="_ _3"/>K 7<span class="_ _15c"/>.<span class="_ _3"/>1 bi<span class="_ _3"/>ll<span class="_ _3"/>ion<span class="_ _3"/>, res<span class="_ _3"/>pe<span class="_ _3"/>ct<span class="_ _3"/>ive<span class="_ _3"/>l<span class="_ _0"/>y, and a<span class="_ _3"/>mo<span class="_ _3"/>unte<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 3.<span class="_ _0"/>9 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n at 31 De<span class="_ _3"/>cem<span class="_ _3"/>be<span class="_ _3"/>r 202<span class="_ _3"/>3. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>iti<span class="_ _3"/>al m<span class="_ _3"/>ar<span class="_ _3"/>gi<span class="_ _3"/>n and v<span class="_ _3"/>ari<span class="_ _3"/>ati<span class="_ _3"/>on m<span class="_ _3"/>arg<span class="_ _3"/>in r<span class="_ _3"/>ela<span class="_ _3"/>te t<span class="_ _0"/>o e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>, an<span class="_ _3"/>d the c<span class="_ _3"/>red<span class="_ _3"/>it su<span class="_ _3"/>pp<span class="_ _3"/>or<span class="_ _3"/>t an<span class="_ _3"/>ne<span class="_ _3"/>x (C<span class="_ _3"/>SA) re<span class="_ _3"/>lates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to cur<span class="_ _3"/>ren<span class="_ _3"/>cy, inf<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>teres<span class="_ _3"/>t rate he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. Ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">col<span class="_ _3"/>late<span class="_ _3"/>ral m<span class="_ _3"/>ai<span class="_ _3"/>nly rela<span class="_ _3"/>tes to in<span class="_ _3"/>sur<span class="_ _3"/>an<span class="_ _3"/>ce li<span class="_ _3"/>ab<span class="_ _3"/>il<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">esc<span class="_ _3"/>row acc<span class="_ _3"/>oun<span class="_ _3"/>ts<span class="_ _3"/>. Fur<span class="_ _3"/>th<span class="_ _3"/>er s<span class="_ _3"/>ecu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>an b<span class="_ _3"/>e pla<span class="_ _3"/>ced </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l in re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns a<span class="_ _3"/>s pa<span class="_ _3"/>rt of o<span class="_ _3"/>ur ca<span class="_ _3"/>sh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 163.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s, s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance shee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 425.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>draf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts that ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e part of the ongoing cash management<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.66px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>. s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,144<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>16,175</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.5078px; width: 143.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.743px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 122.773px; width: 164.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Securities can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, av<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ailabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 438.251px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29,515<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,428</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or use<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.658px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>769</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 164.789px; width: 631.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.73px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our cash and s<span class="_ _0"/>ecurities divided int<span class="_ _0"/>o avail<span class="_ _0"/>able and no<span class="_ _0"/>t avail<span class="_ _0"/>able f<span class="_ _0"/>or us<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 98.0332px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of securitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 627.205px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 164.203px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>Fixed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2422px; width: 45.1758px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturities</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 627.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0-2 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,064<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,032<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,096<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,315</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 626.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">371<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,287<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,986</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 626.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Af<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ter 5 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 155.297px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,583<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,565<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,148<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,666<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,896</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.2734px; width: 627.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arrying amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,018<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>23,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,664<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,533<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our securities split int<span class="_ _0"/>o mat<span class="_ _0"/>urities and fixed or floating int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>es. <span class="_ _0"/>The o<span class="_ _0"/>vervie<span class="_ _0"/>w includes int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps us<span class="_ _0"/>ed to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">manage the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk on the securities<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash,<span class="_ _0"/> c<span class="_ _0"/>ash<span class="_ _0"/> equiv<span class="_ _0"/>alent<span class="_ _0"/>s, an<span class="_ _0"/>d s<span class="_ _0"/>ecur<span class="_ _0"/>itie<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re a key ele<span class="_ _3"/>me<span class="_ _3"/>nt in o<span class="_ _3"/>ur l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>erefo<span class="_ _3"/>re, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts a<span class="_ _3"/>re m<span class="_ _3"/>ai<span class="_ _3"/>nly mad<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>A<span class="_ _3"/>A-r<span class="_ _3"/>ated D<span class="_ _3"/>an<span class="_ _3"/>ish m<span class="_ _3"/>or<span class="_ _3"/>tga<span class="_ _3"/>ge b<span class="_ _3"/>on<span class="_ _3"/>ds an<span class="_ _3"/>d, to a le<span class="_ _3"/>sse<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent<span class="_ _3"/>, in ot<span class="_ _3"/>he<span class="_ _3"/>r bo<span class="_ _3"/>nds<span class="_ _3"/>. M<span class="_ _3"/>ost of t<span class="_ _3"/>he se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es q<span class="_ _3"/>ua<span class="_ _3"/>lif<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>ith th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh ce<span class="_ _3"/>ntra<span class="_ _3"/>l ba<span class="_ _3"/>nk<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Danmarks Nationalbank<span class="_ _3"/>’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _3"/>Sec<span class="_ _3"/>uri<span class="_ _3"/>ti<span class="_ _3"/>es not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble for u<span class="_ _3"/>se’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pledged<span class="_ _0"/> as c<span class="_ _0"/>olla<span class="_ _0"/>ter<span class="_ _0"/>al f<span class="_ _0"/>or:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>i<span class="_ _3"/>nsu<span class="_ _3"/>ran<span class="_ _3"/>ce<span class="_ _3"/>-re<span class="_ _3"/>late<span class="_ _3"/>d prov<span class="_ _3"/>isi<span class="_ _3"/>ons<span class="_ _3"/>: DK<span class="_ _3"/>K 387 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 381 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g in f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s: D<span class="_ _3"/>KK 0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 388 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, w<span class="_ _3"/>e had r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l in th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt of DK<span class="_ _3"/>K 286 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,1<span class="_ _0"/>94 mil<span class="_ _3"/>li<span class="_ _3"/>on) co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>osi<span class="_ _3"/>tive <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh not a<span class="_ _3"/>va<span class="_ _3"/>ila<span class="_ _3"/>ble fo<span class="_ _3"/>r use’ c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>ses<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>ing w<span class="_ _3"/>ith f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts: D<span class="_ _3"/>KK 421 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 366 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce-<span class="_ _3"/>re<span class="_ _3"/>lated p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>ns: <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 41 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 38 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>ayab<span class="_ _3"/>les fo<span class="_ _3"/>r the p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se of ga<span class="_ _3"/>s th<span class="_ _3"/>at ha<span class="_ _3"/>s not <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yet b<span class="_ _3"/>ee<span class="_ _3"/>n sett<span class="_ _3"/>led<span class="_ _3"/>, pla<span class="_ _3"/>ced o<span class="_ _3"/>n a res<span class="_ _3"/>tri<span class="_ _3"/>cte<span class="_ _3"/>d acco<span class="_ _3"/>unt<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 2,<span class="_ _3"/>029 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls62 ws2c"> <span class="_ _16"> </span> <span class="_ _49"/>collateral for o<span class="_ _0"/>ther transac<span class="_ _3"/>tions: <span class="ls0 ws0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 38 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.236328125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.02344px; width: 122.156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at </span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 120.34px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 57.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2578px; width: 33.1348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy </span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8535px; width: 614.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 109.277px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">166<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 507<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(803)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.8535px; width: 614.367px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 245<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 3,264<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,872</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 104.869px; width: 614.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 2,279<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,894)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.869px; width: 614.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,528<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,395<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,920</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.869px; width: 614.508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 178.647px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 175<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">69<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:71.111328125px;"><span style="position: absolute; display: inline-block; left: 403.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 166.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 167.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 266.781px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 395.422px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 479.891px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 608.562px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 244.828px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 403.422px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 457px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 614.938px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 640.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">21,806<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(369)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,103</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e sw<span class="_ _0"/>aps are us<span class="_ _0"/>ed t<span class="_ _0"/>o adjust the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The year 2023 includes inee<span class="_ _0"/>ff<span class="_ _0"/>ective USD int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps with a c<span class="_ _0"/>ontract<span class="_ _0"/>ual principal amount of DKK 12,148 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:85.126953125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.03906px; width: 112.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 89.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 40.793px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 614.238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Forw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ard e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xchange contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,504<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,549<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws cash management positions which ar<span class="_ _0"/>e no<span class="_ _0"/>t hedge account<span class="_ _0"/>ed. <span class="_ _0"/>The positions c<span class="_ _0"/>onsist of EUR and, t<span class="_ _0"/>o a l<span class="_ _0"/>esser ext<span class="_ _0"/>ent, GBP and USD</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ene<span class="_ _3"/>rgy trad<span class="_ _3"/>ing po<span class="_ _3"/>rtfoli<span class="_ _3"/>o</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 395.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0078px; width: 142.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ervie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gy <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 73.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 73.9688px; top: 31.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span></span><span style="position: absolute; display: inline-block; left: 262.422px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 371.719px; top: 31.0234px; width: 49.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 583.406px; top: 31.0234px; width: 47.8125px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 240.562px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 43.0078px; width: 45.1406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">gain/(lo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 583.406px; top: 43.0078px; width: 47.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> gain/(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,683<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,854)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,906<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,060<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,680</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 631.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,138<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(312)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,601<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(774)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 631.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">156<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(137)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>498<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 214.395px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">175<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(50)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.455078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 80.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rading mandates</span><span style="position: absolute; display: inline-block; left: 80.7812px; top: 0.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 80.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aR limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 221.172px; top: 18.2734px; width: 88.4473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stress limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 72.2637px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 100 million</span><span style="position: absolute; display: inline-block; left: 221.172px; top: 30.2578px; width: 408.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 400 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Maximum open po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sitions in trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.1035px; width: 210.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st loss in one tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading day </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 54.0879px; width: 192.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Stre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the lar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gest dail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss we risk<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 53.6016px; width: 98.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 6 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.1035px; width: 199.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">at a probabilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y of 95 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%. V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR is based on data </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 66.0879px; width: 188.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">sust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aining with the given portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olio<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. Str<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess is </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 65.6016px; width: 94.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 9.5 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of gas</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 78.1035px; width: 202.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the past 45 tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading days,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> with the heaviest </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 78.0879px; width: 186.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">based on dat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 1 January 2006 t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 77.6016px; width: 109.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 1 million boe of oil</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.0879px; width: 195.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">weighting being assigned t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the most r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecent </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 90.0879px; width: 52.5059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sent day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 89.5859px; width: 193.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 1.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of carbon emissions</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.088px; width: 56.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">trading day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 101.586px; width: 195.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 0.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of coal and biomass</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The contr<span class="_ _0"/>actual principal amount has been de<span class="_ _0"/>termined as the ne<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">position per derivativ<span class="_ _0"/>e type<span class="_ _0"/>. <span class="_ _0"/>The risks associat<span class="_ _0"/>ed with our op<span class="_ _0"/>tions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are smal<span class="_ _0"/>ler than f<span class="_ _4"/>or our swaps.<span class="_ _0"/> The mark<span class="_ _0"/>e<span class="_ _0"/>t value most<span class="_ _0"/>l<span class="_ _0"/>y consists<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of r<span class="_ _0"/>eceiv<span class="_ _0"/>ed exposur<span class="_ _0"/>e from our ass<span class="_ _0"/>ets with s<span class="_ _0"/>et<span class="_ _0"/>tl<span class="_ _0"/>ement at maturit<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whereas part o<span class="_ _0"/>f the ext<span class="_ _0"/>ernal tr<span class="_ _0"/>ade is set<span class="_ _0"/>tl<span class="_ _0"/>ed on a dail<span class="_ _0"/>y basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">included with the set<span class="_ _0"/>tl<span class="_ _0"/>ed mar<span class="_ _0"/>gin.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>T<span class="_ _0"/>r<span class="_ _0"/>ading activities ar<span class="_ _0"/>e carried out under mandat<span class="_ _0"/>es appr<span class="_ _0"/>ov<span class="_ _0"/>ed b<span class="_ _0"/>y the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/>. <span class="_ _0"/>The mandat<span class="_ _0"/>es comprise a v<span class="_ _0"/>alue-at-risk (V<span class="_ _0"/>aR) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mandate and a s<span class="_ _0"/>tress mandat<span class="_ _0"/>e as w<span class="_ _0"/>ell as a limit f<span class="_ _0"/>or the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">positions measur<span class="_ _0"/>ed in energy unit<span class="_ _0"/>s per product (po<span class="_ _0"/>wer<span class="_ _4"/>, gas, et<span class="_ _0"/>c.).<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The graph sho<span class="_ _0"/>ws the dail<span class="_ _4"/>y V<span class="_ _0"/>aR position f<span class="_ _0"/>or the period 2022-2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aR r<span class="_ _0"/>eached DKK 280 million on 9 Mar<span class="_ _0"/>ch 2022, causing a passiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">breach o<span class="_ _0"/>f the Board o<span class="_ _0"/>f Dir<span class="_ _0"/>ectors' mandat<span class="_ _0"/>e of DKK 100 mil<span class="_ _0"/>lion due </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the R<span class="_ _0"/>ussian in<span class="_ _0"/>vasion of Ukr<span class="_ _0"/>aine and the l<span class="_ _0"/>arge r<span class="_ _0"/>eduction in gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plies t<span class="_ _0"/>o Europe<span class="_ _0"/>, c<span class="_ _0"/>ausing the European ener<span class="_ _0"/>gy price<span class="_ _0"/>s to spik<span class="_ _0"/>e<span class="_ _0"/>. In 2022, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">there w<span class="_ _0"/>er<span class="_ _0"/>e further passive br<span class="_ _0"/>eaches in <span class="_ _0"/>August due t<span class="_ _0"/>o <span class="_ _6"/>Russian gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _0"/>y cuts and in Sept<span class="_ _0"/>ember<span class="_ _0"/>-No<span class="_ _0"/>vember due t<span class="_ _0"/>o a hal<span class="_ _0"/>t of gas thr<span class="_ _0"/>ough the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Nord Str<span class="_ _0"/>eam 1 and 2 pipelines af<span class="_ _0"/>ter the e<span class="_ _0"/>xplosions in Sep<span class="_ _0"/>tember<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>rad<span class="_ _3"/>ing por<span class="_ _3"/>tfolio</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of ou<span class="_ _3"/>r tra<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>lio i<span class="_ _3"/>s to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>optimise<span class="_ _0"/> hedging exec<span class="_ _0"/>ution</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>c<span class="_ _3"/>ontr<span class="_ _3"/>ib<span class="_ _3"/>ute to in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d ma<span class="_ _3"/>rket i<span class="_ _3"/>ns<span class="_ _3"/>igh<span class="_ _3"/>t</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>rofi<span class="_ _3"/>t fro<span class="_ _3"/>m sho<span class="_ _3"/>r<span class="_ _3"/>t<span class="_ _0"/>-t<span class="_ _0"/>e<span class="_ _3"/>rm fl<span class="_ _3"/>uc<span class="_ _3"/>tuat<span class="_ _3"/>io<span class="_ _3"/>ns in <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>erg<span class="_ _3"/>y pr<span class="_ _3"/>ices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The energ<span class="_ _0"/>y tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio r<span class="_ _0"/>eceives<span class="_ _0"/> the<span class="_ _0"/> exposur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ou<span class="_ _3"/>r ass<span class="_ _3"/>ets a<span class="_ _3"/>nd ta<span class="_ _3"/>kes th<span class="_ _3"/>at ex<span class="_ _3"/>po<span class="_ _3"/>sure i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l ma<span class="_ _3"/>rket i<span class="_ _3"/>n the m<span class="_ _3"/>os<span class="_ _3"/>t ef<span class="_ _3"/>fi<span class="_ _3"/>cie<span class="_ _3"/>nt way p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gi<span class="_ _3"/>ven t<span class="_ _3"/>he m<span class="_ _3"/>an<span class="_ _3"/>date<span class="_ _3"/>s show<span class="_ _3"/>n to the le<span class="_ _3"/>ft<span class="_ _3"/>. Th<span class="_ _3"/>e over<span class="_ _3"/>vi<span class="_ _3"/>ew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ene<span class="_ _3"/>rgy t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o to the le<span class="_ _3"/>ft i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net of t<span class="_ _3"/>he in<span class="_ _3"/>tern<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>res re<span class="_ _3"/>cei<span class="_ _3"/>ved f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and t<span class="_ _3"/>he e<span class="_ _3"/>xte<span class="_ _3"/>rna<span class="_ _3"/>l tra<span class="_ _3"/>de<span class="_ _3"/>s in l<span class="_ _3"/>in<span class="_ _3"/>e wit<span class="_ _3"/>h inte<span class="_ _3"/>rna<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">risk<span class="_ _0"/> management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio primaril<span class="_ _0"/>y<span class="_ _0"/> consis<span class="_ _0"/>ts o<span class="_ _0"/>f posi<span class="_ _0"/>tions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in p<span class="_ _3"/>owe<span class="_ _3"/>r and g<span class="_ _3"/>as<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tra<span class="_ _3"/>di<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io co<span class="_ _3"/>ns<span class="_ _3"/>titute<span class="_ _3"/>s a sm<span class="_ _3"/>alle<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r total p<span class="_ _3"/>or<span class="_ _3"/>tfol<span class="_ _3"/>io of d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, a<span class="_ _3"/>nd t<span class="_ _3"/>he a<span class="_ _3"/>ssoc<span class="_ _3"/>ia<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk is l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _0"/>te<span class="_ _0"/>gor<span class="_ _0"/>ies<span class="_ _0"/> o<span class="_ _0"/>f fin<span class="_ _0"/>anci<span class="_ _0"/>al ins<span class="_ _0"/>trum<span class="_ _0"/>ents</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.8</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:342.203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 155.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Categorie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s of financial instruments</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,251<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,775</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 482.479px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s measured at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value via the inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">37,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>42,972</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 447.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,783<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,709</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 448.748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">795<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>275</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">478</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es (ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets) used as hedging instrument<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 316.453px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,578<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,462</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 447.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,107<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,701</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ounts r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 414.81px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,200<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,459</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 165.275px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,626<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,649</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.789px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s measured at amortised c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 327.603px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">28,933<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>40,809</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 197.525px; width: 631.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,712<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 211.039px; width: 631.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities measured at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue via the income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,712<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 230.682px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 444.064px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41,237</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.682px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 448.748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>697</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.682px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 389.82px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,073</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 272.195px; width: 631.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es (liabilities) used as hedging instrument<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 297.926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">18,500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,007</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 290.932px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank loans and issued bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 398.685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">79,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63,281</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 304.947px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 456.668px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,915<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,641</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 318.947px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ounts payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 424.001px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,591<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,310</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 332.461px; width: 631.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities measured at amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed cost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 309.193px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">103,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>95,232</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our financial instruments divided int<span class="_ _0"/>o c<span class="_ _0"/>ategories<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cat<span class="_ _0"/>egories indicat<span class="_ _0"/>e ho<span class="_ _0"/>w the financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the financial s<span class="_ _0"/>tat<span class="_ _0"/>ement.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial instruments are<span class="_ _0"/> used<span class="_ _0"/> for<span class="_ _0"/> various purpos<span class="_ _0"/>es. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The purpo<span class="_ _0"/>se de<span class="_ _0"/>termines<span class="_ _0"/> the<span class="_ _0"/> cat<span class="_ _0"/>egory<span class="_ _0"/>, and<span class="_ _0"/> whether<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e valu<span class="_ _3"/>e ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent of t<span class="_ _3"/>he i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nt sh<span class="_ _3"/>ou<span class="_ _3"/>ld be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e prof<span class="_ _3"/>it (l<span class="_ _3"/>oss) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar o<span class="_ _3"/>r as pa<span class="_ _3"/>r<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g rese<span class="_ _3"/>r<span class="_ _3"/>ve in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r valu<span class="_ _3"/>e of f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>red <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a<span class="_ _3"/>mo<span class="_ _3"/>rt<span class="_ _3"/>ise<span class="_ _3"/>d cos<span class="_ _3"/>t is id<span class="_ _3"/>en<span class="_ _3"/>tica<span class="_ _3"/>l to the c<span class="_ _3"/>arr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th the e<span class="_ _3"/>xce<span class="_ _3"/>pti<span class="_ _3"/>on of ba<span class="_ _3"/>nk l<span class="_ _3"/>oan<span class="_ _3"/>s an<span class="_ _3"/>d is<span class="_ _3"/>sue<span class="_ _3"/>d bo<span class="_ _3"/>nds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he ma<span class="_ _3"/>rke<span class="_ _3"/>t valu<span class="_ _3"/>e is s<span class="_ _3"/>tated i<span class="_ _3"/>n note 5.<span class="_ _3"/>1 ‘I<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _0"/> <span class="_ _49"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>ar<span class="_ _3"/>in<span class="_ _3"/>g net d<span class="_ _3"/>ebt a<span class="_ _3"/>nd F<span class="_ _3"/>FO’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity ana<span class="_ _3"/>l<span class="_ _0"/>y<span class="_ _0"/>sis of fina<span class="_ _3"/>ncial ins<span class="_ _3"/>truments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.9</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.189453125px;"><span style="position: absolute; display: inline-block; left: 350.781px; top: 0.0078125px; width: 280.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31 December 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 138.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Sensitivit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sis of financial </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 55.1719px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">instruments </span><span style="position: absolute; display: inline-block; left: 226.484px; top: 31.0234px; width: 23.8418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Price <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 365.656px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 471.453px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 561.172px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.3984px; width: 30.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 215.281px; top: 43.0234px; width: 32.6836px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">change</span><span style="position: absolute; display: inline-block; left: 272.641px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 390.609px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 587.047px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 227.9px; white-space: pre; word-spacing: 0.216px; letter-spacing: -0.216px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Powe<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 227.9px; top: 61.7598px; width: 403.506px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(277)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,119)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,791)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,382)</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 75.7598px; width: 406.471px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">562<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,263<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,794<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,402</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 211.371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(588)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(127)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>177</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 103.775px; width: 406.441px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">588<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>127<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(177)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(360)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>277</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 131.775px; width: 406.652px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">360<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(158)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>608<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.791px; width: 631.236px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,430)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,727)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 159.791px; width: 406.148px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(817)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,965<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,727</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.791px; width: 631.465px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(947)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(853)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 187.791px; width: 406.664px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,070<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>947<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>853</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(386)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(743)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 215.807px; width: 406.371px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">386<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 229.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(212)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(15)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(899)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(125)</span><span style="position: absolute; display: inline-block; left: 230.125px; top: 243.822px; width: 400.729px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>899<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.822px; width: 208.699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 208.699px; top: 257.822px; width: 197.496px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 406.195px; top: 257.822px; width: 224.982px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,162)</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.822px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>920<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(332)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,224</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e se<span class="_ _3"/>nsi<span class="_ _3"/>tiv<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ys<span class="_ _3"/>is in t<span class="_ _3"/>he ta<span class="_ _3"/>ble sh<span class="_ _3"/>ows th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>es<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g a rel<span class="_ _3"/>ati<span class="_ _3"/>ve pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t on pr<span class="_ _3"/>ofi<span class="_ _3"/>t (los<span class="_ _3"/>s) befor<span class="_ _3"/>e tax com<span class="_ _3"/>p<span class="_ _3"/>ris<span class="_ _3"/>es fi<span class="_ _3"/>na<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts th<span class="_ _3"/>at re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>pe<span class="_ _3"/>n at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate, a<span class="_ _3"/>nd w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve an e<span class="_ _3"/>ffe<span class="_ _3"/>ct o<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cur<span class="_ _3"/>rent f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ef<span class="_ _3"/>fec<span class="_ _3"/>t on eq<span class="_ _3"/>ui<span class="_ _3"/>ty b<span class="_ _3"/>efore ta<span class="_ _3"/>x com<span class="_ _3"/>pri<span class="_ _3"/>ses f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts t<span class="_ _3"/>hat r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>ne<span class="_ _3"/>d ope<span class="_ _3"/>n at t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce s<span class="_ _3"/>hee<span class="_ _3"/>t date<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d wh<span class="_ _3"/>ich a<span class="_ _3"/>re va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted d<span class="_ _3"/>ire<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s in<span class="_ _3"/>clud<span class="_ _3"/>e de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>s wel<span class="_ _3"/>l as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eivabl<span class="_ _0"/>es<span class="_ _0"/> and pa<span class="_ _0"/>yabl<span class="_ _0"/>es in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> c<span class="_ _0"/>urrencie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e il<span class="_ _3"/>lust<span class="_ _3"/>rate<span class="_ _3"/>d sen<span class="_ _3"/>sit<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s on<span class="_ _3"/>l<span class="_ _0"/>y co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e the i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> our<span class="_ _0"/> financial<span class="_ _0"/> instrumen<span class="_ _0"/>ts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed e<span class="_ _3"/>xpo<span class="_ _3"/>su<span class="_ _3"/>re ha<span class="_ _3"/>d bee<span class="_ _3"/>n i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he se<span class="_ _3"/>ns<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>vity a<span class="_ _3"/>na<span class="_ _3"/>lysis<span class="_ _3"/>, th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t of a pri<span class="_ _3"/>ce ch<span class="_ _3"/>an<span class="_ _3"/>ge wo<span class="_ _3"/>uld h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en re<span class="_ _3"/>du<span class="_ _3"/>ced o<span class="_ _3"/>r of<span class="_ _3"/>fset e<span class="_ _3"/>nti<span class="_ _3"/>rely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>oci<span class="_ _3"/>ate<span class="_ _3"/>d hed<span class="_ _3"/>gi<span class="_ _3"/>ng of n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n fore<span class="_ _3"/>ig<span class="_ _3"/>n su<span class="_ _3"/>bsi<span class="_ _3"/>di<span class="_ _3"/>ari<span class="_ _3"/>es a<span class="_ _3"/>re not i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tab<span class="_ _3"/>le, a<span class="_ _3"/>s the e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s of the s<span class="_ _3"/>um of th<span class="_ _3"/>e inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red to b<span class="_ _3"/>e ne<span class="_ _3"/>utra<span class="_ _3"/>l to cha<span class="_ _3"/>ng<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _0"/>urrenc<span class="_ _0"/>ies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s wou<span class="_ _3"/>ld red<span class="_ _3"/>uc<span class="_ _3"/>e eq<span class="_ _3"/>uit<span class="_ _3"/>y by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,718 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 6<span class="_ _3"/>,257 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 163.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s, s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance shee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 425.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>draf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts that ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e part of the ongoing cash management<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.66px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>. s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,144<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>16,175</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.5078px; width: 143.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.743px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 122.773px; width: 164.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Securities can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, av<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ailabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 438.251px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29,515<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,428</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or use<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.658px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>769</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 164.789px; width: 631.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.73px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our cash and s<span class="_ _0"/>ecurities divided int<span class="_ _0"/>o avail<span class="_ _0"/>able and no<span class="_ _0"/>t avail<span class="_ _0"/>able f<span class="_ _0"/>or us<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, w<span class="_ _3"/>e had r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l in th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt of DK<span class="_ _3"/>K 286 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,1<span class="_ _0"/>94 mil<span class="_ _3"/>li<span class="_ _3"/>on) co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>osi<span class="_ _3"/>tive <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh not a<span class="_ _3"/>va<span class="_ _3"/>ila<span class="_ _3"/>ble fo<span class="_ _3"/>r use’ c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>ses<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>ing w<span class="_ _3"/>ith f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts: D<span class="_ _3"/>KK 421 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 366 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce-<span class="_ _3"/>re<span class="_ _3"/>lated p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>ns: <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 41 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 38 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>ayab<span class="_ _3"/>les fo<span class="_ _3"/>r the p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se of ga<span class="_ _3"/>s th<span class="_ _3"/>at ha<span class="_ _3"/>s not <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yet b<span class="_ _3"/>ee<span class="_ _3"/>n sett<span class="_ _3"/>led<span class="_ _3"/>, pla<span class="_ _3"/>ced o<span class="_ _3"/>n a res<span class="_ _3"/>tri<span class="_ _3"/>cte<span class="_ _3"/>d acco<span class="_ _3"/>unt<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 2,<span class="_ _3"/>029 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls62 ws2c"> <span class="_ _16"> </span> <span class="_ _49"/>collateral for o<span class="_ _0"/>ther transac<span class="_ _3"/>tions: <span class="ls0 ws0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 38 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:174.53125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 163.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s, s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance shee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 425.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.641px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>draf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ts that ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e part of the ongoing cash management<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.66px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 66.117px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.67px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash and cash equiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s at 31 December<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>, cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>. s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement of c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,144<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>16,175</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.5078px; width: 143.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.617px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash cf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.743px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,145<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,178</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or us<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,471</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 122.773px; width: 164.689px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Securities can be specified as f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ws:</span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, av<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ailabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 438.251px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">29,515<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,428</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.178px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities, no<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t avail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>able f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or use<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 403.658px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>769</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 164.789px; width: 631.6px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities at 31 Dec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 383.73px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our cash and s<span class="_ _0"/>ecurities divided int<span class="_ _0"/>o avail<span class="_ _0"/>able and no<span class="_ _0"/>t avail<span class="_ _0"/>able f<span class="_ _0"/>or us<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash,<span class="_ _0"/> c<span class="_ _0"/>ash<span class="_ _0"/> equiv<span class="_ _0"/>alent<span class="_ _0"/>s, an<span class="_ _0"/>d s<span class="_ _0"/>ecur<span class="_ _0"/>itie<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re a key ele<span class="_ _3"/>me<span class="_ _3"/>nt in o<span class="_ _3"/>ur l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>erefo<span class="_ _3"/>re, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts a<span class="_ _3"/>re m<span class="_ _3"/>ai<span class="_ _3"/>nly mad<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>A<span class="_ _3"/>A-r<span class="_ _3"/>ated D<span class="_ _3"/>an<span class="_ _3"/>ish m<span class="_ _3"/>or<span class="_ _3"/>tga<span class="_ _3"/>ge b<span class="_ _3"/>on<span class="_ _3"/>ds an<span class="_ _3"/>d, to a le<span class="_ _3"/>sse<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent<span class="_ _3"/>, in ot<span class="_ _3"/>he<span class="_ _3"/>r bo<span class="_ _3"/>nds<span class="_ _3"/>. M<span class="_ _3"/>ost of t<span class="_ _3"/>he se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es q<span class="_ _3"/>ua<span class="_ _3"/>lif<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>ith th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh ce<span class="_ _3"/>ntra<span class="_ _3"/>l ba<span class="_ _3"/>nk<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Danmarks Nationalbank<span class="_ _3"/>’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _3"/>Sec<span class="_ _3"/>uri<span class="_ _3"/>ti<span class="_ _3"/>es not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble for u<span class="_ _3"/>se’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pledged<span class="_ _0"/> as c<span class="_ _0"/>olla<span class="_ _0"/>ter<span class="_ _0"/>al f<span class="_ _0"/>or:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>i<span class="_ _3"/>nsu<span class="_ _3"/>ran<span class="_ _3"/>ce<span class="_ _3"/>-re<span class="_ _3"/>late<span class="_ _3"/>d prov<span class="_ _3"/>isi<span class="_ _3"/>ons<span class="_ _3"/>: DK<span class="_ _3"/>K 387 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 381 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g in f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s: D<span class="_ _3"/>KK 0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 388 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">At 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023, w<span class="_ _3"/>e had r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>llate<span class="_ _3"/>ra<span class="_ _3"/>l in th<span class="_ _3"/>e am<span class="_ _3"/>ou<span class="_ _3"/>nt of DK<span class="_ _3"/>K 286 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 1,1<span class="_ _0"/>94 mil<span class="_ _3"/>li<span class="_ _3"/>on) co<span class="_ _3"/>nce<span class="_ _3"/>rn<span class="_ _3"/>in<span class="_ _3"/>g the p<span class="_ _3"/>osi<span class="_ _3"/>tive <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Ca<span class="_ _3"/>sh not a<span class="_ _3"/>va<span class="_ _3"/>ila<span class="_ _3"/>ble fo<span class="_ _3"/>r use’ c<span class="_ _3"/>om<span class="_ _3"/>pri<span class="_ _3"/>ses<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase a<span class="_ _3"/>gre<span class="_ _3"/>e<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>ing w<span class="_ _3"/>ith f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts: D<span class="_ _3"/>KK 421 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K 366 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l for in<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce-<span class="_ _3"/>re<span class="_ _3"/>lated p<span class="_ _3"/>rovi<span class="_ _3"/>sio<span class="_ _3"/>ns: <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 41 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 38 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>ayab<span class="_ _3"/>les fo<span class="_ _3"/>r the p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se of ga<span class="_ _3"/>s th<span class="_ _3"/>at ha<span class="_ _3"/>s not <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">yet b<span class="_ _3"/>ee<span class="_ _3"/>n sett<span class="_ _3"/>led<span class="_ _3"/>, pla<span class="_ _3"/>ced o<span class="_ _3"/>n a res<span class="_ _3"/>tri<span class="_ _3"/>cte<span class="_ _3"/>d acco<span class="_ _3"/>unt<span class="_ _3"/>: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 0 mi<span class="_ _3"/>ll<span class="_ _3"/>ion (2<span class="_ _3"/>022: D<span class="_ _3"/>KK 2,<span class="_ _3"/>029 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls62 ws2c"> <span class="_ _16"> </span> <span class="_ _49"/>collateral for o<span class="_ _0"/>ther transac<span class="_ _3"/>tions: <span class="ls0 ws0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1<span class="_ _4"/>9 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on (20<span class="_ _3"/>22: DK<span class="_ _3"/>K 38 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 98.0332px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of securitie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3672px; width: 627.205px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 164.203px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Fix<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>Fixed rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 18.7617px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Floating rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2422px; width: 45.1758px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturities</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 627.023px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">0-2 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,064<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,032<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,096<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,278<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,315</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 626.924px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2-5 years<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 177.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">371<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,287<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 67.7108px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,986</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 626.994px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Af<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ter 5 y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ears<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 155.297px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,583<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,565<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,148<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,666<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,230<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,896</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.2734px; width: 627.029px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arrying amount<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">6,018<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>23,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2,664<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,533<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our securities split int<span class="_ _0"/>o mat<span class="_ _0"/>urities and fixed or floating int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>es. <span class="_ _0"/>The o<span class="_ _0"/>vervie<span class="_ _0"/>w includes int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps us<span class="_ _0"/>ed to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">manage the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk on the securities<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cash,<span class="_ _0"/> c<span class="_ _0"/>ash<span class="_ _0"/> equiv<span class="_ _0"/>alent<span class="_ _0"/>s, an<span class="_ _0"/>d s<span class="_ _0"/>ecur<span class="_ _0"/>itie<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>re a key ele<span class="_ _3"/>me<span class="_ _3"/>nt in o<span class="_ _3"/>ur l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty res<span class="_ _3"/>er<span class="_ _3"/>ve<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d th<span class="_ _3"/>erefo<span class="_ _3"/>re, i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nts a<span class="_ _3"/>re m<span class="_ _3"/>ai<span class="_ _3"/>nly mad<span class="_ _3"/>e in l<span class="_ _3"/>iq<span class="_ _3"/>ui<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A<span class="_ _3"/>A<span class="_ _3"/>A-r<span class="_ _3"/>ated D<span class="_ _3"/>an<span class="_ _3"/>ish m<span class="_ _3"/>or<span class="_ _3"/>tga<span class="_ _3"/>ge b<span class="_ _3"/>on<span class="_ _3"/>ds an<span class="_ _3"/>d, to a le<span class="_ _3"/>sse<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent<span class="_ _3"/>, in ot<span class="_ _3"/>he<span class="_ _3"/>r bo<span class="_ _3"/>nds<span class="_ _3"/>. M<span class="_ _3"/>ost of t<span class="_ _3"/>he se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es q<span class="_ _3"/>ua<span class="_ _3"/>lif<span class="_ _3"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for re<span class="_ _3"/>po tr<span class="_ _3"/>ans<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns w<span class="_ _3"/>ith th<span class="_ _3"/>e Da<span class="_ _3"/>ni<span class="_ _3"/>sh ce<span class="_ _3"/>ntra<span class="_ _3"/>l ba<span class="_ _3"/>nk<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Danmarks Nationalbank<span class="_ _3"/>’<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘<span class="_ _3"/>Sec<span class="_ _3"/>uri<span class="_ _3"/>ti<span class="_ _3"/>es not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble for u<span class="_ _3"/>se’ co<span class="_ _3"/>mp<span class="_ _3"/>ri<span class="_ _3"/>se se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pledged<span class="_ _0"/> as c<span class="_ _0"/>olla<span class="_ _0"/>ter<span class="_ _0"/>al f<span class="_ _0"/>or:<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>i<span class="_ _3"/>nsu<span class="_ _3"/>ran<span class="_ _3"/>ce<span class="_ _3"/>-re<span class="_ _3"/>late<span class="_ _3"/>d prov<span class="_ _3"/>isi<span class="_ _3"/>ons<span class="_ _3"/>: DK<span class="_ _3"/>K 387 mi<span class="_ _3"/>lli<span class="_ _3"/>on <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 381 mi<span class="_ _3"/>ll<span class="_ _3"/>ion)</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g in f<span class="_ _3"/>in<span class="_ _3"/>anc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s: D<span class="_ _3"/>KK 0 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23 (2022<span class="_ _3"/>: DK<span class="_ _3"/>K 388 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on)<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ies c<span class="_ _3"/>om<span class="_ _3"/>pr<span class="_ _3"/>ise b<span class="_ _3"/>on<span class="_ _3"/>ds th<span class="_ _3"/>at a<span class="_ _3"/>re m<span class="_ _3"/>oni<span class="_ _3"/>tor<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d, a<span class="_ _3"/>nd r<span class="_ _3"/>ep<span class="_ _3"/>or<span class="_ _3"/>ted a<span class="_ _3"/>t ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e on a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>go<span class="_ _3"/>in<span class="_ _3"/>g ba<span class="_ _3"/>sis i<span class="_ _3"/>n co<span class="_ _3"/>nfor<span class="_ _3"/>mi<span class="_ _3"/>ty wi<span class="_ _3"/>th th<span class="_ _3"/>e Gro<span class="_ _3"/>up's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt po<span class="_ _3"/>li<span class="_ _3"/>cy. Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n pro<span class="_ _3"/>fit (<span class="_ _3"/>los<span class="_ _3"/>s) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial income<span class="_ _0"/> and expens<span class="_ _0"/>es. Purc<span class="_ _0"/>hase and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sa<span class="_ _3"/>le of se<span class="_ _3"/>cu<span class="_ _3"/>rit<span class="_ _3"/>ie<span class="_ _3"/>s are re<span class="_ _3"/>co<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d at t<span class="_ _3"/>he se<span class="_ _3"/>ttle<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ment<span class="_ _0"/> date.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r li<span class="_ _3"/>sted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>ti<span class="_ _3"/>es, m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lu<span class="_ _3"/>e eq<span class="_ _3"/>ua<span class="_ _3"/>ls t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rke<span class="_ _3"/>t pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d for u<span class="_ _3"/>nl<span class="_ _3"/>iste<span class="_ _3"/>d se<span class="_ _3"/>cur<span class="_ _3"/>it<span class="_ _3"/>ies<span class="_ _3"/>, ma<span class="_ _3"/>rk<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue i<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>d ba<span class="_ _3"/>sed o<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>lly acc<span class="_ _3"/>epte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lua<span class="_ _3"/>tio<span class="_ _3"/>n me<span class="_ _3"/>tho<span class="_ _3"/>ds a<span class="_ _3"/>nd m<span class="_ _3"/>ar<span class="_ _3"/>ket d<span class="_ _3"/>ata<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Di<span class="_ _3"/>ves<span class="_ _3"/>ted s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s wh<span class="_ _3"/>ere r<span class="_ _3"/>ep<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s (re<span class="_ _3"/>po tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>ns) h<span class="_ _3"/>ave b<span class="_ _3"/>ee<span class="_ _3"/>n ma<span class="_ _3"/>de a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tim<span class="_ _3"/>e of sa<span class="_ _3"/>le a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet a<span class="_ _3"/>t th<span class="_ _3"/>e set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt da<span class="_ _3"/>te as if t<span class="_ _3"/>he s<span class="_ _3"/>ecu<span class="_ _3"/>ri<span class="_ _3"/>tie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we<span class="_ _3"/>re st<span class="_ _3"/>ill h<span class="_ _3"/>el<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>mo<span class="_ _3"/>unt r<span class="_ _3"/>ece<span class="_ _3"/>ive<span class="_ _3"/>d is r<span class="_ _3"/>eco<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d as a l<span class="_ _3"/>iab<span class="_ _3"/>il<span class="_ _3"/>it<span class="_ _3"/>y, and t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e sel<span class="_ _3"/>li<span class="_ _3"/>ng p<span class="_ _3"/>ri<span class="_ _3"/>ce an<span class="_ _3"/>d th<span class="_ _3"/>e pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce is r<span class="_ _3"/>ec-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">og<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r over t<span class="_ _3"/>he te<span class="_ _3"/>rm </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t. T<span class="_ _3"/>he re<span class="_ _3"/>tur<span class="_ _3"/>n on th<span class="_ _3"/>e se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es i<span class="_ _3"/>s rec<span class="_ _3"/>og<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ni<span class="_ _3"/>se<span class="_ _3"/>d in p<span class="_ _3"/>rofi<span class="_ _3"/>t (lo<span class="_ _3"/>ss) fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>r.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income<span class="_ _0"/> and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 154.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 153.797px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,895)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 384.739px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains/loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,556)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(140)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,343</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:286.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 138.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial income and e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses </span><span style="position: absolute; display: inline-block; left: 136.906px; top: 0.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cash, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>211</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 332.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change gains<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 428.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,226</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.289px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,514</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.025px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans and borro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,167)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,848)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o assets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">453<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.041px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.041px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(257)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(513)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turns<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.041px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,596)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.057px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 420.892px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,042)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,323)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.057px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,470)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,800)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.057px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 431.284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(66)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(165)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(13,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(18,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.836px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The t<span class="_ _0"/>able sho<span class="_ _0"/>ws ne<span class="_ _0"/>t financial income and expens<span class="_ _0"/>es, c<span class="_ _0"/>orr<span class="_ _0"/>esponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to our int<span class="_ _0"/>ernal r<span class="_ _0"/>eporting. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘V<span class="_ _0"/>alue adjustments o<span class="_ _0"/>f derivativ<span class="_ _0"/>es, ne<span class="_ _0"/>t<span class="_ _0"/>’ and ‘C<span class="_ _0"/>apit<span class="_ _0"/>al gains/loss<span class="_ _0"/>es on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">securities at mark<span class="_ _0"/>et v<span class="_ _0"/>alue<span class="_ _0"/>, net<span class="_ _0"/>’ wer<span class="_ _0"/>e bo<span class="_ _0"/>th impacted b<span class="_ _0"/>y the signifi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ates in 2022 as w<span class="_ _0"/>e use int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to adjus<span class="_ _0"/>t the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio and ther<span class="_ _0"/>eby r<span class="_ _0"/>educ<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. In 2023, ‘V<span class="_ _4"/>alue adjust<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of deriv<span class="_ _0"/>atives<span class="_ _0"/>, net<span class="_ _0"/>’ is aff<span class="_ _4"/>ected by a gain o<span class="_ _0"/>f DKK 2,399 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to hedge ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness<span class="_ _0"/>, mainl<span class="_ _0"/>y driv<span class="_ _0"/>en by l<span class="_ _0"/>ess funding needed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the US af<span class="_ _0"/>ter the t<span class="_ _0"/>ermination o<span class="_ _0"/>f Ocean <span class="_ _0"/>Wind 1.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Exchange r<span class="_ _0"/>ate adjus<span class="_ _0"/>tments,<span class="_ _0"/> net<span class="_ _0"/>’ ar<span class="_ _0"/>e mainl<span class="_ _0"/>y aff<span class="_ _0"/>ect<span class="_ _0"/>ed by int<span class="_ _0"/>er<span class="_ _0"/>-com<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pany bal<span class="_ _0"/>ances be<span class="_ _0"/>tw<span class="_ _0"/>een entities with diff<span class="_ _0"/>er<span class="_ _0"/>ent functional currencies<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and do not impact the st<span class="_ _0"/>at<span class="_ _0"/>ement of cash fl<span class="_ _0"/>o<span class="_ _0"/>ws or int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt. Negativ<span class="_ _0"/>e ‘Exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments<span class="_ _0"/>, net<span class="_ _0"/>’ in 2023 wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mostl<span class="_ _0"/>y driv<span class="_ _0"/>en by the incr<span class="_ _0"/>ease in GBP<span class="_ _15c"/>/DKK exchange rat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>The GBP<span class="_ _4"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK rat<span class="_ _0"/>e decr<span class="_ _0"/>eased signific<span class="_ _0"/>antl<span class="_ _0"/>y in 2022, which l<span class="_ _0"/>ed to po<span class="_ _0"/>sitive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments f<span class="_ _4"/>or that period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Exchange rat<span class="_ _0"/>e adjustments o<span class="_ _0"/>f currenc<span class="_ _0"/>y hedging are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>v<span class="_ _0"/>enue and cost of s<span class="_ _0"/>ales with a l<span class="_ _0"/>oss of DKK 451 mil<span class="_ _0"/>lion (2022: a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss o<span class="_ _0"/>f DKK 349 million).<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borro<span class="_ _0"/>wing co<span class="_ _0"/>sts tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to pr<span class="_ _0"/>opert<span class="_ _0"/>y<span class="_ _0"/>, pl<span class="_ _0"/>ant, and equipment <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under construction ar<span class="_ _0"/>e cal<span class="_ _0"/>cul<span class="_ _0"/>ated as the w<span class="_ _0"/>eight<span class="_ _0"/>ed aver<span class="_ _0"/>age eff<span class="_ _0"/>ectiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or gener<span class="_ _0"/>al borro<span class="_ _0"/>wing. <span class="_ _0"/>This amount<span class="_ _0"/>ed t<span class="_ _0"/>o 3.4 <span class="_ _4"/>% in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: <span class="_"> </span>3.1 %).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income<span class="_ _0"/> and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 154.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 153.797px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,895)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 384.739px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains/loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,556)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(140)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,343</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:286.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 138.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial income and e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses </span><span style="position: absolute; display: inline-block; left: 136.906px; top: 0.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cash, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>211</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 332.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change gains<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 428.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,226</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.289px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,514</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.025px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans and borro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,167)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,848)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o assets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">453<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.041px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.041px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(257)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(513)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turns<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.041px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,596)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.057px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 420.892px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,042)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,323)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.057px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,470)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,800)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.057px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 431.284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(66)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(165)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(13,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(18,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.836px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The t<span class="_ _0"/>able sho<span class="_ _0"/>ws ne<span class="_ _0"/>t financial income and expens<span class="_ _0"/>es, c<span class="_ _0"/>orr<span class="_ _0"/>esponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to our int<span class="_ _0"/>ernal r<span class="_ _0"/>eporting. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘V<span class="_ _0"/>alue adjustments o<span class="_ _0"/>f derivativ<span class="_ _0"/>es, ne<span class="_ _0"/>t<span class="_ _0"/>’ and ‘C<span class="_ _0"/>apit<span class="_ _0"/>al gains/loss<span class="_ _0"/>es on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">securities at mark<span class="_ _0"/>et v<span class="_ _0"/>alue<span class="_ _0"/>, net<span class="_ _0"/>’ wer<span class="_ _0"/>e bo<span class="_ _0"/>th impacted b<span class="_ _0"/>y the signifi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ates in 2022 as w<span class="_ _0"/>e use int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to adjus<span class="_ _0"/>t the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio and ther<span class="_ _0"/>eby r<span class="_ _0"/>educ<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. In 2023, ‘V<span class="_ _4"/>alue adjust<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of deriv<span class="_ _0"/>atives<span class="_ _0"/>, net<span class="_ _0"/>’ is aff<span class="_ _4"/>ected by a gain o<span class="_ _0"/>f DKK 2,399 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to hedge ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness<span class="_ _0"/>, mainl<span class="_ _0"/>y driv<span class="_ _0"/>en by l<span class="_ _0"/>ess funding needed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the US af<span class="_ _0"/>ter the t<span class="_ _0"/>ermination o<span class="_ _0"/>f Ocean <span class="_ _0"/>Wind 1.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Exchange r<span class="_ _0"/>ate adjus<span class="_ _0"/>tments,<span class="_ _0"/> net<span class="_ _0"/>’ ar<span class="_ _0"/>e mainl<span class="_ _0"/>y aff<span class="_ _0"/>ect<span class="_ _0"/>ed by int<span class="_ _0"/>er<span class="_ _0"/>-com<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pany bal<span class="_ _0"/>ances be<span class="_ _0"/>tw<span class="_ _0"/>een entities with diff<span class="_ _0"/>er<span class="_ _0"/>ent functional currencies<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and do not impact the st<span class="_ _0"/>at<span class="_ _0"/>ement of cash fl<span class="_ _0"/>o<span class="_ _0"/>ws or int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt. Negativ<span class="_ _0"/>e ‘Exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments<span class="_ _0"/>, net<span class="_ _0"/>’ in 2023 wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mostl<span class="_ _0"/>y driv<span class="_ _0"/>en by the incr<span class="_ _0"/>ease in GBP<span class="_ _15c"/>/DKK exchange rat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>The GBP<span class="_ _4"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK rat<span class="_ _0"/>e decr<span class="_ _0"/>eased signific<span class="_ _0"/>antl<span class="_ _0"/>y in 2022, which l<span class="_ _0"/>ed to po<span class="_ _0"/>sitive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments f<span class="_ _4"/>or that period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Exchange rat<span class="_ _0"/>e adjustments o<span class="_ _0"/>f currenc<span class="_ _0"/>y hedging are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>v<span class="_ _0"/>enue and cost of s<span class="_ _0"/>ales with a l<span class="_ _0"/>oss of DKK 451 mil<span class="_ _0"/>lion (2022: a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss o<span class="_ _0"/>f DKK 349 million).<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borro<span class="_ _0"/>wing co<span class="_ _0"/>sts tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to pr<span class="_ _0"/>opert<span class="_ _0"/>y<span class="_ _0"/>, pl<span class="_ _0"/>ant, and equipment <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under construction ar<span class="_ _0"/>e cal<span class="_ _0"/>cul<span class="_ _0"/>ated as the w<span class="_ _0"/>eight<span class="_ _0"/>ed aver<span class="_ _0"/>age eff<span class="_ _0"/>ectiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or gener<span class="_ _0"/>al borro<span class="_ _0"/>wing. <span class="_ _0"/>This amount<span class="_ _0"/>ed t<span class="_ _0"/>o 3.4 <span class="_ _4"/>% in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: <span class="_"> </span>3.1 %).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income<span class="_ _0"/> and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 154.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 153.797px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,895)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 384.739px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains/loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,556)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(140)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,343</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:286.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 138.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial income and e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses </span><span style="position: absolute; display: inline-block; left: 136.906px; top: 0.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cash, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>211</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 332.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change gains<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 428.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,226</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.289px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,514</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.025px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans and borro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,167)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,848)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o assets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">453<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.041px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.041px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(257)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(513)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turns<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.041px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,596)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.057px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 420.892px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,042)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,323)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.057px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,470)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,800)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.057px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 431.284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(66)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(165)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(13,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(18,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.836px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The t<span class="_ _0"/>able sho<span class="_ _0"/>ws ne<span class="_ _0"/>t financial income and expens<span class="_ _0"/>es, c<span class="_ _0"/>orr<span class="_ _0"/>esponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to our int<span class="_ _0"/>ernal r<span class="_ _0"/>eporting. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘V<span class="_ _0"/>alue adjustments o<span class="_ _0"/>f derivativ<span class="_ _0"/>es, ne<span class="_ _0"/>t<span class="_ _0"/>’ and ‘C<span class="_ _0"/>apit<span class="_ _0"/>al gains/loss<span class="_ _0"/>es on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">securities at mark<span class="_ _0"/>et v<span class="_ _0"/>alue<span class="_ _0"/>, net<span class="_ _0"/>’ wer<span class="_ _0"/>e bo<span class="_ _0"/>th impacted b<span class="_ _0"/>y the signifi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ates in 2022 as w<span class="_ _0"/>e use int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to adjus<span class="_ _0"/>t the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio and ther<span class="_ _0"/>eby r<span class="_ _0"/>educ<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. In 2023, ‘V<span class="_ _4"/>alue adjust<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of deriv<span class="_ _0"/>atives<span class="_ _0"/>, net<span class="_ _0"/>’ is aff<span class="_ _4"/>ected by a gain o<span class="_ _0"/>f DKK 2,399 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to hedge ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness<span class="_ _0"/>, mainl<span class="_ _0"/>y driv<span class="_ _0"/>en by l<span class="_ _0"/>ess funding needed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the US af<span class="_ _0"/>ter the t<span class="_ _0"/>ermination o<span class="_ _0"/>f Ocean <span class="_ _0"/>Wind 1.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Exchange r<span class="_ _0"/>ate adjus<span class="_ _0"/>tments,<span class="_ _0"/> net<span class="_ _0"/>’ ar<span class="_ _0"/>e mainl<span class="_ _0"/>y aff<span class="_ _0"/>ect<span class="_ _0"/>ed by int<span class="_ _0"/>er<span class="_ _0"/>-com<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pany bal<span class="_ _0"/>ances be<span class="_ _0"/>tw<span class="_ _0"/>een entities with diff<span class="_ _0"/>er<span class="_ _0"/>ent functional currencies<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and do not impact the st<span class="_ _0"/>at<span class="_ _0"/>ement of cash fl<span class="_ _0"/>o<span class="_ _0"/>ws or int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt. Negativ<span class="_ _0"/>e ‘Exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments<span class="_ _0"/>, net<span class="_ _0"/>’ in 2023 wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mostl<span class="_ _0"/>y driv<span class="_ _0"/>en by the incr<span class="_ _0"/>ease in GBP<span class="_ _15c"/>/DKK exchange rat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>The GBP<span class="_ _4"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK rat<span class="_ _0"/>e decr<span class="_ _0"/>eased signific<span class="_ _0"/>antl<span class="_ _0"/>y in 2022, which l<span class="_ _0"/>ed to po<span class="_ _0"/>sitive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments f<span class="_ _4"/>or that period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Exchange rat<span class="_ _0"/>e adjustments o<span class="_ _0"/>f currenc<span class="_ _0"/>y hedging are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>v<span class="_ _0"/>enue and cost of s<span class="_ _0"/>ales with a l<span class="_ _0"/>oss of DKK 451 mil<span class="_ _0"/>lion (2022: a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss o<span class="_ _0"/>f DKK 349 million).<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borro<span class="_ _0"/>wing co<span class="_ _0"/>sts tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to pr<span class="_ _0"/>opert<span class="_ _0"/>y<span class="_ _0"/>, pl<span class="_ _0"/>ant, and equipment <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under construction ar<span class="_ _0"/>e cal<span class="_ _0"/>cul<span class="_ _0"/>ated as the w<span class="_ _0"/>eight<span class="_ _0"/>ed aver<span class="_ _0"/>age eff<span class="_ _0"/>ectiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or gener<span class="_ _0"/>al borro<span class="_ _0"/>wing. <span class="_ _0"/>This amount<span class="_ _0"/>ed t<span class="_ _0"/>o 3.4 <span class="_ _4"/>% in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: <span class="_"> </span>3.1 %).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income<span class="_ _0"/> and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 154.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 153.797px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,895)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 384.739px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains/loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,556)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(140)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,343</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:286.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 138.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial income and e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses </span><span style="position: absolute; display: inline-block; left: 136.906px; top: 0.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cash, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>211</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 332.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change gains<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 428.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,226</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.289px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,514</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.025px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans and borro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,167)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,848)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o assets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">453<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.041px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.041px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(257)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(513)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turns<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.041px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,596)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.057px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 420.892px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,042)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,323)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.057px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,470)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,800)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.057px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 431.284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(66)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(165)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(13,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(18,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.836px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The t<span class="_ _0"/>able sho<span class="_ _0"/>ws ne<span class="_ _0"/>t financial income and expens<span class="_ _0"/>es, c<span class="_ _0"/>orr<span class="_ _0"/>esponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to our int<span class="_ _0"/>ernal r<span class="_ _0"/>eporting. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘V<span class="_ _0"/>alue adjustments o<span class="_ _0"/>f derivativ<span class="_ _0"/>es, ne<span class="_ _0"/>t<span class="_ _0"/>’ and ‘C<span class="_ _0"/>apit<span class="_ _0"/>al gains/loss<span class="_ _0"/>es on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">securities at mark<span class="_ _0"/>et v<span class="_ _0"/>alue<span class="_ _0"/>, net<span class="_ _0"/>’ wer<span class="_ _0"/>e bo<span class="_ _0"/>th impacted b<span class="_ _0"/>y the signifi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ates in 2022 as w<span class="_ _0"/>e use int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to adjus<span class="_ _0"/>t the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio and ther<span class="_ _0"/>eby r<span class="_ _0"/>educ<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. In 2023, ‘V<span class="_ _4"/>alue adjust<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of deriv<span class="_ _0"/>atives<span class="_ _0"/>, net<span class="_ _0"/>’ is aff<span class="_ _4"/>ected by a gain o<span class="_ _0"/>f DKK 2,399 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to hedge ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness<span class="_ _0"/>, mainl<span class="_ _0"/>y driv<span class="_ _0"/>en by l<span class="_ _0"/>ess funding needed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the US af<span class="_ _0"/>ter the t<span class="_ _0"/>ermination o<span class="_ _0"/>f Ocean <span class="_ _0"/>Wind 1.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Exchange r<span class="_ _0"/>ate adjus<span class="_ _0"/>tments,<span class="_ _0"/> net<span class="_ _0"/>’ ar<span class="_ _0"/>e mainl<span class="_ _0"/>y aff<span class="_ _0"/>ect<span class="_ _0"/>ed by int<span class="_ _0"/>er<span class="_ _0"/>-com<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pany bal<span class="_ _0"/>ances be<span class="_ _0"/>tw<span class="_ _0"/>een entities with diff<span class="_ _0"/>er<span class="_ _0"/>ent functional currencies<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and do not impact the st<span class="_ _0"/>at<span class="_ _0"/>ement of cash fl<span class="_ _0"/>o<span class="_ _0"/>ws or int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt. Negativ<span class="_ _0"/>e ‘Exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments<span class="_ _0"/>, net<span class="_ _0"/>’ in 2023 wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mostl<span class="_ _0"/>y driv<span class="_ _0"/>en by the incr<span class="_ _0"/>ease in GBP<span class="_ _15c"/>/DKK exchange rat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>The GBP<span class="_ _4"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK rat<span class="_ _0"/>e decr<span class="_ _0"/>eased signific<span class="_ _0"/>antl<span class="_ _0"/>y in 2022, which l<span class="_ _0"/>ed to po<span class="_ _0"/>sitive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments f<span class="_ _4"/>or that period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Exchange rat<span class="_ _0"/>e adjustments o<span class="_ _0"/>f currenc<span class="_ _0"/>y hedging are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>v<span class="_ _0"/>enue and cost of s<span class="_ _0"/>ales with a l<span class="_ _0"/>oss of DKK 451 mil<span class="_ _0"/>lion (2022: a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss o<span class="_ _0"/>f DKK 349 million).<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borro<span class="_ _0"/>wing co<span class="_ _0"/>sts tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to pr<span class="_ _0"/>opert<span class="_ _0"/>y<span class="_ _0"/>, pl<span class="_ _0"/>ant, and equipment <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under construction ar<span class="_ _0"/>e cal<span class="_ _0"/>cul<span class="_ _0"/>ated as the w<span class="_ _0"/>eight<span class="_ _0"/>ed aver<span class="_ _0"/>age eff<span class="_ _0"/>ectiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or gener<span class="_ _0"/>al borro<span class="_ _0"/>wing. <span class="_ _0"/>This amount<span class="_ _0"/>ed t<span class="_ _0"/>o 3.4 <span class="_ _4"/>% in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: <span class="_"> </span>3.1 %).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income<span class="_ _0"/> and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 154.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 153.797px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,895)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 384.739px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains/loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,556)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(140)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,343</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:286.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 138.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial income and e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses </span><span style="position: absolute; display: inline-block; left: 136.906px; top: 0.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cash, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>211</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 332.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change gains<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 428.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,226</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.289px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,514</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.025px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans and borro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,167)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,848)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o assets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">453<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.041px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.041px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(257)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(513)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turns<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.041px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,596)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.057px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 420.892px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,042)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,323)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.057px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,470)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,800)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.057px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 431.284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(66)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(165)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(13,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(18,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.836px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The t<span class="_ _0"/>able sho<span class="_ _0"/>ws ne<span class="_ _0"/>t financial income and expens<span class="_ _0"/>es, c<span class="_ _0"/>orr<span class="_ _0"/>esponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to our int<span class="_ _0"/>ernal r<span class="_ _0"/>eporting. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘V<span class="_ _0"/>alue adjustments o<span class="_ _0"/>f derivativ<span class="_ _0"/>es, ne<span class="_ _0"/>t<span class="_ _0"/>’ and ‘C<span class="_ _0"/>apit<span class="_ _0"/>al gains/loss<span class="_ _0"/>es on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">securities at mark<span class="_ _0"/>et v<span class="_ _0"/>alue<span class="_ _0"/>, net<span class="_ _0"/>’ wer<span class="_ _0"/>e bo<span class="_ _0"/>th impacted b<span class="_ _0"/>y the signifi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ates in 2022 as w<span class="_ _0"/>e use int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to adjus<span class="_ _0"/>t the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio and ther<span class="_ _0"/>eby r<span class="_ _0"/>educ<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. In 2023, ‘V<span class="_ _4"/>alue adjust<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of deriv<span class="_ _0"/>atives<span class="_ _0"/>, net<span class="_ _0"/>’ is aff<span class="_ _4"/>ected by a gain o<span class="_ _0"/>f DKK 2,399 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to hedge ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness<span class="_ _0"/>, mainl<span class="_ _0"/>y driv<span class="_ _0"/>en by l<span class="_ _0"/>ess funding needed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the US af<span class="_ _0"/>ter the t<span class="_ _0"/>ermination o<span class="_ _0"/>f Ocean <span class="_ _0"/>Wind 1.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Exchange r<span class="_ _0"/>ate adjus<span class="_ _0"/>tments,<span class="_ _0"/> net<span class="_ _0"/>’ ar<span class="_ _0"/>e mainl<span class="_ _0"/>y aff<span class="_ _0"/>ect<span class="_ _0"/>ed by int<span class="_ _0"/>er<span class="_ _0"/>-com<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pany bal<span class="_ _0"/>ances be<span class="_ _0"/>tw<span class="_ _0"/>een entities with diff<span class="_ _0"/>er<span class="_ _0"/>ent functional currencies<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and do not impact the st<span class="_ _0"/>at<span class="_ _0"/>ement of cash fl<span class="_ _0"/>o<span class="_ _0"/>ws or int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt. Negativ<span class="_ _0"/>e ‘Exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments<span class="_ _0"/>, net<span class="_ _0"/>’ in 2023 wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mostl<span class="_ _0"/>y driv<span class="_ _0"/>en by the incr<span class="_ _0"/>ease in GBP<span class="_ _15c"/>/DKK exchange rat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>The GBP<span class="_ _4"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK rat<span class="_ _0"/>e decr<span class="_ _0"/>eased signific<span class="_ _0"/>antl<span class="_ _0"/>y in 2022, which l<span class="_ _0"/>ed to po<span class="_ _0"/>sitive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments f<span class="_ _4"/>or that period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Exchange rat<span class="_ _0"/>e adjustments o<span class="_ _0"/>f currenc<span class="_ _0"/>y hedging are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>v<span class="_ _0"/>enue and cost of s<span class="_ _0"/>ales with a l<span class="_ _0"/>oss of DKK 451 mil<span class="_ _0"/>lion (2022: a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss o<span class="_ _0"/>f DKK 349 million).<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borro<span class="_ _0"/>wing co<span class="_ _0"/>sts tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to pr<span class="_ _0"/>opert<span class="_ _0"/>y<span class="_ _0"/>, pl<span class="_ _0"/>ant, and equipment <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under construction ar<span class="_ _0"/>e cal<span class="_ _0"/>cul<span class="_ _0"/>ated as the w<span class="_ _0"/>eight<span class="_ _0"/>ed aver<span class="_ _0"/>age eff<span class="_ _0"/>ectiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or gener<span class="_ _0"/>al borro<span class="_ _0"/>wing. <span class="_ _0"/>This amount<span class="_ _0"/>ed t<span class="_ _0"/>o 3.4 <span class="_ _4"/>% in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: <span class="_"> </span>3.1 %).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income<span class="_ _0"/> and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 154.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 153.797px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,895)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 384.739px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains/loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,556)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(140)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,343</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:286.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 138.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial income and e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses </span><span style="position: absolute; display: inline-block; left: 136.906px; top: 0.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cash, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>211</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 332.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change gains<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 428.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,226</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.289px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,514</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.025px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans and borro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,167)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,848)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o assets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">453<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.041px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.041px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(257)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(513)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turns<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.041px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,596)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.057px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 420.892px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,042)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,323)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.057px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,470)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,800)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.057px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 431.284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(66)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(165)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(13,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(18,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.836px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The t<span class="_ _0"/>able sho<span class="_ _0"/>ws ne<span class="_ _0"/>t financial income and expens<span class="_ _0"/>es, c<span class="_ _0"/>orr<span class="_ _0"/>esponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to our int<span class="_ _0"/>ernal r<span class="_ _0"/>eporting. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘V<span class="_ _0"/>alue adjustments o<span class="_ _0"/>f derivativ<span class="_ _0"/>es, ne<span class="_ _0"/>t<span class="_ _0"/>’ and ‘C<span class="_ _0"/>apit<span class="_ _0"/>al gains/loss<span class="_ _0"/>es on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">securities at mark<span class="_ _0"/>et v<span class="_ _0"/>alue<span class="_ _0"/>, net<span class="_ _0"/>’ wer<span class="_ _0"/>e bo<span class="_ _0"/>th impacted b<span class="_ _0"/>y the signifi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ates in 2022 as w<span class="_ _0"/>e use int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to adjus<span class="_ _0"/>t the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio and ther<span class="_ _0"/>eby r<span class="_ _0"/>educ<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. In 2023, ‘V<span class="_ _4"/>alue adjust<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of deriv<span class="_ _0"/>atives<span class="_ _0"/>, net<span class="_ _0"/>’ is aff<span class="_ _4"/>ected by a gain o<span class="_ _0"/>f DKK 2,399 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to hedge ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness<span class="_ _0"/>, mainl<span class="_ _0"/>y driv<span class="_ _0"/>en by l<span class="_ _0"/>ess funding needed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the US af<span class="_ _0"/>ter the t<span class="_ _0"/>ermination o<span class="_ _0"/>f Ocean <span class="_ _0"/>Wind 1.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Exchange r<span class="_ _0"/>ate adjus<span class="_ _0"/>tments,<span class="_ _0"/> net<span class="_ _0"/>’ ar<span class="_ _0"/>e mainl<span class="_ _0"/>y aff<span class="_ _0"/>ect<span class="_ _0"/>ed by int<span class="_ _0"/>er<span class="_ _0"/>-com<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pany bal<span class="_ _0"/>ances be<span class="_ _0"/>tw<span class="_ _0"/>een entities with diff<span class="_ _0"/>er<span class="_ _0"/>ent functional currencies<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and do not impact the st<span class="_ _0"/>at<span class="_ _0"/>ement of cash fl<span class="_ _0"/>o<span class="_ _0"/>ws or int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt. Negativ<span class="_ _0"/>e ‘Exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments<span class="_ _0"/>, net<span class="_ _0"/>’ in 2023 wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mostl<span class="_ _0"/>y driv<span class="_ _0"/>en by the incr<span class="_ _0"/>ease in GBP<span class="_ _15c"/>/DKK exchange rat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>The GBP<span class="_ _4"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK rat<span class="_ _0"/>e decr<span class="_ _0"/>eased signific<span class="_ _0"/>antl<span class="_ _0"/>y in 2022, which l<span class="_ _0"/>ed to po<span class="_ _0"/>sitive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments f<span class="_ _4"/>or that period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Exchange rat<span class="_ _0"/>e adjustments o<span class="_ _0"/>f currenc<span class="_ _0"/>y hedging are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>v<span class="_ _0"/>enue and cost of s<span class="_ _0"/>ales with a l<span class="_ _0"/>oss of DKK 451 mil<span class="_ _0"/>lion (2022: a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss o<span class="_ _0"/>f DKK 349 million).<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borro<span class="_ _0"/>wing co<span class="_ _0"/>sts tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to pr<span class="_ _0"/>opert<span class="_ _0"/>y<span class="_ _0"/>, pl<span class="_ _0"/>ant, and equipment <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under construction ar<span class="_ _0"/>e cal<span class="_ _0"/>cul<span class="_ _0"/>ated as the w<span class="_ _0"/>eight<span class="_ _0"/>ed aver<span class="_ _0"/>age eff<span class="_ _0"/>ectiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or gener<span class="_ _0"/>al borro<span class="_ _0"/>wing. <span class="_ _0"/>This amount<span class="_ _0"/>ed t<span class="_ _0"/>o 3.4 <span class="_ _4"/>% in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: <span class="_"> </span>3.1 %).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial income<span class="_ _0"/> and expenses</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 5.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:152.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 154.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s </span><span style="position: absolute; display: inline-block; left: 153.797px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,895)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.529px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 384.739px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(613)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turn<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 366.018px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 368.777px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,850<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,593</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains/loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 304.207px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,556)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Exchange r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ate adjus<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tments,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> net<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 396.154px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(140)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,343</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income and expens<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">57<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(18)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 142.289px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:286.578125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 138.105px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial income and e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses </span><span style="position: absolute; display: inline-block; left: 136.906px; top: 0.9375px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om cash, e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tc.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>211</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7598px; width: 631.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ome fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 332.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">716<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>157</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.717px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al gains on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 352.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>34</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change gains<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 428.314px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,226</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 387.784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,548<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,885</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.775px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 443.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.289px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 426.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,379<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,514</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.025px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>elating t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oans and borro<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wings<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>c.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 287.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,167)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,848)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 147.025px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o assets<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">453<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>585</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 161.041px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, leasing<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 423.262px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(308)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(256)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 175.041px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ement of pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>visions<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.082px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(257)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(513)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 189.041px; width: 631.5px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax equity partner'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ual re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>turns<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 362.537px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,134)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 203.041px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es on securities at mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 363.404px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,596)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 217.057px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">For<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eign ex<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>change loss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 420.892px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,042)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,323)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 231.057px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 382.886px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,470)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,800)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 245.057px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other financial expenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 431.284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(66)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(165)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.57px; width: 631.271px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal financial e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xpenses<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 412.252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(13,822)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(18,050)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 276.836px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net financial inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome and expense<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 371.238px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(1,443)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(2,536)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The t<span class="_ _0"/>able sho<span class="_ _0"/>ws ne<span class="_ _0"/>t financial income and expens<span class="_ _0"/>es, c<span class="_ _0"/>orr<span class="_ _0"/>esponding </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to our int<span class="_ _0"/>ernal r<span class="_ _0"/>eporting. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘V<span class="_ _0"/>alue adjustments o<span class="_ _0"/>f derivativ<span class="_ _0"/>es, ne<span class="_ _0"/>t<span class="_ _0"/>’ and ‘C<span class="_ _0"/>apit<span class="_ _0"/>al gains/loss<span class="_ _0"/>es on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">securities at mark<span class="_ _0"/>et v<span class="_ _0"/>alue<span class="_ _0"/>, net<span class="_ _0"/>’ wer<span class="_ _0"/>e bo<span class="_ _0"/>th impacted b<span class="_ _0"/>y the signifi<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cant incr<span class="_ _0"/>ease in int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ates in 2022 as w<span class="_ _0"/>e use int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to adjus<span class="_ _0"/>t the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio and ther<span class="_ _0"/>eby r<span class="_ _0"/>educ<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e risk of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. In 2023, ‘V<span class="_ _4"/>alue adjust<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments of deriv<span class="_ _0"/>atives<span class="_ _0"/>, net<span class="_ _0"/>’ is aff<span class="_ _4"/>ected by a gain o<span class="_ _0"/>f DKK 2,399 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">due to hedge ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness<span class="_ _0"/>, mainl<span class="_ _0"/>y driv<span class="_ _0"/>en by l<span class="_ _0"/>ess funding needed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the US af<span class="_ _0"/>ter the t<span class="_ _0"/>ermination o<span class="_ _0"/>f Ocean <span class="_ _0"/>Wind 1.<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Exchange r<span class="_ _0"/>ate adjus<span class="_ _0"/>tments,<span class="_ _0"/> net<span class="_ _0"/>’ ar<span class="_ _0"/>e mainl<span class="_ _0"/>y aff<span class="_ _0"/>ect<span class="_ _0"/>ed by int<span class="_ _0"/>er<span class="_ _0"/>-com<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pany bal<span class="_ _0"/>ances be<span class="_ _0"/>tw<span class="_ _0"/>een entities with diff<span class="_ _0"/>er<span class="_ _0"/>ent functional currencies<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and do not impact the st<span class="_ _0"/>at<span class="_ _0"/>ement of cash fl<span class="_ _0"/>o<span class="_ _0"/>ws or int<span class="_ _0"/>ere<span class="_ _0"/>st-bearing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net debt. Negativ<span class="_ _0"/>e ‘Exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments<span class="_ _0"/>, net<span class="_ _0"/>’ in 2023 wer<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mostl<span class="_ _0"/>y driv<span class="_ _0"/>en by the incr<span class="_ _0"/>ease in GBP<span class="_ _15c"/>/DKK exchange rat<span class="_ _0"/>e<span class="_ _0"/>. <span class="_ _0"/>The GBP<span class="_ _4"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK rat<span class="_ _0"/>e decr<span class="_ _0"/>eased signific<span class="_ _0"/>antl<span class="_ _0"/>y in 2022, which l<span class="_ _0"/>ed to po<span class="_ _0"/>sitive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange r<span class="_ _0"/>at<span class="_ _0"/>e adjustments f<span class="_ _4"/>or that period.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Exchange rat<span class="_ _0"/>e adjustments o<span class="_ _0"/>f currenc<span class="_ _0"/>y hedging are r<span class="_ _0"/>ecognis<span class="_ _0"/>ed in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _0"/>v<span class="_ _0"/>enue and cost of s<span class="_ _0"/>ales with a l<span class="_ _0"/>oss of DKK 451 mil<span class="_ _0"/>lion (2022: a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loss o<span class="_ _0"/>f DKK 349 million).<span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Borro<span class="_ _0"/>wing co<span class="_ _0"/>sts tr<span class="_ _0"/>ansf<span class="_ _0"/>err<span class="_ _0"/>ed to pr<span class="_ _0"/>opert<span class="_ _0"/>y<span class="_ _0"/>, pl<span class="_ _0"/>ant, and equipment <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">under construction ar<span class="_ _0"/>e cal<span class="_ _0"/>cul<span class="_ _0"/>ated as the w<span class="_ _0"/>eight<span class="_ _0"/>ed aver<span class="_ _0"/>age eff<span class="_ _0"/>ectiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or gener<span class="_ _0"/>al borro<span class="_ _0"/>wing. <span class="_ _0"/>This amount<span class="_ _0"/>ed t<span class="_ _0"/>o 3.4 <span class="_ _4"/>% in 2023 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: <span class="_"> </span>3.1 %).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f inte<span class="_ _3"/>res<span class="_ _3"/>t rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and curr<span class="_ _0"/>ency deriv<span class="_ _0"/>atives<span class="_ _0"/> that<span class="_ _0"/> have<span class="_ _0"/> not<span class="_ _0"/> been </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>tere<span class="_ _3"/>d in<span class="_ _3"/>to for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g pu<span class="_ _3"/>rp<span class="_ _3"/>ose<span class="_ _3"/>s are p<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>nted a<span class="_ _3"/>s fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>com<span class="_ _3"/>e or e<span class="_ _3"/>xp<span class="_ _3"/>en<span class="_ _3"/>ses<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>nti<span class="_ _3"/>ng p<span class="_ _3"/>ol<span class="_ _3"/>icy fo<span class="_ _3"/>r th<span class="_ _3"/>e tax e<span class="_ _3"/>qu<span class="_ _3"/>ity p<span class="_ _3"/>ar<span class="_ _3"/>t-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>r'<span class="_ _3"/>s cont<span class="_ _3"/>rac<span class="_ _3"/>tu<span class="_ _3"/>al re<span class="_ _3"/>tur<span class="_ _3"/>n is d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>be<span class="_ _3"/>d in n<span class="_ _3"/>ote 3.9 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _4"/>ax equity<span class="_ _0"/> liabilitie<span class="_ _0"/>s’<span class="_ _4"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk manage<span class="_ _3"/>ment</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">N<span class="_ _2"/>ote<span class="_ _7"/> 6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are e<span class="_ _3"/>xp<span class="_ _3"/>ose<span class="_ _3"/>d to fin<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al ri<span class="_ _3"/>sk<span class="_ _3"/>s in th<span class="_ _3"/>e for<span class="_ _3"/>m of ma<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ket, c<span class="_ _3"/>red<span class="_ _3"/>it<span class="_ _3"/>, an<span class="_ _3"/>d li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity ri<span class="_ _3"/>sk<span class="_ _3"/>s as p<span class="_ _3"/>ar<span class="_ _3"/>t of ou<span class="_ _3"/>r bu<span class="_ _3"/>sin<span class="_ _3"/>es<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g, a<span class="_ _3"/>nd tr<span class="_ _3"/>ad<span class="_ _3"/>in<span class="_ _3"/>g ac<span class="_ _3"/>tiv<span class="_ _3"/>iti<span class="_ _3"/>es<span class="_ _3"/>. Th<span class="_ _3"/>roug<span class="_ _3"/>h ou<span class="_ _3"/>r ri<span class="_ _3"/>sk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>management, w<span class="_ _0"/>e moni<span class="_ _0"/>to<span class="_ _0"/>r and<span class="_ _0"/> proact<span class="_ _0"/>ivel<span class="_ _0"/>y<span class="_ _0"/> manage<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ris<span class="_ _3"/>ks a<span class="_ _3"/>ccord<span class="_ _3"/>in<span class="_ _3"/>g to ou<span class="_ _3"/>r ris<span class="_ _3"/>k ap<span class="_ _3"/>pet<span class="_ _3"/>ite. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In this<span class="_ _0"/> not<span class="_ _0"/>e,<span class="_ _0"/> we<span class="_ _0"/> describe<span class="_ _0"/> the or<span class="_ _0"/>igination, go<span class="_ _0"/>vernance,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt of ma<span class="_ _3"/>rket a<span class="_ _3"/>nd c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk<span class="_ _3"/>s. T<span class="_ _3"/>he m<span class="_ _3"/>an<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>em<span class="_ _3"/>ent o<span class="_ _3"/>f liq<span class="_ _3"/>ui<span class="_ _3"/>di<span class="_ _3"/>ty ri<span class="_ _3"/>sk ca<span class="_ _3"/>n be fou<span class="_ _3"/>nd i<span class="_ _3"/>n note 5<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ma<span class="_ _3"/>rket r<span class="_ _3"/>isk<span class="_ _3"/>s rel<span class="_ _3"/>ate to en<span class="_ _3"/>ergy p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>, com<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty pr<span class="_ _3"/>ice<span class="_ _3"/>s rela<span class="_ _3"/>ted to CA<span class="_ _3"/>PE<span class="_ _3"/>X, c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates<span class="_ _3"/>, i<span class="_ _3"/>ntere<span class="_ _3"/>st rate<span class="_ _3"/>s, a<span class="_ _3"/>nd i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>. Altho<span class="_ _3"/>ug<span class="_ _3"/>h not a f<span class="_ _3"/>ina<span class="_ _3"/>n<span class="_ _3"/><span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al r<span class="_ _3"/>isk<span class="_ _3"/>, ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s to our e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted vol<span class="_ _3"/>um<span class="_ _3"/>es pro<span class="_ _3"/>du<span class="_ _3"/>ced o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>ld can i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se or d<span class="_ _3"/>ec<span class="_ _3"/>rea<span class="_ _3"/>se th<span class="_ _3"/>e im<span class="_ _3"/>pac<span class="_ _3"/>t of th<span class="_ _3"/>ese r<span class="_ _3"/>is<span class="_ _3"/>ks<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e com<span class="_ _3"/>po<span class="_ _3"/>siti<span class="_ _3"/>on of t<span class="_ _3"/>he ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d reve<span class="_ _3"/>nue f<span class="_ _3"/>rom o<span class="_ _3"/>ur of<span class="_ _3"/>f<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">shore<span class="_ _0"/> and onshor<span class="_ _0"/>e ass<span class="_ _0"/>ets<span class="_ _0"/> for<span class="_ _0"/> 202<span class="_ _0"/>4-<span class="_ _4"/>2030 (<span class="_ _0"/>show<span class="_ _0"/>n t<span class="_ _0"/>o t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>ght) i<span class="_ _3"/>llu<span class="_ _3"/>st<span class="_ _3"/>rates th<span class="_ _3"/>e rel<span class="_ _3"/>ati<span class="_ _3"/>ve siz<span class="_ _3"/>e of the r<span class="_ _3"/>isk<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fur<span class="_ _3"/>th<span class="_ _3"/>er<span class="_ _3"/>mo<span class="_ _3"/>re, o<span class="_ _3"/>ur ca<span class="_ _3"/>sh f<span class="_ _3"/>lows de<span class="_ _3"/>no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>ted in fo<span class="_ _3"/>rei<span class="_ _3"/>gn </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nci<span class="_ _3"/>es a<span class="_ _3"/>re ex<span class="_ _3"/>pos<span class="_ _3"/>ed to ch<span class="_ _3"/>an<span class="_ _3"/>ges i<span class="_ _3"/>n th<span class="_ _3"/>e valu<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>eig<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>nci<span class="_ _3"/>es a<span class="_ _3"/>ga<span class="_ _3"/>in<span class="_ _3"/>st Da<span class="_ _3"/>ni<span class="_ _3"/>sh k<span class="_ _3"/>ron<span class="_ _3"/>er.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk<span class="_ _0"/> fr<span class="_ _0"/>ame<span class="_ _0"/>w<span class="_ _0"/>ork</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e over<span class="_ _3"/>all o<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>tive of o<span class="_ _3"/>ur f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al r<span class="_ _3"/>isk m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt is to<span class="_ _3"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e the p<span class="_ _3"/>red<span class="_ _3"/>ic<span class="_ _3"/>tab<span class="_ _3"/>il<span class="_ _3"/>ity of o<span class="_ _3"/>ur s<span class="_ _3"/>ho<span class="_ _3"/>rt-term </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> and cons<span class="_ _0"/>truction c<span class="_ _0"/>osts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>pr<span class="_ _3"/>otec<span class="_ _3"/>t our c<span class="_ _3"/>ur<span class="_ _3"/>rent a<span class="_ _3"/>nd f<span class="_ _3"/>utu<span class="_ _3"/>re inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pac<span class="_ _3"/>ity by s<span class="_ _3"/>tabi<span class="_ _3"/>li<span class="_ _3"/>si<span class="_ _3"/>ng key ra<span class="_ _3"/>tin<span class="_ _3"/>g me<span class="_ _3"/>tri<span class="_ _3"/>cs l<span class="_ _3"/>ike </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">FFO<span class="_ _0"/>/NIBD</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>pr<span class="_ _3"/>otec<span class="_ _3"/>t the lo<span class="_ _3"/>ng<span class="_ _3"/>-ter<span class="_ _3"/>m rea<span class="_ _3"/>l valu<span class="_ _3"/>e of th<span class="_ _3"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>shareholders' in<span class="_ _0"/>vestment<span class="_ _0"/> in Ørst<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The go<span class="_ _0"/>vernance<span class="_ _0"/> f<span class="_ _0"/>or managing<span class="_ _0"/> market,<span class="_ _0"/> credit,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity r<span class="_ _3"/>isk<span class="_ _3"/>s ar<span class="_ _3"/>e bas<span class="_ _3"/>ed o<span class="_ _3"/>n the t<span class="_ _3"/>hre<span class="_ _3"/>e li<span class="_ _3"/>nes o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">def<span class="_ _0"/>ence<span class="_ _0"/> model:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t li<span class="_ _3"/>ne of d<span class="_ _3"/>efen<span class="_ _3"/>ce is r<span class="_ _3"/>esp<span class="_ _3"/>on<span class="_ _3"/>sib<span class="_ _3"/>le for a<span class="_ _3"/>ll </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sks w<span class="_ _3"/>e take on t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h ou<span class="_ _3"/>r bu<span class="_ _3"/>sin<span class="_ _3"/>es<span class="_ _3"/>s, h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and tradin<span class="_ _3"/>g activities<span class="_ _3"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e se<span class="_ _3"/>con<span class="_ _3"/>d li<span class="_ _3"/>ne of d<span class="_ _3"/>efen<span class="_ _3"/>ce is R<span class="_ _3"/>is<span class="_ _3"/>k Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt, </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich ov<span class="_ _3"/>er<span class="_ _3"/>see<span class="_ _3"/>s the a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s of th<span class="_ _3"/>e fi<span class="_ _3"/>rst l<span class="_ _3"/>in<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">challenges,<span class="_ _0"/> monitor<span class="_ _0"/>s, and r<span class="_ _0"/>eports risk<span class="_ _0"/> exposure<span class="_ _0"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and mandat<span class="_ _0"/>e c<span class="_ _0"/>ompliance.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e th<span class="_ _3"/>ird l<span class="_ _3"/>in<span class="_ _3"/>e of de<span class="_ _3"/>fenc<span class="_ _3"/>e is In<span class="_ _3"/>tern<span class="_ _3"/>al A<span class="_ _3"/>ud<span class="_ _3"/>it.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ma<span class="_ _3"/>nd<span class="_ _3"/>ates fo<span class="_ _3"/>r fi<span class="_ _3"/>rst l<span class="_ _3"/>in<span class="_ _3"/>e ar<span class="_ _3"/>e esta<span class="_ _3"/>bl<span class="_ _3"/>ish<span class="_ _3"/>ed <span class="_ _6"/>d<span class="_ _3"/>uri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the business planning processes<span class="_ _0"/> and eval<span class="_ _0"/>uated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to ou<span class="_ _3"/>r ri<span class="_ _3"/>sk a<span class="_ _3"/>pp<span class="_ _3"/>etite<span class="_ _3"/>. An e<span class="_ _3"/>xam<span class="_ _3"/>p<span class="_ _3"/>le is <span class="_ _6"/>de<span class="_ _3"/>cid<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he tar<span class="_ _3"/>get h<span class="_ _3"/>ed<span class="_ _3"/>ge leve<span class="_ _3"/>l for p<span class="_ _3"/>ri<span class="_ _3"/>ce ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>s from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inte<span class="_ _3"/>rm<span class="_ _3"/>it<span class="_ _3"/>tent pow<span class="_ _3"/>er p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n as d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n no<span class="_ _3"/>te<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.<span class="_ _3"/>2 ‘En<span class="_ _3"/>er<span class="_ _3"/>gy pr<span class="_ _3"/>ice r<span class="_ _3"/>isk<span class="_ _3"/>s‘.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In our<span class="_ _0"/> financial<span class="_ _0"/> risk<span class="_ _0"/> managemen<span class="_ _0"/>t pr<span class="_ _0"/>oce<span class="_ _0"/>sses,<span class="_ _0"/> finan</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al r<span class="_ _3"/>isk<span class="_ _3"/>s are q<span class="_ _3"/>ua<span class="_ _3"/>nti<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>nd a<span class="_ _3"/>sse<span class="_ _3"/>sse<span class="_ _3"/>d ag<span class="_ _3"/>ai<span class="_ _3"/>nst o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk a<span class="_ _3"/>ppe<span class="_ _3"/>tite – a<span class="_ _3"/>lon<span class="_ _3"/>gsi<span class="_ _3"/>de d<span class="_ _3"/>ec<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s on su<span class="_ _3"/>ita<span class="_ _3"/>ble r<span class="_ _3"/>isk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mitigation measur<span class="_ _0"/>es. Our biggest<span class="_ _0"/> business risks<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">associated<span class="_ _0"/> risk mitigation measures are<span class="_ _0"/> presented<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he ‘<span class="_ _3"/>Ri<span class="_ _3"/>sk an<span class="_ _3"/>d ri<span class="_ _3"/>sk m<span class="_ _3"/>an<span class="_ _3"/>age<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>’ sec<span class="_ _3"/>ti<span class="_ _3"/>on i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ‘M<span class="_ _3"/>ana<span class="_ _3"/>ge<span class="_ _3"/>ment<span class="_ _3"/>'s <span class="_ _21"> </span>review<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Bo<span class="_ _3"/>ard of D<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tors ove<span class="_ _3"/>rs<span class="_ _3"/>ea<span class="_ _3"/>s our r<span class="_ _3"/>is<span class="_ _3"/>k ma<span class="_ _3"/>na<span class="_ _3"/>ge</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt th<span class="_ _3"/>rou<span class="_ _3"/>gh t<span class="_ _3"/>he Au<span class="_ _3"/>dit &amp; R<span class="_ _3"/>is<span class="_ _3"/>k Com<span class="_ _3"/>mi<span class="_ _3"/>ttee a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">approves<span class="_ _0"/> associated<span class="_ _0"/> frameworks, mandates, and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>mi<span class="_ _3"/>ts p<span class="_ _3"/>er r<span class="_ _3"/>isk fa<span class="_ _3"/>cto<span class="_ _3"/>r<span class="_ _0"/>. Se<span class="_ _3"/>e the ‘<span class="_ _3"/>Cor<span class="_ _3"/>por<span class="_ _3"/>ate gove<span class="_ _3"/>rn<span class="_ _3"/>an<span class="_ _3"/>ce’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>cti<span class="_ _3"/>on i<span class="_ _3"/>n the <span class="_ _6"/>‘<span class="_ _3"/>Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's r<span class="_ _3"/>eview<span class="_ _3"/>’ for g<span class="_ _3"/>ove<span class="_ _3"/>rna<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">aro<span class="_ _3"/>un<span class="_ _3"/>d ou<span class="_ _3"/>r com<span class="_ _3"/>m<span class="_ _3"/>itte<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We gove<span class="_ _3"/>rn th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>ntin<span class="_ _3"/>g tre<span class="_ _3"/>atm<span class="_ _3"/>en<span class="_ _3"/>t an<span class="_ _3"/>d ef<span class="_ _3"/>fec</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ven<span class="_ _3"/>ess of h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s by ap<span class="_ _3"/>plyin<span class="_ _3"/>g he<span class="_ _3"/>dg<span class="_ _3"/>e acco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on e<span class="_ _3"/>ne<span class="_ _3"/>rgy, com<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>ty, curr<span class="_ _3"/>en<span class="_ _3"/>cy, intere<span class="_ _3"/>st ra<span class="_ _3"/>te, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> inflat<span class="_ _0"/>ion <span class="_ _21"> </span>hedging. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply he<span class="_ _3"/>dg<span class="_ _3"/>e ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng to o<span class="_ _3"/>ur e<span class="_ _3"/>ne<span class="_ _3"/>rgy, co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty, cur<span class="_ _3"/>re<span class="_ _3"/>ncy, i<span class="_ _3"/>nter<span class="_ _3"/>est<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Al<span class="_ _3"/>mos<span class="_ _3"/>t al<span class="_ _3"/>l of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s we u<span class="_ _3"/>se fu<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t ri<span class="_ _3"/>sk of th<span class="_ _3"/>e ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e we he<span class="_ _3"/>dg<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e UK p<span class="_ _3"/>owe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>, for e<span class="_ _3"/>xam<span class="_ _3"/>pl<span class="_ _3"/>e, i<span class="_ _3"/>s hed<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g UK p<span class="_ _3"/>ower s<span class="_ _3"/>wa<span class="_ _3"/>ps or f<span class="_ _3"/>utu<span class="_ _3"/>res<span class="_ _3"/>. T<span class="_ _3"/>hus<span class="_ _3"/>, th<span class="_ _3"/>e ma<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urc<span class="_ _3"/>e of in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>en<span class="_ _3"/>ess i<span class="_ _3"/>s re<span class="_ _3"/>late<span class="_ _3"/>d to the v<span class="_ _3"/>olu<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ti<span class="_ _3"/>mi<span class="_ _3"/>ng of t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ve<span class="_ _3"/>rs<span class="_ _3"/>us th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e. T<span class="_ _3"/>hi<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce i<span class="_ _3"/>n ti<span class="_ _3"/>mi<span class="_ _3"/>ng i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rr<span class="_ _3"/>ed to as v<span class="_ _3"/>olu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k an<span class="_ _3"/>d is de<span class="_ _3"/>sc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n mo<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>tai<span class="_ _3"/>l on th<span class="_ _3"/>e ne<span class="_ _3"/>xt p<span class="_ _3"/>ag<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o the e<span class="_ _3"/>xte<span class="_ _3"/>nt t<span class="_ _3"/>hat a r<span class="_ _3"/>is<span class="_ _3"/>k ne<span class="_ _3"/>eds to b<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if t<span class="_ _3"/>he<span class="_ _3"/>re is n<span class="_ _3"/>o fu<span class="_ _3"/>lly ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t <span class="_ _6"/>a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>na<span class="_ _3"/>lyse<span class="_ _3"/>s are p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rme<span class="_ _3"/>d of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ven<span class="_ _3"/>ess o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>fore t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>i<span class="_ _3"/>ng tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n is c<span class="_ _3"/>on<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d. I<span class="_ _3"/>n th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>se, t<span class="_ _3"/>he ra<span class="_ _3"/>tio b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed ri<span class="_ _3"/>sk a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t may d<span class="_ _3"/>evi<span class="_ _3"/>ate f<span class="_ _3"/>rom t<span class="_ _3"/>he on<span class="_ _3"/>e<span class="_ _3"/>-to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>e pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e rat<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h mos<span class="_ _3"/>t ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>vely he<span class="_ _3"/>dg<span class="_ _3"/>es t<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>re<span class="_ _3"/>d ris<span class="_ _3"/>k<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e con<span class="_ _3"/>clu<span class="_ _3"/>de a h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me we p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>t fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts t<span class="_ _3"/>he<span class="_ _3"/>rea<span class="_ _3"/>f<span class="_ _3"/>ter, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>e cor<span class="_ _3"/>re<span class="_ _3"/>lat<span class="_ _3"/>ion b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposure<span class="_ _0"/> and t<span class="_ _0"/>he hedging<span class="_ _0"/> instrument. The<span class="_ _0"/> effect<span class="_ _0"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s a he<span class="_ _3"/>dg<span class="_ _3"/>e of fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h flow<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>reh<span class="_ _3"/>en<span class="_ _3"/>si<span class="_ _3"/>ve in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng re<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he he<span class="_ _3"/>dg<span class="_ _3"/>ed c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s are n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be r<span class="_ _3"/>ea<span class="_ _3"/>lis<span class="_ _3"/>ed<span class="_ _3"/>, th<span class="_ _3"/>e in<span class="_ _3"/>-fu<span class="_ _3"/>ll o<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ia<span class="_ _3"/>lly acc<span class="_ _3"/>um<span class="_ _3"/>ula<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e is tr<span class="_ _3"/>ans<span class="_ _3"/>fer<span class="_ _3"/>re<span class="_ _3"/>d to prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar. In<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve he<span class="_ _3"/>dg<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to en<span class="_ _3"/>er<span class="_ _3"/>gy an<span class="_ _3"/>d com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses. Ine<span class="_ _0"/>ffectiveness<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> other<span class="_ _0"/> hedges </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l inc<span class="_ _3"/>om<span class="_ _3"/>e or e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ea<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ow, the re<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g ga<span class="_ _3"/>in<span class="_ _3"/>s or lo<span class="_ _3"/>sse<span class="_ _3"/>s ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed fr<span class="_ _3"/>om e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e sa<span class="_ _3"/>me ite<span class="_ _3"/>m as t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d item<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>Howe<span class="_ _3"/>ver, on h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng of p<span class="_ _3"/>roc<span class="_ _3"/>ee<span class="_ _3"/>ds fr<span class="_ _3"/>om f<span class="_ _3"/>utu<span class="_ _3"/>re loa<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e res<span class="_ _3"/>ulti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>n or lo<span class="_ _3"/>ss i<span class="_ _3"/>s tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red f<span class="_ _3"/>rom e<span class="_ _3"/>qu<span class="_ _3"/>ity<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the l<span class="_ _3"/>oan<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r cur<span class="_ _3"/>re<span class="_ _3"/>ncy s<span class="_ _3"/>wap<span class="_ _3"/>s, t<span class="_ _3"/>he b<span class="_ _3"/>asi<span class="_ _3"/>s sp<span class="_ _3"/>rea<span class="_ _3"/>d is a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to t<span class="_ _3"/>he co<span class="_ _3"/>st of t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng mo<span class="_ _3"/>de<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s at fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, we u<span class="_ _3"/>se es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s of no<span class="_ _3"/>n- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, s<span class="_ _3"/>uch a<span class="_ _3"/>s:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ws161"> <span class="_ _174"> </span> p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on <span class="_ _21"> </span>fore<span class="_ _3"/>cas<span class="_ _3"/>ts</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d lon<span class="_ _3"/>g-te<span class="_ _3"/>rm p<span class="_ _3"/>owe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange rat<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d inf<span class="_ _3"/>la<span class="_ _3"/>tio<span class="_ _3"/>n ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedge eff<span class="_ _0"/>ectiveness<span class="_ _0"/> is<span class="_ _0"/> measured<span class="_ _0"/> using<span class="_ _0"/> forec<span class="_ _0"/>asted<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n as we<span class="_ _3"/>ll a<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s reg<span class="_ _3"/>ar<span class="_ _3"/>di<span class="_ _3"/>ng e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s, i<span class="_ _3"/>nte<span class="_ _3"/>rm<span class="_ _3"/>itte<span class="_ _3"/>nc<span class="_ _3"/>y, inte<span class="_ _3"/>res<span class="_ _3"/>t, cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y, and i<span class="_ _3"/>nf<span class="_ _3"/>la-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. For p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re clo<span class="_ _3"/>se to fu<span class="_ _3"/>lly he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vo<span class="_ _3"/>lum<span class="_ _3"/>e ove<span class="_ _3"/>rhe<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g is p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le if t<span class="_ _3"/>he fo<span class="_ _3"/>rec<span class="_ _3"/>aste<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n do<span class="_ _3"/>es no<span class="_ _3"/>t mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>is<span class="_ _3"/>e, wh<span class="_ _3"/>ic<span class="_ _3"/>h wi<span class="_ _3"/>ll le<span class="_ _3"/>ad to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognit<span class="_ _0"/>ion o<span class="_ _0"/>f ineffect<span class="_ _0"/>iveness.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> judgement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>as<span class="_ _3"/>ure o<span class="_ _3"/>ur p<span class="_ _3"/>ower p<span class="_ _3"/>ur<span class="_ _3"/>cha<span class="_ _3"/>se a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, bu<span class="_ _3"/>t they c<span class="_ _3"/>an<span class="_ _3"/>not a<span class="_ _3"/>lway<span class="_ _3"/>s be me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t qu<span class="_ _3"/>oted p<span class="_ _3"/>ri<span class="_ _3"/>ces i<span class="_ _3"/>n ac<span class="_ _3"/>ti<span class="_ _3"/>ve ma<span class="_ _3"/>rke<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g du<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. We th<span class="_ _3"/>er<span class="_ _3"/>efor<span class="_ _3"/>e use </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">el<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s of ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t whe<span class="_ _3"/>n me<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the fa<span class="_ _3"/>ir </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>, an<span class="_ _3"/>d we ai<span class="_ _3"/>m to li<span class="_ _3"/>mi<span class="_ _3"/>t th<span class="_ _3"/>e use o<span class="_ _3"/>f <span class="_ _6"/>su<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ba<span class="_ _3"/>se th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s on ex<span class="_ _3"/>te<span class="_ _3"/>rn<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inf<span class="_ _0"/>ormation, incl<span class="_ _0"/>uding external<span class="_ _0"/> pricing<span class="_ _0"/> and bench<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mark services.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts a<span class="_ _3"/>re us<span class="_ _3"/>ed to co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>r wh<span class="_ _3"/>eth<span class="_ _3"/>er fo<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sted t<span class="_ _3"/>ran<span class="_ _3"/>sa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s ar<span class="_ _3"/>e hig<span class="_ _3"/>hly p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le ex<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>res a<span class="_ _3"/>s he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>tems i<span class="_ _3"/>n a he<span class="_ _3"/>dg<span class="_ _3"/>e re<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>sh<span class="_ _3"/>ip, e<span class="_ _3"/>.g<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n fro<span class="_ _3"/>m win<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied a<span class="_ _3"/>s to wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>e in<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied i<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e rel<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>sh<span class="_ _3"/>ips i<span class="_ _3"/>de<span class="_ _3"/>nti<span class="_ _3"/>fi<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are<span class="_ _0"/> effectiv<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">En<span class="_ _3"/>ergy p<span class="_ _3"/>rice ri<span class="_ _3"/>sks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ma<span class="_ _3"/>in e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k ste<span class="_ _3"/>ms fro<span class="_ _3"/>m ou<span class="_ _3"/>r inte<span class="_ _3"/>rm<span class="_ _3"/>it<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tent p<span class="_ _3"/>ower p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on fro<span class="_ _3"/>m wi<span class="_ _3"/>nd a<span class="_ _3"/>nd so<span class="_ _3"/>lar P<span class="_ _3"/>V ass<span class="_ _3"/>ets<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">By na<span class="_ _3"/>ture<span class="_ _3"/>, thi<span class="_ _3"/>s is e<span class="_ _3"/>xpo<span class="_ _3"/>sed to vo<span class="_ _3"/>lum<span class="_ _3"/>e un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily dr<span class="_ _3"/>ive<span class="_ _3"/>n by wea<span class="_ _3"/>the<span class="_ _3"/>r<span class="_ _0"/>, pr<span class="_ _3"/>ice u<span class="_ _3"/>nce<span class="_ _3"/>r<span class="_ _3"/>tai<span class="_ _3"/>nty, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the o<span class="_ _0"/>ften<span class="_ _0"/> negative<span class="_ _0"/> corr<span class="_ _0"/>elation<span class="_ _0"/> betw<span class="_ _0"/>een the<span class="_ _0"/> two.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are a<span class="_ _3"/>l<span class="_ _3"/>so ex<span class="_ _3"/>pos<span class="_ _3"/>ed to oth<span class="_ _3"/>er e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ric<span class="_ _3"/>es th<span class="_ _3"/>rou<span class="_ _3"/>gh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r CH<span class="_ _3"/>P pla<span class="_ _3"/>nts a<span class="_ _3"/>nd g<span class="_ _3"/>as bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intermitt<span class="_ _0"/>ent<span class="_ _0"/> Offshore and<span class="_ _0"/> Onshore po<span class="_ _0"/>wer<span class="_ _0"/> production</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Aro<span class="_ _3"/>un<span class="_ _3"/>d 20 <span class="_ _15c"/>% of r<span class="_ _3"/>even<span class="_ _3"/>ue f<span class="_ _3"/>rom o<span class="_ _3"/>ur pow<span class="_ _3"/>er p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>nd O<span class="_ _3"/>nsh<span class="_ _3"/>ore i<span class="_ _3"/>n 202<span class="_ _3"/>4-<span class="_ _0"/>2026 i<span class="_ _3"/>s exp<span class="_ _3"/>ose<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">power p<span class="_ _3"/>rices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A lar<span class="_ _3"/>ge pa<span class="_ _3"/>r<span class="_ _3"/>t of ou<span class="_ _3"/>r in<span class="_ _3"/>com<span class="_ _3"/>e in O<span class="_ _3"/>nsh<span class="_ _3"/>ore c<span class="_ _3"/>om<span class="_ _3"/>es fro<span class="_ _3"/>m PTCs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or I<span class="_ _3"/>T<span class="_ _0"/>C<span class="_ _3"/>s rela<span class="_ _3"/>ted to powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion o<span class="_ _3"/>r inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he US (s<span class="_ _3"/>ee n<span class="_ _3"/>ote 3.<span class="_ _0"/>9 ‘T<span class="_ _0"/>ax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>’). T<span class="_ _3"/>he ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts a<span class="_ _3"/>re not e<span class="_ _3"/>xpo<span class="_ _3"/>sed to a p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k<span class="_ _3"/>. Howeve<span class="_ _3"/>r, ther<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is a p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k as<span class="_ _3"/>soc<span class="_ _3"/>iate<span class="_ _3"/>d wit<span class="_ _3"/>h the p<span class="_ _3"/>ower p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>e ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y red<span class="_ _3"/>uc<span class="_ _3"/>e by enter<span class="_ _3"/>in<span class="_ _3"/>g into CP<span class="_ _3"/>P<span class="_ _0"/>As<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cu<span class="_ _3"/>rre<span class="_ _3"/>nt CPPAs cove<span class="_ _3"/>r ap<span class="_ _3"/>prox<span class="_ _3"/>. <span class="_ _4"/>7<span class="_ _3"/>3 <span class="_ _15c"/>% of th<span class="_ _3"/>e exp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion fo<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d 2024<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>026. I<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CPPAs a<span class="_ _3"/>re str<span class="_ _3"/>uc<span class="_ _3"/>ture<span class="_ _3"/>d wi<span class="_ _3"/>th a mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pr<span class="_ _3"/>ice p<span class="_ _3"/>er M<span class="_ _3"/>Wh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d a me<span class="_ _3"/>ch<span class="_ _3"/>an<span class="_ _3"/>ism w<span class="_ _3"/>he<span class="_ _3"/>re we reta<span class="_ _3"/>in m<span class="_ _3"/>ost of t<span class="_ _3"/>he u<span class="_ _3"/>psi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m hi<span class="_ _3"/>gh p<span class="_ _3"/>ower p<span class="_ _3"/>ric<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te our r<span class="_ _3"/>esi<span class="_ _3"/>du<span class="_ _3"/>al e<span class="_ _3"/>xpo<span class="_ _3"/>sur<span class="_ _3"/>e to powe<span class="_ _3"/>r pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sks<span class="_ _3"/>, we m<span class="_ _3"/>ai<span class="_ _3"/>nly use f<span class="_ _3"/>ix<span class="_ _3"/>ed<span class="_ _3"/>-volu<span class="_ _3"/>me h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s. A<span class="_ _3"/>s both </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e valu<span class="_ _3"/>e, vo<span class="_ _3"/>lum<span class="_ _3"/>e pro<span class="_ _3"/>du<span class="_ _3"/>ced<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>e ac<span class="_ _3"/>tua<span class="_ _3"/>l hou<span class="_ _3"/>rly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion p<span class="_ _3"/>rof<span class="_ _3"/>ile d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red by o<span class="_ _3"/>ur a<span class="_ _3"/>sset<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>r fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e fi<span class="_ _3"/>xed<span class="_ _3"/>-vo<span class="_ _3"/>lum<span class="_ _3"/>e he<span class="_ _3"/>dge<span class="_ _3"/>s we us<span class="_ _3"/>e, we a<span class="_ _3"/>ccou<span class="_ _3"/>nt for th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in o<span class="_ _3"/>ur h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy a<span class="_ _3"/>nd st<span class="_ _3"/>rateg<span class="_ _3"/>ie<span class="_ _3"/>s. T<span class="_ _3"/>he co<span class="_ _3"/>rre<span class="_ _3"/>lat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en vo<span class="_ _3"/>lum<span class="_ _3"/>es p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d an<span class="_ _3"/>d powe<span class="_ _3"/>r pr<span class="_ _3"/>ices i<span class="_ _3"/>s of<span class="_ _3"/>ten </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>ga<span class="_ _3"/>tive<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s refe<span class="_ _3"/>rred to a<span class="_ _3"/>s volu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A dyn<span class="_ _3"/>am<span class="_ _3"/>ic h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>pp<span class="_ _3"/>roac<span class="_ _3"/>h is u<span class="_ _3"/>sed to h<span class="_ _3"/>ed<span class="_ _3"/>ge u<span class="_ _3"/>p </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to 70 <span class="_ _1"/>% o<span class="_ _3"/>f the re<span class="_ _3"/>sid<span class="_ _3"/>ua<span class="_ _3"/>l pow<span class="_ _3"/>er p<span class="_ _3"/>rice e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re wi<span class="_ _3"/>thi<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a tw<span class="_ _0"/>o-year<span class="_ _0"/> horiz<span class="_ _0"/>on. This hedging<span class="_ _0"/> le<span class="_ _0"/>vel s<span class="_ _0"/>ignificant<span class="_ _0"/>l<span class="_ _0"/>y<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">red<span class="_ _3"/>uc<span class="_ _3"/>es th<span class="_ _3"/>e ris<span class="_ _3"/>k of be<span class="_ _3"/>in<span class="_ _3"/>g over<span class="_ _3"/>he<span class="_ _3"/>dg<span class="_ _3"/>ed wh<span class="_ _3"/>ile p<span class="_ _3"/>rovi<span class="_ _3"/>di<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an adequat<span class="_ _0"/>e<span class="_ _0"/> risk r<span class="_ _0"/>eduction.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e may<span class="_ _0"/> hedge be<span class="_ _0"/>yond<span class="_ _0"/> the<span class="_ _0"/> two-<span class="_ _0"/>year hori<span class="_ _0"/>zon<span class="_ _0"/> if the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice level is co<span class="_ _3"/>mm<span class="_ _3"/>erci<span class="_ _3"/>ally attra<span class="_ _3"/>ctive<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n at o<span class="_ _3"/>ur C<span class="_ _3"/>HP p<span class="_ _3"/>la<span class="_ _3"/>nt<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r com<span class="_ _3"/>bi<span class="_ _3"/>ne<span class="_ _3"/>d he<span class="_ _3"/>at a<span class="_ _3"/>nd pow<span class="_ _3"/>er (CH<span class="_ _3"/>P) p<span class="_ _3"/>lant<span class="_ _3"/>s con<span class="_ _3"/>si<span class="_ _3"/>st<span class="_ _3"/> of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>om<span class="_ _3"/>ass- a<span class="_ _3"/>nd fos<span class="_ _3"/>si<span class="_ _3"/>l-fue<span class="_ _3"/>lled p<span class="_ _3"/>la<span class="_ _3"/>nts i<span class="_ _3"/>n De<span class="_ _3"/>nm<span class="_ _3"/>ark<span class="_ _3"/>. T<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>ita<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty of powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion i<span class="_ _3"/>s de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed by th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>etwe<span class="_ _3"/>en t<span class="_ _3"/>he se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g pr<span class="_ _3"/>ice of p<span class="_ _3"/>ower a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce of fu<span class="_ _3"/>el a<span class="_ _3"/>nd<span class="_ _3"/>, for oth<span class="_ _3"/>er f<span class="_ _3"/>ue<span class="_ _3"/>ls t<span class="_ _3"/>ha<span class="_ _3"/>n bio<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>ss<span class="_ _3"/>, car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n allow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>. If th<span class="_ _3"/>e sp<span class="_ _3"/>rea<span class="_ _3"/>ds a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attr<span class="_ _0"/>active,<span class="_ _0"/> we<span class="_ _0"/> pro<span class="_ _0"/>vide c<span class="_ _0"/>ondensing po<span class="_ _0"/>wer<span class="_ _0"/> generation<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on to CH<span class="_ _3"/>P ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n. T<span class="_ _3"/>he total n<span class="_ _3"/>et ri<span class="_ _3"/>sk a<span class="_ _3"/>sso<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>ated w<span class="_ _3"/>ith p<span class="_ _3"/>ower f<span class="_ _3"/>rom CH<span class="_ _3"/>P ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion fo<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>4-<span class="_ _0"/>2026 is D<span class="_ _3"/>KK 5<span class="_ _3"/>.<span class="_ _0"/>9 bil<span class="_ _3"/>li<span class="_ _3"/>on a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing<span class="_ _3"/>, <span class="_ _49"/>cov<span class="_ _3"/>eri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">both<span class="_ _0"/> heat<span class="_ _4"/>-bound and c<span class="_ _0"/>ondensing bas<span class="_ _0"/>e <span class="_ _49"/>generation.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are n<span class="_ _3"/>ot ex<span class="_ _3"/>pos<span class="_ _3"/>ed to pr<span class="_ _3"/>ice r<span class="_ _3"/>isk<span class="_ _3"/>s rel<span class="_ _3"/>ated to he<span class="_ _3"/>at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">generation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gas sales</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pr<span class="_ _3"/>ice r<span class="_ _3"/>isk a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>ted wi<span class="_ _3"/>th sa<span class="_ _3"/>le of ga<span class="_ _3"/>s ste<span class="_ _3"/>ms fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce<span class="_ _3"/>s in th<span class="_ _3"/>e sa<span class="_ _3"/>le an<span class="_ _3"/>d pur<span class="_ _3"/>cha<span class="_ _3"/>se p<span class="_ _3"/>rice<span class="_ _3"/>s. T<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent w<span class="_ _3"/>e pu<span class="_ _3"/>rcha<span class="_ _3"/>se g<span class="_ _3"/>as at a f<span class="_ _3"/>ix<span class="_ _3"/>ed p<span class="_ _3"/>rice<span class="_ _3"/>, we a<span class="_ _3"/>im to us<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>es to swa<span class="_ _3"/>p th<span class="_ _3"/>e pu<span class="_ _3"/>rcha<span class="_ _3"/>se i<span class="_ _3"/>nto a var<span class="_ _3"/>iab<span class="_ _3"/>le p<span class="_ _3"/>rice<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en we b<span class="_ _3"/>oth h<span class="_ _3"/>ave a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pu<span class="_ _3"/>rcha<span class="_ _3"/>se a<span class="_ _3"/>nd sa<span class="_ _3"/>les </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>, ou<span class="_ _3"/>r ma<span class="_ _3"/>rgi<span class="_ _3"/>n be<span class="_ _3"/>com<span class="_ _3"/>es f<span class="_ _3"/>ixe<span class="_ _3"/>d. T<span class="_ _3"/>he m<span class="_ _3"/>ai<span class="_ _3"/>n ri<span class="_ _3"/>sk af<span class="_ _3"/>ter </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging is<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> where<span class="_ _0"/> the<span class="_ _0"/> purchase<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice i<span class="_ _3"/>s fi<span class="_ _3"/>xed<span class="_ _3"/>, bu<span class="_ _3"/>t wh<span class="_ _3"/>ere t<span class="_ _3"/>he vo<span class="_ _3"/>lum<span class="_ _3"/>es de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to us </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd o<span class="_ _3"/>n ou<span class="_ _3"/>r sup<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>rs' a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk<span class="_ _0"/> after<span class="_ _0"/> hed<span class="_ _0"/>ging</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r en<span class="_ _3"/>er<span class="_ _3"/>gy ex<span class="_ _3"/>pos<span class="_ _3"/>ure a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>rs 20<span class="_ _3"/>24-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2026 ca<span class="_ _3"/>n be s<span class="_ _3"/>um<span class="_ _3"/>ma<span class="_ _3"/>ris<span class="_ _3"/>ed a<span class="_ _3"/>s show<span class="_ _3"/>n in th<span class="_ _3"/>e tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:65.486328125px;"><span style="position: absolute; display: inline-block; left: 194.266px; top: 0.0078125px; width: 96.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f price change</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.13281px; width: 80.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Risk after hedging</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.6035px; width: 30.9551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKbn</span><span style="position: absolute; display: inline-block; left: 189.766px; top: 19.6035px; width: 102.434px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-10 %</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.8535px; width: 291.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer: 14.2 s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.4<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-1.4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.1191px; width: 291.217px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Spread (po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er): 5.9<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+0.6<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-0.6</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice w<span class="_ _3"/>ill r<span class="_ _3"/>esu<span class="_ _3"/>lt in a ga<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DK<span class="_ _3"/>K 1.<span class="_ _3"/>4 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n over th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od 202<span class="_ _3"/>4-<span class="_ _0"/>2026<span class="_ _3"/>, all e<span class="_ _3"/>l<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remaining unchanged. Gas<span class="_ _0"/> and oil<span class="_ _0"/> activit<span class="_ _0"/>ies hav<span class="_ _0"/>e a<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>mi<span class="_ _3"/>ted ri<span class="_ _3"/>sk a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing o<span class="_ _3"/>f DKK 0<span class="_ _3"/>.0 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">per<span class="_ _3"/>iod 2024-<span class="_ _0"/>202<span class="_ _0"/>6. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ Princip<span class="_ _0"/>les<span class="_ _0"/> fo<span class="_ _0"/>r es<span class="_ _0"/>timating<span class="_ _0"/> exp<span class="_ _0"/>osure<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>po<span class="_ _3"/>su<span class="_ _3"/>re is ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(or n<span class="_ _3"/>et p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se/sa<span class="_ _3"/>le) t<span class="_ _3"/>im<span class="_ _3"/>es th<span class="_ _3"/>e for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">respectiv<span class="_ _0"/>e years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 538.484px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 1130.08px; top: 0.0078125px; width: 165.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A/C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>APEX</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 902.109px; top: 31.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 370.328px; top: 43.0234px; width: 195.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 566.166px; top: 43.0234px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025</span><span style="position: absolute; display: inline-block; left: 614.676px; top: 43.0234px; width: 193.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 808.164px; top: 43.0234px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 844.346px; top: 43.0234px; width: 206.062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 861.797px; top: 43.0234px; width: 100.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 1295.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps and fut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ures (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 12,923<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,905<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,688<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,330<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,611<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,348)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,112)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,041)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4.833)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 1294.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 171<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(72)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(71)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.775px; width: 1294.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,165<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">456<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>648<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>172<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(314)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(896)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(761)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(73)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 274.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 274.939px; top: 117.775px; width: 677.695px; white-space: pre; word-spacing: 0.09px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> 8<span style="word-spacing: 0.09px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 952.635px; top: 117.775px; width: 342.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:122.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 132.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3828px; width: 370.207px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 341.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.207px; top: 24.0078px; width: 924.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>After 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.2578px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 1294.69px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps and fut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ures (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 32,300<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,480<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,856<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,964<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,291<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(39,641)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(27,779)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,435)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,649)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12,695)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 1294.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,071<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">922<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(91)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(88)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 1294.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,171<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">312<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>472<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>396<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,596)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,915)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(672)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(907)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(336)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 1294.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carbon emission all<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ances (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell pos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 46<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">46<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(35)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 1294.72px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 163.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 15<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2023, we r<span class="_ _0"/>ec<span class="_ _0"/>ognised ineff<span class="_ _0"/>ectiv<span class="_ _0"/>e hedges in the amount of DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-512 million (2022: DKK -4,475 million) in o<span class="_ _0"/>ther operating e<span class="_ _0"/>xpenses<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of which vol<span class="_ _0"/>ume-rel<span class="_ _0"/>at<span class="_ _0"/>ed ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness rel<span class="_ _0"/>at<span class="_ _0"/>ed to Off<span class="_ _0"/>shor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amounted t<span class="_ _0"/>o DKK -418 million (2022: DKK -3,771 mil<span class="_ _0"/>lion), inflation-<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">indexed r<span class="_ _0"/>el<span class="_ _0"/>ated ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness amount<span class="_ _0"/>ed t<span class="_ _0"/>o DKK +105 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK -658 <span class="_ _6"/>million), and other ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness amount<span class="_ _0"/>ed to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK -199 million (2022: DKK -46 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.236328125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.02344px; width: 122.156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at </span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 120.34px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 57.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2578px; width: 33.1348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy </span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8535px; width: 614.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 109.277px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">166<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 507<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(803)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.8535px; width: 614.367px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 245<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 3,264<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,872</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 104.869px; width: 614.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 2,279<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,894)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.869px; width: 614.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,528<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,395<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,920</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.869px; width: 614.508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 178.647px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 175<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">69<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n and i<span class="_ _3"/>nte<span class="_ _3"/>rest r<span class="_ _3"/>ate ris<span class="_ _3"/>ks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ap<span class="_ _3"/>pro<span class="_ _3"/>xi<span class="_ _3"/>mate<span class="_ _3"/>ly 80 <span class="_ _15c"/>% of o<span class="_ _3"/>ur rev<span class="_ _3"/>en<span class="_ _3"/>ue fro<span class="_ _3"/>m of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and onshor<span class="_ _0"/>e ass<span class="_ _0"/>ets<span class="_ _0"/> for<span class="_ _0"/> the<span class="_ _0"/> period 20<span class="_ _0"/>24-<span class="_ _4"/>2030 s<span class="_ _0"/>tems<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from<span class="_ _0"/> either<span class="_ _0"/> fixed nominal or<span class="_ _0"/> infla<span class="_ _0"/>tion-indexed c<span class="_ _0"/>on<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he lo<span class="_ _3"/>ng d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n of the<span class="_ _3"/>se ca<span class="_ _3"/>sh f<span class="_ _3"/>lows ex<span class="_ _3"/>pos<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us towa<span class="_ _3"/>rds c<span class="_ _3"/>ha<span class="_ _3"/>nge<span class="_ _3"/>s in i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>tes an<span class="_ _3"/>d <span class="_ _49"/>i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ticu<span class="_ _3"/>la<span class="_ _3"/>rly for ass<span class="_ _3"/>ets w<span class="_ _3"/>he<span class="_ _3"/>re the f<span class="_ _3"/>ix<span class="_ _3"/>ed n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ei<span class="_ _3"/>ved i<span class="_ _3"/>s cons<span class="_ _3"/>tant re<span class="_ _3"/>ga<span class="_ _3"/>rd<span class="_ _3"/>less of i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>te, in<span class="_ _3"/>fla<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>, or m<span class="_ _3"/>erc<span class="_ _3"/>han<span class="_ _3"/>t pri<span class="_ _3"/>ce leve<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve see<span class="_ _3"/>n th<span class="_ _3"/>is f<span class="_ _3"/>ir<span class="_ _3"/>st<span class="_ _0"/>-h<span class="_ _3"/>an<span class="_ _3"/>d du<span class="_ _3"/>ri<span class="_ _3"/>ng 20<span class="_ _3"/>23 wh<span class="_ _3"/>en i<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>ase<span class="_ _3"/>s fro<span class="_ _3"/>m both i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>tes an<span class="_ _3"/>d in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n af<span class="_ _3"/>fec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io, p<span class="_ _3"/>ar<span class="_ _3"/>tic<span class="_ _3"/>ula<span class="_ _3"/>rly ou<span class="_ _3"/>r fi<span class="_ _3"/>xed n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al a<span class="_ _3"/>sset<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e US th<span class="_ _3"/>rou<span class="_ _3"/>gh r<span class="_ _3"/>isi<span class="_ _3"/>ng i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>tes, a<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>ing t<span class="_ _3"/>he co<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ca<span class="_ _3"/>pita<span class="_ _3"/>l an<span class="_ _3"/>d inf<span class="_ _3"/>lat<span class="_ _3"/>ion t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h hi<span class="_ _3"/>gh<span class="_ _3"/>er C<span class="_ _3"/>APE<span class="_ _3"/>X an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>d<span class="_ _3"/>ilu<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e valu<span class="_ _3"/>e of ou<span class="_ _3"/>r OR<span class="_ _3"/>ECs (P<span class="_ _3"/>P<span class="_ _0"/>As).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ri<span class="_ _3"/>sk fr<span class="_ _3"/>ame<span class="_ _3"/>wor<span class="_ _3"/>k bu<span class="_ _3"/>ild<span class="_ _3"/>s on th<span class="_ _3"/>e im<span class="_ _3"/>po<span class="_ _3"/>rta<span class="_ _3"/>nt <span class="_ _49"/>ce<span class="_ _3"/>ntra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>sum<span class="_ _3"/>pti<span class="_ _3"/>on th<span class="_ _3"/>at s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er<span class="_ _3"/>s prefe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n-<span class="_ _3"/>in<span class="_ _3"/>dex<span class="_ _3"/>ed ca<span class="_ _3"/>sh f<span class="_ _3"/>lows ove<span class="_ _3"/>r nom<span class="_ _3"/>in<span class="_ _3"/>al c<span class="_ _3"/>ash f<span class="_ _3"/>lows<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>his p<span class="_ _3"/>rotec<span class="_ _3"/>ts t<span class="_ _3"/>he re<span class="_ _3"/>al va<span class="_ _3"/>lue of t<span class="_ _3"/>he<span class="_ _3"/>ir i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply an a<span class="_ _3"/>sset a<span class="_ _3"/>nd l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt fra<span class="_ _3"/>me<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wor<span class="_ _3"/>k for h<span class="_ _3"/>and<span class="_ _3"/>l<span class="_ _3"/>ing i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>te an<span class="_ _3"/>d inf<span class="_ _3"/>lati<span class="_ _3"/>on r<span class="_ _3"/>isk<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The objectiv<span class="_ _0"/>e is<span class="_ _0"/> t<span class="_ _0"/>o manage<span class="_ _0"/> the s<span class="_ _0"/>hareholders<span class="_ _0"/>' r<span class="_ _0"/>eal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue by en<span class="_ _3"/>su<span class="_ _3"/>rin<span class="_ _3"/>g th<span class="_ _3"/>at f<span class="_ _3"/>ixe<span class="_ _3"/>d rate de<span class="_ _3"/>bt i<span class="_ _3"/>s matc<span class="_ _3"/>hed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th fi<span class="_ _3"/>xe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h flows<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inflation<span class="_ _0"/> risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e activ<span class="_ _0"/>el<span class="_ _0"/>y inc<span class="_ _0"/>entivis<span class="_ _0"/>e asse<span class="_ _0"/>ts wi<span class="_ _0"/>th in<span class="_ _0"/>flation-indexed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>nu<span class="_ _3"/>e stre<span class="_ _3"/>am<span class="_ _3"/>s in b<span class="_ _3"/>us<span class="_ _3"/>ine<span class="_ _3"/>ss d<span class="_ _3"/>eci<span class="_ _3"/>si<span class="_ _3"/>ons to m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost<span class="_ _4"/>-inflation<span class="_ _0"/> risk. Our cost<span class="_ _0"/> inflat<span class="_ _0"/>ion mainl<span class="_ _0"/>y st<span class="_ _0"/>ems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m OPE<span class="_ _3"/>X<span class="_ _3"/>, COGS<span class="_ _3"/>, DE<span class="_ _3"/>V<span class="_ _3"/>EX<span class="_ _3"/>, a<span class="_ _3"/>nd C<span class="_ _3"/>APE<span class="_ _3"/>X<span class="_ _3"/>, whi<span class="_ _3"/>ch to a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lar<span class="_ _3"/>ge ex<span class="_ _3"/>ten<span class="_ _3"/>t in<span class="_ _3"/>crea<span class="_ _3"/>se wi<span class="_ _3"/>th i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n. I<span class="_ _3"/>n ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>, CA<span class="_ _3"/>PEX </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is e<span class="_ _3"/>xp<span class="_ _3"/>ose<span class="_ _3"/>d to the p<span class="_ _3"/>rice d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt in a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>tie<span class="_ _3"/>s, m<span class="_ _3"/>ost s<span class="_ _3"/>ig<span class="_ _3"/>ni<span class="_ _3"/>fic<span class="_ _3"/>antly stee<span class="_ _3"/>l<span class="_ _3"/>. Wh<span class="_ _3"/>en t<span class="_ _3"/>he co<span class="_ _3"/>m<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent m<span class="_ _3"/>ec<span class="_ _3"/>ha<span class="_ _3"/>ni<span class="_ _3"/>sms i<span class="_ _3"/>n ou<span class="_ _3"/>r CA<span class="_ _3"/>PE<span class="_ _3"/>X con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s are b<span class="_ _3"/>ase<span class="_ _3"/>d on f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>lly tra<span class="_ _3"/>de<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>di<span class="_ _3"/>ces<span class="_ _3"/>, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ai<span class="_ _3"/>m to he<span class="_ _3"/>dg<span class="_ _3"/>e the r<span class="_ _3"/>isk<span class="_ _3"/>. O<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al co<span class="_ _3"/>st<span class="_ _3"/>s are a<span class="_ _3"/>sse<span class="_ _3"/>sse<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tog<span class="_ _3"/>ethe<span class="_ _3"/>r wi<span class="_ _3"/>th th<span class="_ _3"/>e inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>-i<span class="_ _3"/>nd<span class="_ _3"/>exe<span class="_ _3"/>d reve<span class="_ _3"/>nu<span class="_ _3"/>e to red<span class="_ _3"/>uce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net r<span class="_ _3"/>isk<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>ter<span class="_ _3"/>es<span class="_ _3"/>t rat<span class="_ _3"/>e ris<span class="_ _3"/>k</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ac<span class="_ _3"/>tive<span class="_ _3"/>ly match o<span class="_ _3"/>ur d<span class="_ _3"/>ebt w<span class="_ _3"/>ith o<span class="_ _3"/>ur a<span class="_ _3"/>sset<span class="_ _3"/>s pe<span class="_ _3"/>r cu<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>ncy a<span class="_ _3"/>nd m<span class="_ _3"/>od<span class="_ _3"/>ifi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>. Mo<span class="_ _3"/>dif<span class="_ _3"/>ie<span class="_ _3"/>d du<span class="_ _3"/>rat<span class="_ _3"/>ion of b<span class="_ _3"/>oth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and d<span class="_ _3"/>eb<span class="_ _3"/>t is th<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>e in va<span class="_ _3"/>lu<span class="_ _3"/>e in re<span class="_ _3"/>spo<span class="_ _3"/>nse to a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1 pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>e poi<span class="_ _3"/>nt ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n inte<span class="_ _3"/>res<span class="_ _3"/>t rates<span class="_ _3"/>. As a r<span class="_ _3"/>ule </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>um<span class="_ _3"/>b, mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n is m<span class="_ _3"/>atch<span class="_ _3"/>ed wi<span class="_ _3"/>thi<span class="_ _3"/>n ±2 p<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ce<span class="_ _3"/>ntage p<span class="_ _3"/>oi<span class="_ _3"/>nts<span class="_ _3"/>. Fo<span class="_ _3"/>r exa<span class="_ _3"/>mp<span class="_ _3"/>le, th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flow<span class="_ _3"/>s fro<span class="_ _3"/>m our T<span class="_ _0"/>ai<span class="_ _3"/>wan<span class="_ _3"/>ese p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>ts wi<span class="_ _3"/>th a<span class="_ _3"/>n ave<span class="_ _3"/>rag<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">8.<span class="_ _3"/>4 <span class="_ _15c"/>% i<span class="_ _3"/>n mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n are m<span class="_ _3"/>atch<span class="_ _3"/>ed w<span class="_ _3"/>ith f<span class="_ _3"/>ixe<span class="_ _3"/>d-<span class="_ _3"/>rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NT<span class="_ _3"/>D de<span class="_ _3"/>bt wit<span class="_ _3"/>h rou<span class="_ _3"/>gh<span class="_ _3"/>l<span class="_ _0"/>y 9.0 <span class="_ _15c"/>% mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/> assets<span class="_ _0"/> in oper<span class="_ _0"/>ation and<span class="_ _0"/> under c<span class="_ _0"/>onstruction,<span class="_ _0"/> 95<span class="_ _0"/> <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e life<span class="_ _3"/>tim<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt valu<span class="_ _3"/>e of f<span class="_ _3"/>ixe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flow, exc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g CA<span class="_ _3"/>PE<span class="_ _3"/>X, i<span class="_ _3"/>s ma<span class="_ _3"/>tche<span class="_ _3"/>d wit<span class="_ _3"/>h cor<span class="_ _3"/>resp<span class="_ _3"/>on<span class="_ _3"/>di<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>rate se<span class="_ _3"/>ni<span class="_ _3"/>or a<span class="_ _3"/>nd hyb<span class="_ _3"/>rid d<span class="_ _3"/>eb<span class="_ _3"/>t. Pa<span class="_ _3"/>r<span class="_ _3"/>t of thi<span class="_ _3"/>s ma<span class="_ _3"/>tchi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>s be<span class="_ _3"/>en d<span class="_ _3"/>on<span class="_ _3"/>e by enter<span class="_ _3"/>in<span class="_ _3"/>g into i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n swa<span class="_ _3"/>ps o<span class="_ _3"/>n ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n-<span class="_ _3"/>in<span class="_ _3"/>dex<span class="_ _3"/>ed CfD a<span class="_ _3"/>nd RO<span class="_ _3"/>C reve<span class="_ _3"/>nu<span class="_ _3"/>e in th<span class="_ _3"/>e UK to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch ou<span class="_ _3"/>r fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>rate de<span class="_ _3"/>bt<span class="_ _3"/>. As o<span class="_ _3"/>ur po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io of a<span class="_ _3"/>ward<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s matu<span class="_ _3"/>re, we c<span class="_ _3"/>an ex<span class="_ _3"/>ecu<span class="_ _3"/>te inte<span class="_ _3"/>rest r<span class="_ _3"/>ate swa<span class="_ _3"/>ps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to lock i<span class="_ _3"/>n th<span class="_ _3"/>e inte<span class="_ _3"/>res<span class="_ _3"/>t rates b<span class="_ _3"/>efore f<span class="_ _3"/>un<span class="_ _3"/>di<span class="_ _3"/>ng is s<span class="_ _3"/>ecu<span class="_ _3"/>red<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A total of 25 <span class="_ _4"/>% of th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me p<span class="_ _3"/>rese<span class="_ _3"/>nt va<span class="_ _3"/>lue of f<span class="_ _3"/>ix<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h flow<span class="_ _3"/>s, ex<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng C<span class="_ _3"/>APE<span class="_ _3"/>X<span class="_ _3"/>, on o<span class="_ _3"/>ur a<span class="_ _3"/>ward<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pre-construction<span class="_ _0"/> offshor<span class="_ _0"/>e as<span class="_ _0"/>sets<span class="_ _0"/> are ma<span class="_ _0"/>tched<span class="_ _0"/> with<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t ra<span class="_ _3"/>te s<span class="_ _3"/>wa<span class="_ _3"/>ps<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>lly<span class="_ _0"/>, wh<span class="_ _3"/>en we fa<span class="_ _3"/>rm d<span class="_ _3"/>own pa<span class="_ _3"/>rt o<span class="_ _3"/>f an of<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>sse<span class="_ _3"/>t, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we no<span class="_ _3"/>rm<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y he<span class="_ _3"/>dg<span class="_ _3"/>e pa<span class="_ _3"/>rt of t<span class="_ _3"/>he i<span class="_ _3"/>ntere<span class="_ _3"/>st, i<span class="_ _3"/>nf<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>ncy r<span class="_ _3"/>isk<span class="_ _3"/>s re<span class="_ _3"/>lated to th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt pr<span class="_ _3"/>oce<span class="_ _3"/>eds<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:189.126953125px;"><span style="position: absolute; display: inline-block; left: 563.547px; top: 0.0078125px; width: 297.176px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 162.498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et val<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ue</span><span style="position: absolute; display: inline-block; left: 1118.09px; top: 0.0078125px; width: 177.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 125.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting</span><span style="position: absolute; display: inline-block; left: 914.797px; top: 19.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 25.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 </span><span style="position: absolute; display: inline-block; left: 266.781px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 909.016px; top: 31.0234px; width: 69.0703px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive </span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 244.828px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 389.266px; top: 43.0078px; width: 202.148px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024-27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2028-33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 591.414px; top: 43.0078px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2033</span><span style="position: absolute; display: inline-block; left: 639.924px; top: 43.0078px; width: 185.01px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 824.934px; top: 43.0078px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 861.115px; top: 43.0078px; width: 197.889px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 944.797px; top: 43.0078px; width: 32.2324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">income</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 208.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wap (pay v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ariable<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e fixed – UK), </span><span style="position: absolute; display: inline-block; left: 0px; top: 87.7598px; width: 1294.52px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>enue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,883<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,818<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,656<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(3,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,414)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(202)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,008)</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.76px; width: 231.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – NTD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 113.76px; width: 1294.49px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">divestment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 246.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.273px; width: 100.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial items impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 141.76px; width: 230.484px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – USD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 153.76px; width: 1295.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e loan issuanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,036<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,036<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 112.183px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(142)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 97.7989px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>530<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 167.76px; width: 231.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – NTD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 179.76px; width: 1294.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e loan issuanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,639<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,639<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:106.111328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 125.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 25.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022 </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3828px; width: 1294.97px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 360.264px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023-26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2027-32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">After 2032<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.642px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.2578px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 1294.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wap (pay v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e fixed – UK), r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22,295<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,244<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,681<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,370<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,366)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(202)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,164)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.2578px; width: 100.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial items impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 161.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 1294.8px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">var – USD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oan issuance<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 153.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15,678<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15,678<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 97.7989px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>478<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.6602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,727<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>49<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>189<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,489</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e hedge our UK inflation risk r<span class="_ _0"/>el<span class="_ _0"/>at<span class="_ _0"/>ed to r<span class="_ _0"/>e<span class="_ _0"/>venue fr<span class="_ _0"/>om ROC and C<span class="_ _0"/>fD </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsidies.<span class="_ _0"/> Furthermore<span class="_ _0"/>, w<span class="_ _0"/>e hedge the inter<span class="_ _0"/>est and infl<span class="_ _0"/>ation risk r<span class="_ _0"/>elat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to div<span class="_ _0"/>estments<span class="_ _0"/>. <span class="_ _0"/>All the infl<span class="_ _0"/>ation risks that we hedge ar<span class="_ _0"/>e separ<span class="_ _0"/>at<span class="_ _0"/>el<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">identifiable in the underl<span class="_ _0"/>ying c<span class="_ _0"/>ontract.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e hedge the int<span class="_ _0"/>eres<span class="_ _0"/>t on expect<span class="_ _0"/>ed USD (since 2020) and NTD (since<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023) debt issuance (USD and NTD int<span class="_ _0"/>er<span class="_ _0"/>est risk). <span class="_ _0"/>The siz<span class="_ _0"/>e of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed USD issuance has been r<span class="_ _0"/>educed and pos<span class="_ _0"/>tponed to 2025 or<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2026 due to l<span class="_ _0"/>ess funding needed aft<span class="_ _0"/>er the t<span class="_ _0"/>ermination of Oc<span class="_ _0"/>ean Wind </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1. Due t<span class="_ _0"/>o a reduction in the e<span class="_ _0"/>xpected funding,<span class="_ _0"/> we hav<span class="_ _0"/>e rec<span class="_ _0"/>ognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness of DKK 2,344 million (<span class="_ _0"/>gain) (2022: ineff<span class="_ _4"/>ectiveness gain </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DKK 529 million) r<span class="_ _0"/>elat<span class="_ _0"/>ed t<span class="_ _0"/>o the US int<span class="_ _0"/>ere<span class="_ _0"/>st rat<span class="_ _0"/>e hedges in financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income and DKK 6 million (<span class="_ _0"/>expens<span class="_ _0"/>e) r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o the <span class="_ _0"/>T<span class="_ _15c"/>aiwanes<span class="_ _0"/>e inter<span class="_ _0"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e hedges in financial e<span class="_ _0"/>xpenses.<span class="_ _0"/> Further<span class="_ _0"/>, w<span class="_ _0"/>e had an earl<span class="_ _0"/>y r<span class="_ _0"/>edemption </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of an EIB l<span class="_ _0"/>oan, r<span class="_ _0"/>esul<span class="_ _0"/>ting in rec<span class="_ _0"/>ognised ineff<span class="_ _4"/>etiveness of DKK 41 mil<span class="_ _0"/>lion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 0 million) in financial expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:71.111328125px;"><span style="position: absolute; display: inline-block; left: 403.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 166.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 167.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 266.781px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 395.422px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 479.891px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 608.562px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 244.828px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 403.422px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 457px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 614.938px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 640.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">21,806<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(369)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,103</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e sw<span class="_ _0"/>aps are us<span class="_ _0"/>ed t<span class="_ _0"/>o adjust the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The year 2023 includes inee<span class="_ _0"/>ff<span class="_ _0"/>ective USD int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps with a c<span class="_ _0"/>ontract<span class="_ _0"/>ual principal amount of DKK 12,148 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curren<span class="_ _3"/>cy risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cas<span class="_ _3"/>h flow<span class="_ _3"/>s con<span class="_ _3"/>sis<span class="_ _3"/>t of mu<span class="_ _3"/>ltip<span class="_ _3"/>le di<span class="_ _3"/>f<span class="_ _3"/>fere<span class="_ _3"/>nt cur<span class="_ _3"/>re<span class="_ _3"/>nci<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich e<span class="_ _3"/>xp<span class="_ _3"/>ose u<span class="_ _3"/>s to flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates<span class="_ _3"/>. O<span class="_ _3"/>ur m<span class="_ _3"/>ai<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>cy ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es ar<span class="_ _3"/>e GBP<span class="_ _0"/>, USD, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NT<span class="_ _3"/>D. Whi<span class="_ _3"/>le ou<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure to EU<span class="_ _3"/>R is a<span class="_ _3"/>l<span class="_ _3"/>so si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do n<span class="_ _3"/>ot de<span class="_ _3"/>em E<span class="_ _3"/>UR to con<span class="_ _3"/>st<span class="_ _3"/>itute a ri<span class="_ _3"/>sk a<span class="_ _3"/>s we ex<span class="_ _3"/>pe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k to mai<span class="_ _3"/>ntai<span class="_ _3"/>n it<span class="_ _3"/>s fi<span class="_ _3"/>xe<span class="_ _3"/>d exc<span class="_ _3"/>han<span class="_ _3"/>ge<span class="_ _3"/>-<span class="_ _3"/>rate po<span class="_ _3"/>li<span class="_ _3"/>cy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For G<span class="_ _3"/>BP<span class="_ _0"/>, ou<span class="_ _3"/>r sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>cant e<span class="_ _3"/>ar<span class="_ _3"/>ni<span class="_ _3"/>ng<span class="_ _3"/>s from a<span class="_ _3"/>sse<span class="_ _3"/>ts i<span class="_ _3"/>n op<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>ns ar<span class="_ _3"/>e larg<span class="_ _3"/>er t<span class="_ _3"/>ha<span class="_ _3"/>n our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pla<span class="_ _3"/>nn<span class="_ _3"/>ed C<span class="_ _3"/>AP<span class="_ _3"/>EX<span class="_ _3"/>, re<span class="_ _3"/>sulti<span class="_ _3"/>ng i<span class="_ _3"/>n a net-po<span class="_ _3"/>sit<span class="_ _3"/>ive G<span class="_ _3"/>BP e<span class="_ _3"/>xpo<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>re, b<span class="_ _3"/>oth sh<span class="_ _3"/>or<span class="_ _3"/>t<span class="_ _0"/>- an<span class="_ _3"/>d lon<span class="_ _3"/>g-ter<span class="_ _3"/>m<span class="_ _3"/>. The n<span class="_ _3"/>et ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e was </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lowe<span class="_ _3"/>red i<span class="_ _3"/>n 2023 by t<span class="_ _3"/>he in<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>on of m<span class="_ _3"/>ore p<span class="_ _3"/>lan<span class="_ _3"/>ne<span class="_ _3"/>d GB<span class="_ _3"/>P </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X follow<span class="_ _3"/>in<span class="_ _3"/>g FI<span class="_ _3"/>D for Ho<span class="_ _3"/>rn<span class="_ _3"/>sea 3<span class="_ _3"/>. A 10 <span class="_ _1"/>% i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he GB<span class="_ _3"/>P/DK<span class="_ _3"/>K exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rate wi<span class="_ _3"/>ll res<span class="_ _3"/>ult in a g<span class="_ _3"/>ai<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1.2 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on ove<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>iod 2<span class="_ _3"/>024<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>028, a<span class="_ _3"/>ll e<span class="_ _3"/>ls<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remaining unchanged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>For USD<span class="_ _0"/>,<span class="_ _0"/> our portf<span class="_ _0"/>olio o<span class="_ _0"/>f o<span class="_ _0"/>ffshore<span class="_ _0"/> and onshor<span class="_ _0"/>e de<span class="_ _0"/>velop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt an<span class="_ _3"/>d op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng as<span class="_ _3"/>set<span class="_ _3"/>s tra<span class="_ _3"/>nsla<span class="_ _3"/>te to a sho<span class="_ _3"/>rt- to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>di<span class="_ _3"/>um<span class="_ _3"/>-ter<span class="_ _3"/>m neg<span class="_ _3"/>at<span class="_ _3"/>ive US<span class="_ _3"/>D ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>. Howev<span class="_ _3"/>er, on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a lon<span class="_ _3"/>ge<span class="_ _3"/>r ti<span class="_ _3"/>me h<span class="_ _3"/>ori<span class="_ _3"/>zon<span class="_ _3"/>, reve<span class="_ _3"/>nu<span class="_ _3"/>e from a<span class="_ _3"/>sse<span class="_ _3"/>ts re<span class="_ _3"/>sult i<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net positive USD exposure.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l ap<span class="_ _3"/>proa<span class="_ _3"/>ch to m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>ing c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is to u<span class="_ _3"/>se str<span class="_ _3"/>uc<span class="_ _3"/>tura<span class="_ _3"/>l ri<span class="_ _3"/>sk m<span class="_ _3"/>an<span class="_ _3"/>age<span class="_ _3"/>m<span class="_ _3"/>ent too<span class="_ _3"/>l<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loc<span class="_ _0"/>al curr<span class="_ _0"/>ency s<span class="_ _0"/>ourcing<span class="_ _0"/> cont<span class="_ _0"/>racts, ne<span class="_ _0"/>tting inc<span class="_ _0"/>ome and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s in th<span class="_ _3"/>e sa<span class="_ _3"/>me cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y<span class="_ _0"/>, is<span class="_ _3"/>sui<span class="_ _3"/>ng lo<span class="_ _3"/>cal c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>bt to na<span class="_ _3"/>tura<span class="_ _3"/>lly bal<span class="_ _3"/>anc<span class="_ _3"/>e our p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>li<span class="_ _3"/>o, an<span class="_ _3"/>d pr<span class="_ _3"/>io<span class="_ _3"/>riti<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g loca<span class="_ _3"/>l cu<span class="_ _3"/>rre<span class="_ _3"/>ncy c<span class="_ _3"/>ost<span class="_ _3"/>s to match r<span class="_ _3"/>even<span class="_ _3"/>ue i<span class="_ _3"/>n ou<span class="_ _3"/>r ass<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s to min<span class="_ _3"/>im<span class="_ _3"/>is<span class="_ _3"/>e the n<span class="_ _3"/>ee<span class="_ _3"/>d for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>urrency<span class="_ _0"/> denomination o<span class="_ _0"/>f deb<span class="_ _0"/>t issuanc<span class="_ _0"/>e is<span class="_ _0"/> aimed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at o<span class="_ _3"/>ptim<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy com<span class="_ _3"/>po<span class="_ _3"/>sit<span class="_ _3"/>ion of n<span class="_ _3"/>et d<span class="_ _3"/>ebt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th tha<span class="_ _3"/>t of fore<span class="_ _3"/>cas<span class="_ _3"/>ted FF<span class="_ _3"/>O to ens<span class="_ _3"/>ure s<span class="_ _3"/>tab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n FFO/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NI<span class="_ _3"/>BD a<span class="_ _3"/>ga<span class="_ _3"/>in<span class="_ _3"/>st a<span class="_ _3"/>dve<span class="_ _3"/>rse m<span class="_ _3"/>ove<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n exc<span class="_ _3"/>ha<span class="_ _3"/>nge r<span class="_ _3"/>ates<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>bt ca<span class="_ _3"/>n be pa<span class="_ _3"/>r<span class="_ _3"/>ticu<span class="_ _3"/>la<span class="_ _3"/>rly effe<span class="_ _3"/>ct<span class="_ _3"/>ive i<span class="_ _3"/>n new m<span class="_ _3"/>ar<span class="_ _3"/>kets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to mi<span class="_ _3"/>tig<span class="_ _3"/>ate th<span class="_ _3"/>e tim<span class="_ _3"/>e<span class="_ _3"/>-sp<span class="_ _3"/>rea<span class="_ _3"/>d ri<span class="_ _3"/>sk si<span class="_ _3"/>nce t<span class="_ _3"/>he p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the d<span class="_ _3"/>eb<span class="_ _3"/>t iss<span class="_ _3"/>ua<span class="_ _3"/>nce ca<span class="_ _3"/>n be u<span class="_ _3"/>sed to fu<span class="_ _3"/>nd a<span class="_ _3"/>nd h<span class="_ _3"/>ed<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on co<span class="_ _3"/>sts<span class="_ _3"/>, wh<span class="_ _3"/>ile t<span class="_ _3"/>he d<span class="_ _3"/>ebt re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt pr<span class="_ _3"/>ofi<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>n be scu<span class="_ _3"/>lpte<span class="_ _3"/>d to matc<span class="_ _3"/>h futu<span class="_ _3"/>re reve<span class="_ _3"/>nu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>idu<span class="_ _3"/>al c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sk af<span class="_ _3"/>te<span class="_ _3"/>r net<span class="_ _3"/>tin<span class="_ _3"/>g of ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>bt ar<span class="_ _3"/>e ma<span class="_ _3"/>nag<span class="_ _3"/>ed v<span class="_ _3"/>ia f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>ccor<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g to ou<span class="_ _3"/>r des<span class="_ _3"/>ire<span class="_ _3"/>d ri<span class="_ _3"/>sk a<span class="_ _3"/>ppe<span class="_ _3"/>tite<span class="_ _3"/>. Ou<span class="_ _3"/>r overa<span class="_ _3"/>ll h<span class="_ _3"/>ed<span class="_ _3"/>ge ho<span class="_ _3"/>ri<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon i<span class="_ _3"/>s fi<span class="_ _3"/>ve yea<span class="_ _3"/>rs<span class="_ _3"/>, cove<span class="_ _3"/>ri<span class="_ _3"/>ng on<span class="_ _3"/>ly hig<span class="_ _3"/>hly cer<span class="_ _3"/>ta<span class="_ _3"/>in ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to avo<span class="_ _3"/>id he<span class="_ _3"/>dg<span class="_ _3"/>e in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tive<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>. For e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ri<span class="_ _3"/>ce ri<span class="_ _3"/>sks i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fore<span class="_ _3"/>ig<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es<span class="_ _3"/>, we do n<span class="_ _3"/>ot he<span class="_ _3"/>dge t<span class="_ _3"/>he e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk u<span class="_ _3"/>ntil t<span class="_ _3"/>he e<span class="_ _3"/>ne<span class="_ _3"/>rgy ex<span class="_ _3"/>po<span class="_ _3"/>sure h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>. For </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>h flow<span class="_ _3"/>s tha<span class="_ _3"/>t rela<span class="_ _3"/>te to sub<span class="_ _3"/>sid<span class="_ _3"/>ise<span class="_ _3"/>d GB<span class="_ _3"/>P in<span class="_ _3"/>com<span class="_ _3"/>e fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r UK of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd far<span class="_ _3"/>ms le<span class="_ _3"/>ss op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>e on a d<span class="_ _3"/>ecl<span class="_ _3"/>in<span class="_ _3"/>in<span class="_ _3"/>g leve<span class="_ _3"/>l over a f<span class="_ _3"/>ive<span class="_ _3"/>-ye<span class="_ _3"/>ar ro<span class="_ _3"/>lli<span class="_ _3"/>ng h<span class="_ _3"/>or<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon<span class="_ _3"/>. Th<span class="_ _3"/>e targ<span class="_ _3"/>et is to h<span class="_ _3"/>ed<span class="_ _3"/>ge 10<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 1, d<span class="_ _3"/>ec<span class="_ _3"/>li<span class="_ _3"/>ni<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by 20 pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>e poi<span class="_ _3"/>nts e<span class="_ _3"/>ac<span class="_ _3"/>h yea<span class="_ _3"/>r to 20 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 5. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re fro<span class="_ _3"/>m pro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>, sa<span class="_ _3"/>les<span class="_ _3"/>, inve<span class="_ _3"/>st<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments, and<span class="_ _0"/> divest<span class="_ _0"/>ments aft<span class="_ _0"/>er hedging<span class="_ _0"/> for<span class="_ _0"/> the<span class="_ _0"/> years<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>4-<span class="_ _0"/>2028 ca<span class="_ _3"/>n be su<span class="_ _3"/>mm<span class="_ _3"/>ar<span class="_ _3"/>ise<span class="_ _3"/>d as s<span class="_ _3"/>hown i<span class="_ _3"/>n th<span class="_ _3"/>e tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:77.908203125px;"><span style="position: absolute; display: inline-block; left: 194.266px; top: 0.0078125px; width: 96.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f price change</span><span style="position: absolute; display: inline-block; left: 0px; top: 9.78906px; width: 80.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Risk after hedging</span><span style="position: absolute; display: inline-block; left: 0px; top: 22.2754px; width: 30.9551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKbn</span><span style="position: absolute; display: inline-block; left: 189.766px; top: 22.2754px; width: 102.434px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-10 %</span><span style="position: absolute; display: inline-block; left: 0px; top: 40.5254px; width: 291.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP: 11.6 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.2<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-1.2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.5254px; width: 291.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD: 4.8 buy position <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-0.5<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>+0.5</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.541px; width: 291.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD: 3.2 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+0.3<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-0.3</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:229.486328125px;"><span style="position: absolute; display: inline-block; left: 538.484px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 1118.09px; top: 0.0078125px; width: 177.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 902.109px; top: 31.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 370.328px; top: 43.0234px; width: 195.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 566.166px; top: 43.0234px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025</span><span style="position: absolute; display: inline-block; left: 614.676px; top: 43.0234px; width: 193.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 808.164px; top: 43.0234px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 844.346px; top: 43.0234px; width: 206.062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 861.797px; top: 43.0234px; width: 100.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 64.4766px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.9629px; width: 1294.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,191<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(481)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(331)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(218)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(33)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(80)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 92.9785px; width: 1294.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 121.367px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.367px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 145.742px; width: 370.207px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 341.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.207px; top: 145.367px; width: 924.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>After 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 163.617px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.104px; width: 1294.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,199<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,830<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>151<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">182<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(109)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>262</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 192.104px; width: 1294.46px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 205.633px; width: 115.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impact on other line it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ems</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.119px; width: 1294.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds (Int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payments)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 119.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The GBP exchange r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or hedges impacting EBITD<span class="_ _0"/>A<span class="_ _0"/> in 2024 and 2025 is hedged at an aver<span class="_ _0"/>age of GBP<span class="_ _15c"/>/DKK 8.3 and 8.2, respectiv<span class="_ _0"/>el<span class="_ _0"/>y<span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from curr<span class="_ _0"/>ency c<span class="_ _0"/>ash flo<span class="_ _0"/>w hedges in 2023 amounts t<span class="_ _0"/>o a l<span class="_ _0"/>oss of DKK -134 million (2022: DKK 189 mil<span class="_ _0"/>lion) rec<span class="_ _0"/>ognised in <span class="_ _6"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial items<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:85.126953125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.03906px; width: 112.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 89.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 40.793px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 614.238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Forw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ard e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xchange contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,504<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,549<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws cash management positions which ar<span class="_ _0"/>e no<span class="_ _0"/>t hedge account<span class="_ _0"/>ed. <span class="_ _0"/>The positions c<span class="_ _0"/>onsist of EUR and, t<span class="_ _0"/>o a l<span class="_ _0"/>esser ext<span class="_ _0"/>ent, GBP and USD</span></span><span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 218.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ve<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>stments in f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oreign subsidiarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 461.75px; top: 5.99219px; width: 43.9746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Of which,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 582.062px; top: 5.99219px; width: 37.0664px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedged <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 739.828px; top: 5.97656px; width: 105.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ccumul<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ated e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>x<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>change </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 30.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm </span><span style="position: absolute; display: inline-block; left: 377.016px; top: 18.0078px; width: 18.2402px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net <span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 435.703px; top: 17.9922px; width: 70.8398px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">non-contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling </span><span style="position: absolute; display: inline-block; left: 580.672px; top: 17.9922px; width: 37.2539px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">amount <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 767.453px; top: 17.9766px; width: 77.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e adjustments <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2023</span><span style="position: absolute; display: inline-block; left: 343.594px; top: 30.0078px; width: 49.9805px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>estment</span><span style="position: absolute; display: inline-block; left: 465.062px; top: 29.9922px; width: 38.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ests</span><span style="position: absolute; display: inline-block; left: 567.656px; top: 29.9766px; width: 165.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Net position</span><span style="position: absolute; display: inline-block; left: 805.125px; top: 29.9766px; width: 38.4492px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in equity</span><span style="position: absolute; display: inline-block; left: 0px; top: 48.7129px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70,682<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(31,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,609<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,075)</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.7129px; width: 843.955px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.7129px; width: 844.295px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,809<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(20,045)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(301)</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7285px; width: 844.178px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,778<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(5,937)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,841<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131</span><span style="position: absolute; display: inline-block; left: 0px; top: 104.729px; width: 844.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>90</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.242px; width: 843.943px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">160,724<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(57,179)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>101,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,146)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:98.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>54,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(34,536)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,006<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,806)</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(49)</span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7598px; width: 844.014px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,839)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21,916)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>617</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 844.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(6,122)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>288</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 843.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(104)</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.2891px; width: 843.914px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">136,335<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,971)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(62,574)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,790<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,054)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.126953125px;"><span style="position: absolute; display: inline-block; left: 537.188px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0078px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 205.703px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 474.018px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 842.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>774<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,623<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 842.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">18,713 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,934<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>657<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.76px; width: 843.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.258px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.486328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 12.0078px; width: 244.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 843.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.1191px; width: 842.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">16,722<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,114<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,919<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,689<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(676)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 87.1191px; width: 842.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds and f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ards<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from ne<span class="_ _0"/>t inv<span class="_ _0"/>estment hedges in 2023 amounts t<span class="_ _0"/>o a <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gain of DKK 236 million (2022: DKK 0 mil<span class="_ _0"/>lion), r<span class="_ _0"/>ecognised in financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">items<span class="_ _0"/>. <span class="_ _0"/>The ineff<span class="_ _4"/>ectiveness is caused b<span class="_ _0"/>y the impairments on our US<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The net position expr<span class="_ _0"/>ess<span class="_ _0"/>es the accounting e<span class="_ _0"/>xposur<span class="_ _0"/>e. If<span class="_ _4"/>, for e<span class="_ _0"/>xampl<span class="_ _0"/>e,<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the GBP<span class="_ _4"/>/DKK exchange r<span class="_ _0"/>ate incr<span class="_ _0"/>eased b<span class="_ _0"/>y 10 <span class="_ _15c"/>% on 31 December 2023, <span class="_ _15c"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equity w<span class="_ _0"/>ould hav<span class="_ _0"/>e incr<span class="_ _0"/>eased b<span class="_ _0"/>y DKK 3,761 million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">10 <span class="_ _4"/>% of DKK 37,609 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> o<span class="_ _0"/>f n<span class="_ _0"/>et<span class="_ _0"/> inv<span class="_ _0"/>est<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> sub<span class="_ _0"/>sidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r fore<span class="_ _3"/>ig<span class="_ _3"/>n sub<span class="_ _3"/>si<span class="_ _3"/>dia<span class="_ _3"/>ri<span class="_ _3"/>es e<span class="_ _3"/>ntai<span class="_ _3"/>l cur<span class="_ _3"/>ren<span class="_ _3"/>cy r<span class="_ _3"/>isk<span class="_ _3"/>s. We h<span class="_ _3"/>edg<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ese cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ris<span class="_ _3"/>ks by ra<span class="_ _3"/>isi<span class="_ _3"/>ng lo<span class="_ _3"/>an<span class="_ _3"/>s in for<span class="_ _3"/>eig<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>es an<span class="_ _3"/>d by ente<span class="_ _3"/>ri<span class="_ _3"/>ng i<span class="_ _3"/>nto for<span class="_ _3"/>ward e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">currenc<span class="_ _0"/>y sw<span class="_ _0"/>aps, and<span class="_ _0"/> options.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23, t<span class="_ _3"/>he ac<span class="_ _3"/>cum<span class="_ _3"/>ula<span class="_ _3"/>ted ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts total<span class="_ _3"/>led D<span class="_ _3"/>KK -3,<span class="_ _3"/>14<span class="_ _3"/>6 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -3,0<span class="_ _3"/>54 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n), d<span class="_ _3"/>iv<span class="_ _3"/>id<span class="_ _3"/>ed be<span class="_ _3"/>twe<span class="_ _3"/>en th<span class="_ _3"/>e ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>et inve<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt of DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>093 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>5<span class="_ _3"/>44 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on) a<span class="_ _3"/>nd th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g the<span class="_ _3"/>reo<span class="_ _3"/>f of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -<span class="_ _4"/>2<span class="_ _3"/>,05<span class="_ _3"/>3 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK -<span class="_ _0"/>1,510 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> of<span class="_ _0"/> net<span class="_ _0"/> in<span class="_ _0"/>vest<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> for<span class="_ _0"/>eign<span class="_ _0"/> subsidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of cu<span class="_ _3"/>rr<span class="_ _3"/>en<span class="_ _3"/>cy de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f loa<span class="_ _3"/>ns th<span class="_ _3"/>at a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d as n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt h<span class="_ _3"/>edg<span class="_ _3"/>es i<span class="_ _3"/>n for<span class="_ _3"/>ei<span class="_ _3"/>gn su<span class="_ _3"/>bs<span class="_ _3"/>id<span class="_ _3"/>ia<span class="_ _3"/>rie<span class="_ _3"/>s or a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y wit<span class="_ _3"/>hi<span class="_ _3"/>n a se<span class="_ _3"/>pa<span class="_ _3"/>rate fo<span class="_ _3"/>rei<span class="_ _3"/>gn c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translation<span class="_ _0"/> reserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cre<span class="_ _3"/>dit r<span class="_ _3"/>isk<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:126.140625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts</span><span style="position: absolute; display: inline-block; left: 299.344px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 529.5px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 249.047px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivatives</span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 12.0078px; width: 203.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 26.0332px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Derivatives</span><span style="position: absolute; display: inline-block; left: 504px; top: 12.0078px; width: 126.404px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 149.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39,503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>165,200</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s in the balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,879<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>21,275<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.8691px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.8848px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Liabilities with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.885px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,515)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,515)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.398px; width: 223.412px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 223.412px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,867</span><span style="position: absolute; display: inline-block; left: 248.795px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 299.789px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,879</span><span style="position: absolute; display: inline-block; left: 325.172px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.822px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,746</span><span style="position: absolute; display: inline-block; left: 401.965px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 452.959px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">9,666</span><span style="position: absolute; display: inline-block; left: 478.342px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 529.336px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,255</span><span style="position: absolute; display: inline-block; left: 554.719px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 600.369px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,921</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 140.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.965px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,981<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,845<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>60,891<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>182,552</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 121.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.7988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,085<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>38,659<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,882</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vided<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,744)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.512px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,342<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>36,044</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A l<span class="_ _0"/>ar<span class="_ _0"/>ge part of the gr<span class="_ _0"/>oss asse<span class="_ _0"/>ts and liabilities can be o<span class="_ _0"/>ffs<span class="_ _0"/>et due t<span class="_ _0"/>o the natur<span class="_ _0"/>e in tr<span class="_ _0"/>ading activities where ener<span class="_ _0"/>gy is both pur<span class="_ _0"/>chased and s<span class="_ _0"/>old<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a limited number o<span class="_ _0"/>f participants in the ener<span class="_ _0"/>gy mark<span class="_ _0"/>ets<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In addition, the high ener<span class="_ _0"/>gy prices incr<span class="_ _0"/>ease the gr<span class="_ _0"/>oss val<span class="_ _0"/>ues to be ne<span class="_ _0"/>tt<span class="_ _0"/>ed, especial<span class="_ _0"/>l<span class="_ _0"/>y in 2022.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:110.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 191.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>edit quality o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s counterpartie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 190.766px; top: 1.05078px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.564px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 349.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.935px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.746px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">AAA/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Aaa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 330.732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27,301<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23,351</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.447px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">AA/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Aa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 348.984px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,518<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,568</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.57px; white-space: pre; word-spacing: 0.9px; letter-spacing: -0.9px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0.9px; letter-spacing: -0.9px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/A<span style="word-spacing: 0.9px; letter-spacing: -0.9px; display: inline-block; margin-left: 0px; width: 356.156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,501<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.412px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">BBB/Baa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 337.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,020<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,665</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,198<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,649</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>edit e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xposure<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 277.588px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">63,538<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 198.621px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>81,784</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The figure<span class="_ _0"/>s do not r<span class="_ _0"/>eflect our act<span class="_ _0"/>ual cr<span class="_ _0"/>edit <span class="_ _6"/>exposure<span class="_ _0"/>, as the positions ar<span class="_ _0"/>e cal<span class="_ _0"/>culat<span class="_ _0"/>ed be<span class="_ _0"/>f<span class="_ _0"/>ore o<span class="_ _0"/>ffs<span class="_ _0"/>et<span class="_ _0"/>ting our debt t<span class="_ _0"/>o such count<span class="_ _0"/>erparties.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are e<span class="_ _3"/>xp<span class="_ _3"/>ose<span class="_ _3"/>d to cred<span class="_ _3"/>it r<span class="_ _3"/>isk<span class="_ _3"/>s fro<span class="_ _3"/>m our h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ties, constru<span class="_ _3"/>ction acti<span class="_ _3"/>vities, and all other ac<span class="_ _3"/>tivities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere a co<span class="_ _3"/>unte<span class="_ _3"/>rp<span class="_ _3"/>ar<span class="_ _3"/>ty'<span class="_ _3"/>s fai<span class="_ _3"/>lure to m<span class="_ _3"/>eet t<span class="_ _3"/>he<span class="_ _3"/>ir ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons m<span class="_ _3"/>ay ca<span class="_ _3"/>use a lo<span class="_ _3"/>ss<span class="_ _3"/>. A larg<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>t of ou<span class="_ _3"/>r cred<span class="_ _3"/>it r<span class="_ _3"/>isk i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/>war<span class="_ _0"/>ds major<span class="_ _0"/> int<span class="_ _0"/>ernational<span class="_ _0"/> energy<span class="_ _0"/> companies, s<span class="_ _0"/>up<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs<span class="_ _3"/>, an<span class="_ _3"/>d ba<span class="_ _3"/>nk<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>re pos<span class="_ _3"/>si<span class="_ _3"/>ble<span class="_ _3"/>, the u<span class="_ _3"/>nd<span class="_ _3"/>er<span class="_ _3"/>l<span class="_ _0"/>yi<span class="_ _3"/>ng co<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de m<span class="_ _3"/>in<span class="_ _3"/>im<span class="_ _3"/>um cre<span class="_ _3"/>di<span class="_ _3"/>t rat<span class="_ _3"/>ing c<span class="_ _3"/>lau<span class="_ _3"/>ses<span class="_ _3"/>, ne<span class="_ _3"/>tti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _0"/>visions, and o<span class="_ _0"/>ther risk<span class="_ _0"/>-mitigating<span class="_ _0"/> clauses.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We mit<span class="_ _3"/>ig<span class="_ _3"/>ate ou<span class="_ _3"/>r cre<span class="_ _3"/>di<span class="_ _3"/>t ris<span class="_ _3"/>ks m<span class="_ _3"/>ai<span class="_ _3"/>nly by: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span>having minimum r<span class="_ _0"/>ating<span class="_ _0"/> requirements<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span> <span class="_ _49"/>monitoring<span class="_ _0"/> the c<span class="_ _0"/>redit w<span class="_ _0"/>orthiness on<span class="_ _0"/> the<span class="_ _0"/> ongoing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>sis to b<span class="_ _3"/>e ab<span class="_ _3"/>le to rea<span class="_ _3"/>ct i<span class="_ _3"/>n du<span class="_ _3"/>e ti<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span> <span class="_ _6"/>req<span class="_ _3"/>ui<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>hat co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l be f<span class="_ _3"/>urn<span class="_ _3"/>is<span class="_ _3"/>he<span class="_ _3"/>d or cre<span class="_ _3"/>di<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>se<span class="_ _3"/>cu<span class="_ _3"/>rity p<span class="_ _3"/>ut i<span class="_ _3"/>n pla<span class="_ _3"/>ce. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Mi<span class="_ _3"/>tig<span class="_ _3"/>at<span class="_ _3"/>ing o<span class="_ _3"/>ur c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk<span class="_ _3"/>s is n<span class="_ _3"/>ot always c<span class="_ _3"/>om<span class="_ _3"/>me<span class="_ _3"/>rcia<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>ble a<span class="_ _3"/>nd ca<span class="_ _3"/>n be o<span class="_ _3"/>mi<span class="_ _3"/>tted i<span class="_ _3"/>f de<span class="_ _3"/>em<span class="_ _3"/>ed ne<span class="_ _3"/>ces<span class="_ _3"/>sa<span class="_ _3"/>ry a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">balanced. For<span class="_ _0"/> the<span class="_ _0"/> most significant<span class="_ _0"/> count<span class="_ _0"/>erparties, an<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inte<span class="_ _3"/>rn<span class="_ _3"/>al ra<span class="_ _3"/>tin<span class="_ _3"/>g is a<span class="_ _3"/>ssi<span class="_ _3"/>gn<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>ct<span class="_ _3"/>ion w<span class="_ _3"/>ith e<span class="_ _3"/>stab<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>sh<span class="_ _3"/>in<span class="_ _3"/>g cred<span class="_ _3"/>it l<span class="_ _3"/>im<span class="_ _3"/>it<span class="_ _3"/>s. T<span class="_ _3"/>he ra<span class="_ _3"/>tin<span class="_ _3"/>g is b<span class="_ _3"/>ase<span class="_ _3"/>d on i<span class="_ _3"/>nfor<span class="_ _3"/>mat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l cred<span class="_ _3"/>it ra<span class="_ _3"/>ti<span class="_ _3"/>ng ag<span class="_ _3"/>en<span class="_ _3"/>ci<span class="_ _3"/>es<span class="_ _3"/>, pu<span class="_ _3"/>bl<span class="_ _3"/>icly ava<span class="_ _3"/>ila<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>form<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, cre<span class="_ _3"/>di<span class="_ _3"/>t ris<span class="_ _3"/>k info<span class="_ _3"/>rma<span class="_ _3"/>ti<span class="_ _3"/>on sys<span class="_ _3"/>tem<span class="_ _3"/>s, a<span class="_ _3"/>nd ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own analyses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e exp<span class="_ _3"/>en<span class="_ _3"/>sed a l<span class="_ _3"/>oan g<span class="_ _3"/>iv<span class="_ _3"/>en to ou<span class="_ _3"/>r US su<span class="_ _3"/>p<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs i<span class="_ _3"/>n the a<span class="_ _3"/>mo<span class="_ _3"/>unt of D<span class="_ _3"/>KK 571 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n<span class="_ _3"/>, whi<span class="_ _3"/>ch we d<span class="_ _3"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to recove<span class="_ _3"/>r af<span class="_ _3"/>ter t<span class="_ _3"/>he ter<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>tio<span class="_ _3"/>n of Oce<span class="_ _3"/>an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wi<span class="_ _3"/>nd 1 a<span class="_ _3"/>nd 2<span class="_ _3"/>. Ap<span class="_ _3"/>ar<span class="_ _3"/>t fro<span class="_ _3"/>m th<span class="_ _3"/>is<span class="_ _3"/>, we ha<span class="_ _3"/>ve not m<span class="_ _3"/>ad<span class="_ _3"/>e any </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>n rece<span class="_ _3"/>iva<span class="_ _3"/>ble<span class="_ _3"/>s in 2<span class="_ _3"/>022 or 20<span class="_ _3"/>23.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ene<span class="_ _3"/>rgy trad<span class="_ _3"/>ing po<span class="_ _3"/>rtfoli<span class="_ _3"/>o</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 395.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0078px; width: 142.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ervie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gy <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 73.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 73.9688px; top: 31.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span></span><span style="position: absolute; display: inline-block; left: 262.422px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 371.719px; top: 31.0234px; width: 49.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 583.406px; top: 31.0234px; width: 47.8125px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 240.562px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 43.0078px; width: 45.1406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">gain/(lo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 583.406px; top: 43.0078px; width: 47.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> gain/(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,683<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,854)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,906<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,060<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,680</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 631.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,138<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(312)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,601<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(774)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 631.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">156<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(137)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>498<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 214.395px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">175<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(50)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.455078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 80.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rading mandates</span><span style="position: absolute; display: inline-block; left: 80.7812px; top: 0.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 80.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aR limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 221.172px; top: 18.2734px; width: 88.4473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stress limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 72.2637px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 100 million</span><span style="position: absolute; display: inline-block; left: 221.172px; top: 30.2578px; width: 408.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 400 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Maximum open po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sitions in trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.1035px; width: 210.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st loss in one tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading day </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 54.0879px; width: 192.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Stre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the lar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gest dail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss we risk<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 53.6016px; width: 98.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 6 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.1035px; width: 199.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">at a probabilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y of 95 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%. V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR is based on data </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 66.0879px; width: 188.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">sust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aining with the given portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olio<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. Str<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess is </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 65.6016px; width: 94.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 9.5 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of gas</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 78.1035px; width: 202.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the past 45 tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading days,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> with the heaviest </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 78.0879px; width: 186.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">based on dat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 1 January 2006 t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 77.6016px; width: 109.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 1 million boe of oil</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.0879px; width: 195.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">weighting being assigned t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the most r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecent </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 90.0879px; width: 52.5059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sent day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 89.5859px; width: 193.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 1.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of carbon emissions</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.088px; width: 56.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">trading day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 101.586px; width: 195.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 0.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of coal and biomass</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The contr<span class="_ _0"/>actual principal amount has been de<span class="_ _0"/>termined as the ne<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">position per derivativ<span class="_ _0"/>e type<span class="_ _0"/>. <span class="_ _0"/>The risks associat<span class="_ _0"/>ed with our op<span class="_ _0"/>tions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are smal<span class="_ _0"/>ler than f<span class="_ _4"/>or our swaps.<span class="_ _0"/> The mark<span class="_ _0"/>e<span class="_ _0"/>t value most<span class="_ _0"/>l<span class="_ _0"/>y consists<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of r<span class="_ _0"/>eceiv<span class="_ _0"/>ed exposur<span class="_ _0"/>e from our ass<span class="_ _0"/>ets with s<span class="_ _0"/>et<span class="_ _0"/>tl<span class="_ _0"/>ement at maturit<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whereas part o<span class="_ _0"/>f the ext<span class="_ _0"/>ernal tr<span class="_ _0"/>ade is set<span class="_ _0"/>tl<span class="_ _0"/>ed on a dail<span class="_ _0"/>y basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">included with the set<span class="_ _0"/>tl<span class="_ _0"/>ed mar<span class="_ _0"/>gin.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>T<span class="_ _0"/>r<span class="_ _0"/>ading activities ar<span class="_ _0"/>e carried out under mandat<span class="_ _0"/>es appr<span class="_ _0"/>ov<span class="_ _0"/>ed b<span class="_ _0"/>y the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/>. <span class="_ _0"/>The mandat<span class="_ _0"/>es comprise a v<span class="_ _0"/>alue-at-risk (V<span class="_ _0"/>aR) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mandate and a s<span class="_ _0"/>tress mandat<span class="_ _0"/>e as w<span class="_ _0"/>ell as a limit f<span class="_ _0"/>or the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">positions measur<span class="_ _0"/>ed in energy unit<span class="_ _0"/>s per product (po<span class="_ _0"/>wer<span class="_ _4"/>, gas, et<span class="_ _0"/>c.).<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The graph sho<span class="_ _0"/>ws the dail<span class="_ _4"/>y V<span class="_ _0"/>aR position f<span class="_ _0"/>or the period 2022-2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aR r<span class="_ _0"/>eached DKK 280 million on 9 Mar<span class="_ _0"/>ch 2022, causing a passiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">breach o<span class="_ _0"/>f the Board o<span class="_ _0"/>f Dir<span class="_ _0"/>ectors' mandat<span class="_ _0"/>e of DKK 100 mil<span class="_ _0"/>lion due </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the R<span class="_ _0"/>ussian in<span class="_ _0"/>vasion of Ukr<span class="_ _0"/>aine and the l<span class="_ _0"/>arge r<span class="_ _0"/>eduction in gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plies t<span class="_ _0"/>o Europe<span class="_ _0"/>, c<span class="_ _0"/>ausing the European ener<span class="_ _0"/>gy price<span class="_ _0"/>s to spik<span class="_ _0"/>e<span class="_ _0"/>. In 2022, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">there w<span class="_ _0"/>er<span class="_ _0"/>e further passive br<span class="_ _0"/>eaches in <span class="_ _0"/>August due t<span class="_ _0"/>o <span class="_ _6"/>Russian gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _0"/>y cuts and in Sept<span class="_ _0"/>ember<span class="_ _0"/>-No<span class="_ _0"/>vember due t<span class="_ _0"/>o a hal<span class="_ _0"/>t of gas thr<span class="_ _0"/>ough the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Nord Str<span class="_ _0"/>eam 1 and 2 pipelines af<span class="_ _0"/>ter the e<span class="_ _0"/>xplosions in Sep<span class="_ _0"/>tember<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>rad<span class="_ _3"/>ing por<span class="_ _3"/>tfolio</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of ou<span class="_ _3"/>r tra<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>lio i<span class="_ _3"/>s to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>optimise<span class="_ _0"/> hedging exec<span class="_ _0"/>ution</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>c<span class="_ _3"/>ontr<span class="_ _3"/>ib<span class="_ _3"/>ute to in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d ma<span class="_ _3"/>rket i<span class="_ _3"/>ns<span class="_ _3"/>igh<span class="_ _3"/>t</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>rofi<span class="_ _3"/>t fro<span class="_ _3"/>m sho<span class="_ _3"/>r<span class="_ _3"/>t<span class="_ _0"/>-t<span class="_ _0"/>e<span class="_ _3"/>rm fl<span class="_ _3"/>uc<span class="_ _3"/>tuat<span class="_ _3"/>io<span class="_ _3"/>ns in <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>erg<span class="_ _3"/>y pr<span class="_ _3"/>ices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The energ<span class="_ _0"/>y tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio r<span class="_ _0"/>eceives<span class="_ _0"/> the<span class="_ _0"/> exposur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ou<span class="_ _3"/>r ass<span class="_ _3"/>ets a<span class="_ _3"/>nd ta<span class="_ _3"/>kes th<span class="_ _3"/>at ex<span class="_ _3"/>po<span class="_ _3"/>sure i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l ma<span class="_ _3"/>rket i<span class="_ _3"/>n the m<span class="_ _3"/>os<span class="_ _3"/>t ef<span class="_ _3"/>fi<span class="_ _3"/>cie<span class="_ _3"/>nt way p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gi<span class="_ _3"/>ven t<span class="_ _3"/>he m<span class="_ _3"/>an<span class="_ _3"/>date<span class="_ _3"/>s show<span class="_ _3"/>n to the le<span class="_ _3"/>ft<span class="_ _3"/>. Th<span class="_ _3"/>e over<span class="_ _3"/>vi<span class="_ _3"/>ew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ene<span class="_ _3"/>rgy t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o to the le<span class="_ _3"/>ft i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net of t<span class="_ _3"/>he in<span class="_ _3"/>tern<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>res re<span class="_ _3"/>cei<span class="_ _3"/>ved f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and t<span class="_ _3"/>he e<span class="_ _3"/>xte<span class="_ _3"/>rna<span class="_ _3"/>l tra<span class="_ _3"/>de<span class="_ _3"/>s in l<span class="_ _3"/>in<span class="_ _3"/>e wit<span class="_ _3"/>h inte<span class="_ _3"/>rna<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">risk<span class="_ _0"/> management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio primaril<span class="_ _0"/>y<span class="_ _0"/> consis<span class="_ _0"/>ts o<span class="_ _0"/>f posi<span class="_ _0"/>tions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in p<span class="_ _3"/>owe<span class="_ _3"/>r and g<span class="_ _3"/>as<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tra<span class="_ _3"/>di<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io co<span class="_ _3"/>ns<span class="_ _3"/>titute<span class="_ _3"/>s a sm<span class="_ _3"/>alle<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r total p<span class="_ _3"/>or<span class="_ _3"/>tfol<span class="_ _3"/>io of d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, a<span class="_ _3"/>nd t<span class="_ _3"/>he a<span class="_ _3"/>ssoc<span class="_ _3"/>ia<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk is l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity ana<span class="_ _3"/>l<span class="_ _0"/>y<span class="_ _0"/>sis of fina<span class="_ _3"/>ncial ins<span class="_ _3"/>truments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.9</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.189453125px;"><span style="position: absolute; display: inline-block; left: 350.781px; top: 0.0078125px; width: 280.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31 December 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 138.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Sensitivit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sis of financial </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 55.1719px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">instruments </span><span style="position: absolute; display: inline-block; left: 226.484px; top: 31.0234px; width: 23.8418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Price <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 365.656px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 471.453px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 561.172px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.3984px; width: 30.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 215.281px; top: 43.0234px; width: 32.6836px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">change</span><span style="position: absolute; display: inline-block; left: 272.641px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 390.609px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 587.047px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 227.9px; white-space: pre; word-spacing: 0.216px; letter-spacing: -0.216px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Powe<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 227.9px; top: 61.7598px; width: 403.506px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(277)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,119)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,791)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,382)</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 75.7598px; width: 406.471px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">562<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,263<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,794<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,402</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 211.371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(588)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(127)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>177</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 103.775px; width: 406.441px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">588<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>127<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(177)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(360)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>277</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 131.775px; width: 406.652px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">360<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(158)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>608<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.791px; width: 631.236px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,430)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,727)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 159.791px; width: 406.148px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(817)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,965<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,727</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.791px; width: 631.465px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(947)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(853)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 187.791px; width: 406.664px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,070<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>947<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>853</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(386)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(743)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 215.807px; width: 406.371px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">386<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 229.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(212)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(15)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(899)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(125)</span><span style="position: absolute; display: inline-block; left: 230.125px; top: 243.822px; width: 400.729px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>899<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.822px; width: 208.699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 208.699px; top: 257.822px; width: 197.496px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 406.195px; top: 257.822px; width: 224.982px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,162)</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.822px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>920<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(332)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,224</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e se<span class="_ _3"/>nsi<span class="_ _3"/>tiv<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ys<span class="_ _3"/>is in t<span class="_ _3"/>he ta<span class="_ _3"/>ble sh<span class="_ _3"/>ows th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>es<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g a rel<span class="_ _3"/>ati<span class="_ _3"/>ve pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t on pr<span class="_ _3"/>ofi<span class="_ _3"/>t (los<span class="_ _3"/>s) befor<span class="_ _3"/>e tax com<span class="_ _3"/>p<span class="_ _3"/>ris<span class="_ _3"/>es fi<span class="_ _3"/>na<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts th<span class="_ _3"/>at re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>pe<span class="_ _3"/>n at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate, a<span class="_ _3"/>nd w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve an e<span class="_ _3"/>ffe<span class="_ _3"/>ct o<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cur<span class="_ _3"/>rent f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ef<span class="_ _3"/>fec<span class="_ _3"/>t on eq<span class="_ _3"/>ui<span class="_ _3"/>ty b<span class="_ _3"/>efore ta<span class="_ _3"/>x com<span class="_ _3"/>pri<span class="_ _3"/>ses f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts t<span class="_ _3"/>hat r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>ne<span class="_ _3"/>d ope<span class="_ _3"/>n at t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce s<span class="_ _3"/>hee<span class="_ _3"/>t date<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d wh<span class="_ _3"/>ich a<span class="_ _3"/>re va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted d<span class="_ _3"/>ire<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s in<span class="_ _3"/>clud<span class="_ _3"/>e de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>s wel<span class="_ _3"/>l as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eivabl<span class="_ _0"/>es<span class="_ _0"/> and pa<span class="_ _0"/>yabl<span class="_ _0"/>es in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> c<span class="_ _0"/>urrencie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e il<span class="_ _3"/>lust<span class="_ _3"/>rate<span class="_ _3"/>d sen<span class="_ _3"/>sit<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s on<span class="_ _3"/>l<span class="_ _0"/>y co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e the i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> our<span class="_ _0"/> financial<span class="_ _0"/> instrumen<span class="_ _0"/>ts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed e<span class="_ _3"/>xpo<span class="_ _3"/>su<span class="_ _3"/>re ha<span class="_ _3"/>d bee<span class="_ _3"/>n i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he se<span class="_ _3"/>ns<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>vity a<span class="_ _3"/>na<span class="_ _3"/>lysis<span class="_ _3"/>, th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t of a pri<span class="_ _3"/>ce ch<span class="_ _3"/>an<span class="_ _3"/>ge wo<span class="_ _3"/>uld h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en re<span class="_ _3"/>du<span class="_ _3"/>ced o<span class="_ _3"/>r of<span class="_ _3"/>fset e<span class="_ _3"/>nti<span class="_ _3"/>rely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>oci<span class="_ _3"/>ate<span class="_ _3"/>d hed<span class="_ _3"/>gi<span class="_ _3"/>ng of n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n fore<span class="_ _3"/>ig<span class="_ _3"/>n su<span class="_ _3"/>bsi<span class="_ _3"/>di<span class="_ _3"/>ari<span class="_ _3"/>es a<span class="_ _3"/>re not i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tab<span class="_ _3"/>le, a<span class="_ _3"/>s the e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s of the s<span class="_ _3"/>um of th<span class="_ _3"/>e inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red to b<span class="_ _3"/>e ne<span class="_ _3"/>utra<span class="_ _3"/>l to cha<span class="_ _3"/>ng<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _0"/>urrenc<span class="_ _0"/>ies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s wou<span class="_ _3"/>ld red<span class="_ _3"/>uc<span class="_ _3"/>e eq<span class="_ _3"/>uit<span class="_ _3"/>y by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,718 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 6<span class="_ _3"/>,257 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk<span class="_ _0"/> fr<span class="_ _0"/>ame<span class="_ _0"/>w<span class="_ _0"/>ork</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e over<span class="_ _3"/>all o<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>tive of o<span class="_ _3"/>ur f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al r<span class="_ _3"/>isk m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt is to<span class="_ _3"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e the p<span class="_ _3"/>red<span class="_ _3"/>ic<span class="_ _3"/>tab<span class="_ _3"/>il<span class="_ _3"/>ity of o<span class="_ _3"/>ur s<span class="_ _3"/>ho<span class="_ _3"/>rt-term </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> and cons<span class="_ _0"/>truction c<span class="_ _0"/>osts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>pr<span class="_ _3"/>otec<span class="_ _3"/>t our c<span class="_ _3"/>ur<span class="_ _3"/>rent a<span class="_ _3"/>nd f<span class="_ _3"/>utu<span class="_ _3"/>re inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pac<span class="_ _3"/>ity by s<span class="_ _3"/>tabi<span class="_ _3"/>li<span class="_ _3"/>si<span class="_ _3"/>ng key ra<span class="_ _3"/>tin<span class="_ _3"/>g me<span class="_ _3"/>tri<span class="_ _3"/>cs l<span class="_ _3"/>ike </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">FFO<span class="_ _0"/>/NIBD</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>pr<span class="_ _3"/>otec<span class="_ _3"/>t the lo<span class="_ _3"/>ng<span class="_ _3"/>-ter<span class="_ _3"/>m rea<span class="_ _3"/>l valu<span class="_ _3"/>e of th<span class="_ _3"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>shareholders' in<span class="_ _0"/>vestment<span class="_ _0"/> in Ørst<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The go<span class="_ _0"/>vernance<span class="_ _0"/> f<span class="_ _0"/>or managing<span class="_ _0"/> market,<span class="_ _0"/> credit,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity r<span class="_ _3"/>isk<span class="_ _3"/>s ar<span class="_ _3"/>e bas<span class="_ _3"/>ed o<span class="_ _3"/>n the t<span class="_ _3"/>hre<span class="_ _3"/>e li<span class="_ _3"/>nes o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">def<span class="_ _0"/>ence<span class="_ _0"/> model:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t li<span class="_ _3"/>ne of d<span class="_ _3"/>efen<span class="_ _3"/>ce is r<span class="_ _3"/>esp<span class="_ _3"/>on<span class="_ _3"/>sib<span class="_ _3"/>le for a<span class="_ _3"/>ll </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sks w<span class="_ _3"/>e take on t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h ou<span class="_ _3"/>r bu<span class="_ _3"/>sin<span class="_ _3"/>es<span class="_ _3"/>s, h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and tradin<span class="_ _3"/>g activities<span class="_ _3"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e se<span class="_ _3"/>con<span class="_ _3"/>d li<span class="_ _3"/>ne of d<span class="_ _3"/>efen<span class="_ _3"/>ce is R<span class="_ _3"/>is<span class="_ _3"/>k Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt, </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich ov<span class="_ _3"/>er<span class="_ _3"/>see<span class="_ _3"/>s the a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s of th<span class="_ _3"/>e fi<span class="_ _3"/>rst l<span class="_ _3"/>in<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">challenges,<span class="_ _0"/> monitor<span class="_ _0"/>s, and r<span class="_ _0"/>eports risk<span class="_ _0"/> exposure<span class="_ _0"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and mandat<span class="_ _0"/>e c<span class="_ _0"/>ompliance.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e th<span class="_ _3"/>ird l<span class="_ _3"/>in<span class="_ _3"/>e of de<span class="_ _3"/>fenc<span class="_ _3"/>e is In<span class="_ _3"/>tern<span class="_ _3"/>al A<span class="_ _3"/>ud<span class="_ _3"/>it.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ma<span class="_ _3"/>nd<span class="_ _3"/>ates fo<span class="_ _3"/>r fi<span class="_ _3"/>rst l<span class="_ _3"/>in<span class="_ _3"/>e ar<span class="_ _3"/>e esta<span class="_ _3"/>bl<span class="_ _3"/>ish<span class="_ _3"/>ed <span class="_ _6"/>d<span class="_ _3"/>uri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the business planning processes<span class="_ _0"/> and eval<span class="_ _0"/>uated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to ou<span class="_ _3"/>r ri<span class="_ _3"/>sk a<span class="_ _3"/>pp<span class="_ _3"/>etite<span class="_ _3"/>. An e<span class="_ _3"/>xam<span class="_ _3"/>p<span class="_ _3"/>le is <span class="_ _6"/>de<span class="_ _3"/>cid<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he tar<span class="_ _3"/>get h<span class="_ _3"/>ed<span class="_ _3"/>ge leve<span class="_ _3"/>l for p<span class="_ _3"/>ri<span class="_ _3"/>ce ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>s from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inte<span class="_ _3"/>rm<span class="_ _3"/>it<span class="_ _3"/>tent pow<span class="_ _3"/>er p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n as d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n no<span class="_ _3"/>te<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.<span class="_ _3"/>2 ‘En<span class="_ _3"/>er<span class="_ _3"/>gy pr<span class="_ _3"/>ice r<span class="_ _3"/>isk<span class="_ _3"/>s‘.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In our<span class="_ _0"/> financial<span class="_ _0"/> risk<span class="_ _0"/> managemen<span class="_ _0"/>t pr<span class="_ _0"/>oce<span class="_ _0"/>sses,<span class="_ _0"/> finan</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al r<span class="_ _3"/>isk<span class="_ _3"/>s are q<span class="_ _3"/>ua<span class="_ _3"/>nti<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>nd a<span class="_ _3"/>sse<span class="_ _3"/>sse<span class="_ _3"/>d ag<span class="_ _3"/>ai<span class="_ _3"/>nst o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk a<span class="_ _3"/>ppe<span class="_ _3"/>tite – a<span class="_ _3"/>lon<span class="_ _3"/>gsi<span class="_ _3"/>de d<span class="_ _3"/>ec<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s on su<span class="_ _3"/>ita<span class="_ _3"/>ble r<span class="_ _3"/>isk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mitigation measur<span class="_ _0"/>es. Our biggest<span class="_ _0"/> business risks<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">associated<span class="_ _0"/> risk mitigation measures are<span class="_ _0"/> presented<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he ‘<span class="_ _3"/>Ri<span class="_ _3"/>sk an<span class="_ _3"/>d ri<span class="_ _3"/>sk m<span class="_ _3"/>an<span class="_ _3"/>age<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>’ sec<span class="_ _3"/>ti<span class="_ _3"/>on i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ‘M<span class="_ _3"/>ana<span class="_ _3"/>ge<span class="_ _3"/>ment<span class="_ _3"/>'s <span class="_ _21"> </span>review<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Bo<span class="_ _3"/>ard of D<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tors ove<span class="_ _3"/>rs<span class="_ _3"/>ea<span class="_ _3"/>s our r<span class="_ _3"/>is<span class="_ _3"/>k ma<span class="_ _3"/>na<span class="_ _3"/>ge</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt th<span class="_ _3"/>rou<span class="_ _3"/>gh t<span class="_ _3"/>he Au<span class="_ _3"/>dit &amp; R<span class="_ _3"/>is<span class="_ _3"/>k Com<span class="_ _3"/>mi<span class="_ _3"/>ttee a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">approves<span class="_ _0"/> associated<span class="_ _0"/> frameworks, mandates, and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>mi<span class="_ _3"/>ts p<span class="_ _3"/>er r<span class="_ _3"/>isk fa<span class="_ _3"/>cto<span class="_ _3"/>r<span class="_ _0"/>. Se<span class="_ _3"/>e the ‘<span class="_ _3"/>Cor<span class="_ _3"/>por<span class="_ _3"/>ate gove<span class="_ _3"/>rn<span class="_ _3"/>an<span class="_ _3"/>ce’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>cti<span class="_ _3"/>on i<span class="_ _3"/>n the <span class="_ _6"/>‘<span class="_ _3"/>Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's r<span class="_ _3"/>eview<span class="_ _3"/>’ for g<span class="_ _3"/>ove<span class="_ _3"/>rna<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">aro<span class="_ _3"/>un<span class="_ _3"/>d ou<span class="_ _3"/>r com<span class="_ _3"/>m<span class="_ _3"/>itte<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We gove<span class="_ _3"/>rn th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>ntin<span class="_ _3"/>g tre<span class="_ _3"/>atm<span class="_ _3"/>en<span class="_ _3"/>t an<span class="_ _3"/>d ef<span class="_ _3"/>fec</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ven<span class="_ _3"/>ess of h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s by ap<span class="_ _3"/>plyin<span class="_ _3"/>g he<span class="_ _3"/>dg<span class="_ _3"/>e acco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on e<span class="_ _3"/>ne<span class="_ _3"/>rgy, com<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>ty, curr<span class="_ _3"/>en<span class="_ _3"/>cy, intere<span class="_ _3"/>st ra<span class="_ _3"/>te, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> inflat<span class="_ _0"/>ion <span class="_ _21"> </span>hedging. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply he<span class="_ _3"/>dg<span class="_ _3"/>e ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng to o<span class="_ _3"/>ur e<span class="_ _3"/>ne<span class="_ _3"/>rgy, co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty, cur<span class="_ _3"/>re<span class="_ _3"/>ncy, i<span class="_ _3"/>nter<span class="_ _3"/>est<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Al<span class="_ _3"/>mos<span class="_ _3"/>t al<span class="_ _3"/>l of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s we u<span class="_ _3"/>se fu<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t ri<span class="_ _3"/>sk of th<span class="_ _3"/>e ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e we he<span class="_ _3"/>dg<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e UK p<span class="_ _3"/>owe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>, for e<span class="_ _3"/>xam<span class="_ _3"/>pl<span class="_ _3"/>e, i<span class="_ _3"/>s hed<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g UK p<span class="_ _3"/>ower s<span class="_ _3"/>wa<span class="_ _3"/>ps or f<span class="_ _3"/>utu<span class="_ _3"/>res<span class="_ _3"/>. T<span class="_ _3"/>hus<span class="_ _3"/>, th<span class="_ _3"/>e ma<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urc<span class="_ _3"/>e of in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>en<span class="_ _3"/>ess i<span class="_ _3"/>s re<span class="_ _3"/>late<span class="_ _3"/>d to the v<span class="_ _3"/>olu<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ti<span class="_ _3"/>mi<span class="_ _3"/>ng of t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ve<span class="_ _3"/>rs<span class="_ _3"/>us th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e. T<span class="_ _3"/>hi<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce i<span class="_ _3"/>n ti<span class="_ _3"/>mi<span class="_ _3"/>ng i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rr<span class="_ _3"/>ed to as v<span class="_ _3"/>olu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k an<span class="_ _3"/>d is de<span class="_ _3"/>sc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n mo<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>tai<span class="_ _3"/>l on th<span class="_ _3"/>e ne<span class="_ _3"/>xt p<span class="_ _3"/>ag<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o the e<span class="_ _3"/>xte<span class="_ _3"/>nt t<span class="_ _3"/>hat a r<span class="_ _3"/>is<span class="_ _3"/>k ne<span class="_ _3"/>eds to b<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if t<span class="_ _3"/>he<span class="_ _3"/>re is n<span class="_ _3"/>o fu<span class="_ _3"/>lly ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t <span class="_ _6"/>a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>na<span class="_ _3"/>lyse<span class="_ _3"/>s are p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rme<span class="_ _3"/>d of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ven<span class="_ _3"/>ess o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>fore t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>i<span class="_ _3"/>ng tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n is c<span class="_ _3"/>on<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d. I<span class="_ _3"/>n th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>se, t<span class="_ _3"/>he ra<span class="_ _3"/>tio b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed ri<span class="_ _3"/>sk a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t may d<span class="_ _3"/>evi<span class="_ _3"/>ate f<span class="_ _3"/>rom t<span class="_ _3"/>he on<span class="_ _3"/>e<span class="_ _3"/>-to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>e pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e rat<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h mos<span class="_ _3"/>t ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>vely he<span class="_ _3"/>dg<span class="_ _3"/>es t<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>re<span class="_ _3"/>d ris<span class="_ _3"/>k<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e con<span class="_ _3"/>clu<span class="_ _3"/>de a h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me we p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>t fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts t<span class="_ _3"/>he<span class="_ _3"/>rea<span class="_ _3"/>f<span class="_ _3"/>ter, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>e cor<span class="_ _3"/>re<span class="_ _3"/>lat<span class="_ _3"/>ion b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposure<span class="_ _0"/> and t<span class="_ _0"/>he hedging<span class="_ _0"/> instrument. The<span class="_ _0"/> effect<span class="_ _0"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s a he<span class="_ _3"/>dg<span class="_ _3"/>e of fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h flow<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>reh<span class="_ _3"/>en<span class="_ _3"/>si<span class="_ _3"/>ve in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng re<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he he<span class="_ _3"/>dg<span class="_ _3"/>ed c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s are n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be r<span class="_ _3"/>ea<span class="_ _3"/>lis<span class="_ _3"/>ed<span class="_ _3"/>, th<span class="_ _3"/>e in<span class="_ _3"/>-fu<span class="_ _3"/>ll o<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ia<span class="_ _3"/>lly acc<span class="_ _3"/>um<span class="_ _3"/>ula<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e is tr<span class="_ _3"/>ans<span class="_ _3"/>fer<span class="_ _3"/>re<span class="_ _3"/>d to prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar. In<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve he<span class="_ _3"/>dg<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to en<span class="_ _3"/>er<span class="_ _3"/>gy an<span class="_ _3"/>d com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses. Ine<span class="_ _0"/>ffectiveness<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> other<span class="_ _0"/> hedges </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l inc<span class="_ _3"/>om<span class="_ _3"/>e or e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ea<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ow, the re<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g ga<span class="_ _3"/>in<span class="_ _3"/>s or lo<span class="_ _3"/>sse<span class="_ _3"/>s ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed fr<span class="_ _3"/>om e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e sa<span class="_ _3"/>me ite<span class="_ _3"/>m as t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d item<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>Howe<span class="_ _3"/>ver, on h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng of p<span class="_ _3"/>roc<span class="_ _3"/>ee<span class="_ _3"/>ds fr<span class="_ _3"/>om f<span class="_ _3"/>utu<span class="_ _3"/>re loa<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e res<span class="_ _3"/>ulti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>n or lo<span class="_ _3"/>ss i<span class="_ _3"/>s tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red f<span class="_ _3"/>rom e<span class="_ _3"/>qu<span class="_ _3"/>ity<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the l<span class="_ _3"/>oan<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r cur<span class="_ _3"/>re<span class="_ _3"/>ncy s<span class="_ _3"/>wap<span class="_ _3"/>s, t<span class="_ _3"/>he b<span class="_ _3"/>asi<span class="_ _3"/>s sp<span class="_ _3"/>rea<span class="_ _3"/>d is a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to t<span class="_ _3"/>he co<span class="_ _3"/>st of t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng mo<span class="_ _3"/>de<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s at fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, we u<span class="_ _3"/>se es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s of no<span class="_ _3"/>n- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, s<span class="_ _3"/>uch a<span class="_ _3"/>s:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ws161"> <span class="_ _174"> </span> p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on <span class="_ _21"> </span>fore<span class="_ _3"/>cas<span class="_ _3"/>ts</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d lon<span class="_ _3"/>g-te<span class="_ _3"/>rm p<span class="_ _3"/>owe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange rat<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d inf<span class="_ _3"/>la<span class="_ _3"/>tio<span class="_ _3"/>n ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedge eff<span class="_ _0"/>ectiveness<span class="_ _0"/> is<span class="_ _0"/> measured<span class="_ _0"/> using<span class="_ _0"/> forec<span class="_ _0"/>asted<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n as we<span class="_ _3"/>ll a<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s reg<span class="_ _3"/>ar<span class="_ _3"/>di<span class="_ _3"/>ng e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s, i<span class="_ _3"/>nte<span class="_ _3"/>rm<span class="_ _3"/>itte<span class="_ _3"/>nc<span class="_ _3"/>y, inte<span class="_ _3"/>res<span class="_ _3"/>t, cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y, and i<span class="_ _3"/>nf<span class="_ _3"/>la-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. For p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re clo<span class="_ _3"/>se to fu<span class="_ _3"/>lly he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vo<span class="_ _3"/>lum<span class="_ _3"/>e ove<span class="_ _3"/>rhe<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g is p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le if t<span class="_ _3"/>he fo<span class="_ _3"/>rec<span class="_ _3"/>aste<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n do<span class="_ _3"/>es no<span class="_ _3"/>t mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>is<span class="_ _3"/>e, wh<span class="_ _3"/>ic<span class="_ _3"/>h wi<span class="_ _3"/>ll le<span class="_ _3"/>ad to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognit<span class="_ _0"/>ion o<span class="_ _0"/>f ineffect<span class="_ _0"/>iveness.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> judgement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>as<span class="_ _3"/>ure o<span class="_ _3"/>ur p<span class="_ _3"/>ower p<span class="_ _3"/>ur<span class="_ _3"/>cha<span class="_ _3"/>se a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, bu<span class="_ _3"/>t they c<span class="_ _3"/>an<span class="_ _3"/>not a<span class="_ _3"/>lway<span class="_ _3"/>s be me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t qu<span class="_ _3"/>oted p<span class="_ _3"/>ri<span class="_ _3"/>ces i<span class="_ _3"/>n ac<span class="_ _3"/>ti<span class="_ _3"/>ve ma<span class="_ _3"/>rke<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g du<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. We th<span class="_ _3"/>er<span class="_ _3"/>efor<span class="_ _3"/>e use </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">el<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s of ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t whe<span class="_ _3"/>n me<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the fa<span class="_ _3"/>ir </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>, an<span class="_ _3"/>d we ai<span class="_ _3"/>m to li<span class="_ _3"/>mi<span class="_ _3"/>t th<span class="_ _3"/>e use o<span class="_ _3"/>f <span class="_ _6"/>su<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ba<span class="_ _3"/>se th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s on ex<span class="_ _3"/>te<span class="_ _3"/>rn<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inf<span class="_ _0"/>ormation, incl<span class="_ _0"/>uding external<span class="_ _0"/> pricing<span class="_ _0"/> and bench<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mark services.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts a<span class="_ _3"/>re us<span class="_ _3"/>ed to co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>r wh<span class="_ _3"/>eth<span class="_ _3"/>er fo<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sted t<span class="_ _3"/>ran<span class="_ _3"/>sa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s ar<span class="_ _3"/>e hig<span class="_ _3"/>hly p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le ex<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>res a<span class="_ _3"/>s he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>tems i<span class="_ _3"/>n a he<span class="_ _3"/>dg<span class="_ _3"/>e re<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>sh<span class="_ _3"/>ip, e<span class="_ _3"/>.g<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n fro<span class="_ _3"/>m win<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied a<span class="_ _3"/>s to wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>e in<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied i<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e rel<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>sh<span class="_ _3"/>ips i<span class="_ _3"/>de<span class="_ _3"/>nti<span class="_ _3"/>fi<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are<span class="_ _0"/> effectiv<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">En<span class="_ _3"/>ergy p<span class="_ _3"/>rice ri<span class="_ _3"/>sks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ma<span class="_ _3"/>in e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k ste<span class="_ _3"/>ms fro<span class="_ _3"/>m ou<span class="_ _3"/>r inte<span class="_ _3"/>rm<span class="_ _3"/>it<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tent p<span class="_ _3"/>ower p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on fro<span class="_ _3"/>m wi<span class="_ _3"/>nd a<span class="_ _3"/>nd so<span class="_ _3"/>lar P<span class="_ _3"/>V ass<span class="_ _3"/>ets<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">By na<span class="_ _3"/>ture<span class="_ _3"/>, thi<span class="_ _3"/>s is e<span class="_ _3"/>xpo<span class="_ _3"/>sed to vo<span class="_ _3"/>lum<span class="_ _3"/>e un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily dr<span class="_ _3"/>ive<span class="_ _3"/>n by wea<span class="_ _3"/>the<span class="_ _3"/>r<span class="_ _0"/>, pr<span class="_ _3"/>ice u<span class="_ _3"/>nce<span class="_ _3"/>r<span class="_ _3"/>tai<span class="_ _3"/>nty, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the o<span class="_ _0"/>ften<span class="_ _0"/> negative<span class="_ _0"/> corr<span class="_ _0"/>elation<span class="_ _0"/> betw<span class="_ _0"/>een the<span class="_ _0"/> two.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are a<span class="_ _3"/>l<span class="_ _3"/>so ex<span class="_ _3"/>pos<span class="_ _3"/>ed to oth<span class="_ _3"/>er e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ric<span class="_ _3"/>es th<span class="_ _3"/>rou<span class="_ _3"/>gh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r CH<span class="_ _3"/>P pla<span class="_ _3"/>nts a<span class="_ _3"/>nd g<span class="_ _3"/>as bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intermitt<span class="_ _0"/>ent<span class="_ _0"/> Offshore and<span class="_ _0"/> Onshore po<span class="_ _0"/>wer<span class="_ _0"/> production</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Aro<span class="_ _3"/>un<span class="_ _3"/>d 20 <span class="_ _15c"/>% of r<span class="_ _3"/>even<span class="_ _3"/>ue f<span class="_ _3"/>rom o<span class="_ _3"/>ur pow<span class="_ _3"/>er p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>nd O<span class="_ _3"/>nsh<span class="_ _3"/>ore i<span class="_ _3"/>n 202<span class="_ _3"/>4-<span class="_ _0"/>2026 i<span class="_ _3"/>s exp<span class="_ _3"/>ose<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">power p<span class="_ _3"/>rices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A lar<span class="_ _3"/>ge pa<span class="_ _3"/>r<span class="_ _3"/>t of ou<span class="_ _3"/>r in<span class="_ _3"/>com<span class="_ _3"/>e in O<span class="_ _3"/>nsh<span class="_ _3"/>ore c<span class="_ _3"/>om<span class="_ _3"/>es fro<span class="_ _3"/>m PTCs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or I<span class="_ _3"/>T<span class="_ _0"/>C<span class="_ _3"/>s rela<span class="_ _3"/>ted to powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion o<span class="_ _3"/>r inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he US (s<span class="_ _3"/>ee n<span class="_ _3"/>ote 3.<span class="_ _0"/>9 ‘T<span class="_ _0"/>ax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>’). T<span class="_ _3"/>he ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts a<span class="_ _3"/>re not e<span class="_ _3"/>xpo<span class="_ _3"/>sed to a p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k<span class="_ _3"/>. Howeve<span class="_ _3"/>r, ther<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is a p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k as<span class="_ _3"/>soc<span class="_ _3"/>iate<span class="_ _3"/>d wit<span class="_ _3"/>h the p<span class="_ _3"/>ower p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>e ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y red<span class="_ _3"/>uc<span class="_ _3"/>e by enter<span class="_ _3"/>in<span class="_ _3"/>g into CP<span class="_ _3"/>P<span class="_ _0"/>As<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cu<span class="_ _3"/>rre<span class="_ _3"/>nt CPPAs cove<span class="_ _3"/>r ap<span class="_ _3"/>prox<span class="_ _3"/>. <span class="_ _4"/>7<span class="_ _3"/>3 <span class="_ _15c"/>% of th<span class="_ _3"/>e exp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion fo<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d 2024<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>026. I<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CPPAs a<span class="_ _3"/>re str<span class="_ _3"/>uc<span class="_ _3"/>ture<span class="_ _3"/>d wi<span class="_ _3"/>th a mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pr<span class="_ _3"/>ice p<span class="_ _3"/>er M<span class="_ _3"/>Wh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d a me<span class="_ _3"/>ch<span class="_ _3"/>an<span class="_ _3"/>ism w<span class="_ _3"/>he<span class="_ _3"/>re we reta<span class="_ _3"/>in m<span class="_ _3"/>ost of t<span class="_ _3"/>he u<span class="_ _3"/>psi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m hi<span class="_ _3"/>gh p<span class="_ _3"/>ower p<span class="_ _3"/>ric<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te our r<span class="_ _3"/>esi<span class="_ _3"/>du<span class="_ _3"/>al e<span class="_ _3"/>xpo<span class="_ _3"/>sur<span class="_ _3"/>e to powe<span class="_ _3"/>r pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sks<span class="_ _3"/>, we m<span class="_ _3"/>ai<span class="_ _3"/>nly use f<span class="_ _3"/>ix<span class="_ _3"/>ed<span class="_ _3"/>-volu<span class="_ _3"/>me h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s. A<span class="_ _3"/>s both </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e valu<span class="_ _3"/>e, vo<span class="_ _3"/>lum<span class="_ _3"/>e pro<span class="_ _3"/>du<span class="_ _3"/>ced<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>e ac<span class="_ _3"/>tua<span class="_ _3"/>l hou<span class="_ _3"/>rly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion p<span class="_ _3"/>rof<span class="_ _3"/>ile d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red by o<span class="_ _3"/>ur a<span class="_ _3"/>sset<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>r fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e fi<span class="_ _3"/>xed<span class="_ _3"/>-vo<span class="_ _3"/>lum<span class="_ _3"/>e he<span class="_ _3"/>dge<span class="_ _3"/>s we us<span class="_ _3"/>e, we a<span class="_ _3"/>ccou<span class="_ _3"/>nt for th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in o<span class="_ _3"/>ur h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy a<span class="_ _3"/>nd st<span class="_ _3"/>rateg<span class="_ _3"/>ie<span class="_ _3"/>s. T<span class="_ _3"/>he co<span class="_ _3"/>rre<span class="_ _3"/>lat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en vo<span class="_ _3"/>lum<span class="_ _3"/>es p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d an<span class="_ _3"/>d powe<span class="_ _3"/>r pr<span class="_ _3"/>ices i<span class="_ _3"/>s of<span class="_ _3"/>ten </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>ga<span class="_ _3"/>tive<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s refe<span class="_ _3"/>rred to a<span class="_ _3"/>s volu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A dyn<span class="_ _3"/>am<span class="_ _3"/>ic h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>pp<span class="_ _3"/>roac<span class="_ _3"/>h is u<span class="_ _3"/>sed to h<span class="_ _3"/>ed<span class="_ _3"/>ge u<span class="_ _3"/>p </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to 70 <span class="_ _1"/>% o<span class="_ _3"/>f the re<span class="_ _3"/>sid<span class="_ _3"/>ua<span class="_ _3"/>l pow<span class="_ _3"/>er p<span class="_ _3"/>rice e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re wi<span class="_ _3"/>thi<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a tw<span class="_ _0"/>o-year<span class="_ _0"/> horiz<span class="_ _0"/>on. This hedging<span class="_ _0"/> le<span class="_ _0"/>vel s<span class="_ _0"/>ignificant<span class="_ _0"/>l<span class="_ _0"/>y<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">red<span class="_ _3"/>uc<span class="_ _3"/>es th<span class="_ _3"/>e ris<span class="_ _3"/>k of be<span class="_ _3"/>in<span class="_ _3"/>g over<span class="_ _3"/>he<span class="_ _3"/>dg<span class="_ _3"/>ed wh<span class="_ _3"/>ile p<span class="_ _3"/>rovi<span class="_ _3"/>di<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an adequat<span class="_ _0"/>e<span class="_ _0"/> risk r<span class="_ _0"/>eduction.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e may<span class="_ _0"/> hedge be<span class="_ _0"/>yond<span class="_ _0"/> the<span class="_ _0"/> two-<span class="_ _0"/>year hori<span class="_ _0"/>zon<span class="_ _0"/> if the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice level is co<span class="_ _3"/>mm<span class="_ _3"/>erci<span class="_ _3"/>ally attra<span class="_ _3"/>ctive<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n at o<span class="_ _3"/>ur C<span class="_ _3"/>HP p<span class="_ _3"/>la<span class="_ _3"/>nt<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r com<span class="_ _3"/>bi<span class="_ _3"/>ne<span class="_ _3"/>d he<span class="_ _3"/>at a<span class="_ _3"/>nd pow<span class="_ _3"/>er (CH<span class="_ _3"/>P) p<span class="_ _3"/>lant<span class="_ _3"/>s con<span class="_ _3"/>si<span class="_ _3"/>st<span class="_ _3"/> of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>om<span class="_ _3"/>ass- a<span class="_ _3"/>nd fos<span class="_ _3"/>si<span class="_ _3"/>l-fue<span class="_ _3"/>lled p<span class="_ _3"/>la<span class="_ _3"/>nts i<span class="_ _3"/>n De<span class="_ _3"/>nm<span class="_ _3"/>ark<span class="_ _3"/>. T<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>ita<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty of powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion i<span class="_ _3"/>s de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed by th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>etwe<span class="_ _3"/>en t<span class="_ _3"/>he se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g pr<span class="_ _3"/>ice of p<span class="_ _3"/>ower a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce of fu<span class="_ _3"/>el a<span class="_ _3"/>nd<span class="_ _3"/>, for oth<span class="_ _3"/>er f<span class="_ _3"/>ue<span class="_ _3"/>ls t<span class="_ _3"/>ha<span class="_ _3"/>n bio<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>ss<span class="_ _3"/>, car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n allow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>. If th<span class="_ _3"/>e sp<span class="_ _3"/>rea<span class="_ _3"/>ds a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attr<span class="_ _0"/>active,<span class="_ _0"/> we<span class="_ _0"/> pro<span class="_ _0"/>vide c<span class="_ _0"/>ondensing po<span class="_ _0"/>wer<span class="_ _0"/> generation<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on to CH<span class="_ _3"/>P ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n. T<span class="_ _3"/>he total n<span class="_ _3"/>et ri<span class="_ _3"/>sk a<span class="_ _3"/>sso<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>ated w<span class="_ _3"/>ith p<span class="_ _3"/>ower f<span class="_ _3"/>rom CH<span class="_ _3"/>P ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion fo<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>4-<span class="_ _0"/>2026 is D<span class="_ _3"/>KK 5<span class="_ _3"/>.<span class="_ _0"/>9 bil<span class="_ _3"/>li<span class="_ _3"/>on a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing<span class="_ _3"/>, <span class="_ _49"/>cov<span class="_ _3"/>eri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">both<span class="_ _0"/> heat<span class="_ _4"/>-bound and c<span class="_ _0"/>ondensing bas<span class="_ _0"/>e <span class="_ _49"/>generation.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are n<span class="_ _3"/>ot ex<span class="_ _3"/>pos<span class="_ _3"/>ed to pr<span class="_ _3"/>ice r<span class="_ _3"/>isk<span class="_ _3"/>s rel<span class="_ _3"/>ated to he<span class="_ _3"/>at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">generation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gas sales</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pr<span class="_ _3"/>ice r<span class="_ _3"/>isk a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>ted wi<span class="_ _3"/>th sa<span class="_ _3"/>le of ga<span class="_ _3"/>s ste<span class="_ _3"/>ms fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce<span class="_ _3"/>s in th<span class="_ _3"/>e sa<span class="_ _3"/>le an<span class="_ _3"/>d pur<span class="_ _3"/>cha<span class="_ _3"/>se p<span class="_ _3"/>rice<span class="_ _3"/>s. T<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent w<span class="_ _3"/>e pu<span class="_ _3"/>rcha<span class="_ _3"/>se g<span class="_ _3"/>as at a f<span class="_ _3"/>ix<span class="_ _3"/>ed p<span class="_ _3"/>rice<span class="_ _3"/>, we a<span class="_ _3"/>im to us<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>es to swa<span class="_ _3"/>p th<span class="_ _3"/>e pu<span class="_ _3"/>rcha<span class="_ _3"/>se i<span class="_ _3"/>nto a var<span class="_ _3"/>iab<span class="_ _3"/>le p<span class="_ _3"/>rice<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en we b<span class="_ _3"/>oth h<span class="_ _3"/>ave a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pu<span class="_ _3"/>rcha<span class="_ _3"/>se a<span class="_ _3"/>nd sa<span class="_ _3"/>les </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>, ou<span class="_ _3"/>r ma<span class="_ _3"/>rgi<span class="_ _3"/>n be<span class="_ _3"/>com<span class="_ _3"/>es f<span class="_ _3"/>ixe<span class="_ _3"/>d. T<span class="_ _3"/>he m<span class="_ _3"/>ai<span class="_ _3"/>n ri<span class="_ _3"/>sk af<span class="_ _3"/>ter </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging is<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> where<span class="_ _0"/> the<span class="_ _0"/> purchase<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice i<span class="_ _3"/>s fi<span class="_ _3"/>xed<span class="_ _3"/>, bu<span class="_ _3"/>t wh<span class="_ _3"/>ere t<span class="_ _3"/>he vo<span class="_ _3"/>lum<span class="_ _3"/>es de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to us </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd o<span class="_ _3"/>n ou<span class="_ _3"/>r sup<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>rs' a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk<span class="_ _0"/> after<span class="_ _0"/> hed<span class="_ _0"/>ging</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r en<span class="_ _3"/>er<span class="_ _3"/>gy ex<span class="_ _3"/>pos<span class="_ _3"/>ure a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>rs 20<span class="_ _3"/>24-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2026 ca<span class="_ _3"/>n be s<span class="_ _3"/>um<span class="_ _3"/>ma<span class="_ _3"/>ris<span class="_ _3"/>ed a<span class="_ _3"/>s show<span class="_ _3"/>n in th<span class="_ _3"/>e tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:65.486328125px;"><span style="position: absolute; display: inline-block; left: 194.266px; top: 0.0078125px; width: 96.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f price change</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.13281px; width: 80.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Risk after hedging</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.6035px; width: 30.9551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKbn</span><span style="position: absolute; display: inline-block; left: 189.766px; top: 19.6035px; width: 102.434px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-10 %</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.8535px; width: 291.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer: 14.2 s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.4<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-1.4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.1191px; width: 291.217px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Spread (po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er): 5.9<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+0.6<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-0.6</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice w<span class="_ _3"/>ill r<span class="_ _3"/>esu<span class="_ _3"/>lt in a ga<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DK<span class="_ _3"/>K 1.<span class="_ _3"/>4 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n over th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od 202<span class="_ _3"/>4-<span class="_ _0"/>2026<span class="_ _3"/>, all e<span class="_ _3"/>l<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remaining unchanged. Gas<span class="_ _0"/> and oil<span class="_ _0"/> activit<span class="_ _0"/>ies hav<span class="_ _0"/>e a<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>mi<span class="_ _3"/>ted ri<span class="_ _3"/>sk a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing o<span class="_ _3"/>f DKK 0<span class="_ _3"/>.0 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">per<span class="_ _3"/>iod 2024-<span class="_ _0"/>202<span class="_ _0"/>6. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ Princip<span class="_ _0"/>les<span class="_ _0"/> fo<span class="_ _0"/>r es<span class="_ _0"/>timating<span class="_ _0"/> exp<span class="_ _0"/>osure<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>po<span class="_ _3"/>su<span class="_ _3"/>re is ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(or n<span class="_ _3"/>et p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se/sa<span class="_ _3"/>le) t<span class="_ _3"/>im<span class="_ _3"/>es th<span class="_ _3"/>e for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">respectiv<span class="_ _0"/>e years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 538.484px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 1130.08px; top: 0.0078125px; width: 165.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A/C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>APEX</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 902.109px; top: 31.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 370.328px; top: 43.0234px; width: 195.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 566.166px; top: 43.0234px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025</span><span style="position: absolute; display: inline-block; left: 614.676px; top: 43.0234px; width: 193.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 808.164px; top: 43.0234px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 844.346px; top: 43.0234px; width: 206.062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 861.797px; top: 43.0234px; width: 100.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 1295.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps and fut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ures (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 12,923<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,905<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,688<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,330<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,611<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,348)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,112)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,041)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4.833)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 1294.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 171<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(72)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(71)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.775px; width: 1294.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,165<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">456<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>648<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>172<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(314)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(896)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(761)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(73)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 274.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 274.939px; top: 117.775px; width: 677.695px; white-space: pre; word-spacing: 0.09px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> 8<span style="word-spacing: 0.09px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 952.635px; top: 117.775px; width: 342.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:122.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 132.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3828px; width: 370.207px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 341.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.207px; top: 24.0078px; width: 924.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>After 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.2578px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 1294.69px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps and fut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ures (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 32,300<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,480<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,856<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,964<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,291<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(39,641)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(27,779)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,435)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,649)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12,695)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 1294.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,071<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">922<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(91)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(88)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 1294.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,171<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">312<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>472<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>396<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,596)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,915)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(672)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(907)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(336)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 1294.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carbon emission all<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ances (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell pos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 46<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">46<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(35)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 1294.72px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 163.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 15<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2023, we r<span class="_ _0"/>ec<span class="_ _0"/>ognised ineff<span class="_ _0"/>ectiv<span class="_ _0"/>e hedges in the amount of DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-512 million (2022: DKK -4,475 million) in o<span class="_ _0"/>ther operating e<span class="_ _0"/>xpenses<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of which vol<span class="_ _0"/>ume-rel<span class="_ _0"/>at<span class="_ _0"/>ed ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness rel<span class="_ _0"/>at<span class="_ _0"/>ed to Off<span class="_ _0"/>shor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amounted t<span class="_ _0"/>o DKK -418 million (2022: DKK -3,771 mil<span class="_ _0"/>lion), inflation-<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">indexed r<span class="_ _0"/>el<span class="_ _0"/>ated ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness amount<span class="_ _0"/>ed t<span class="_ _0"/>o DKK +105 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK -658 <span class="_ _6"/>million), and other ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness amount<span class="_ _0"/>ed to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK -199 million (2022: DKK -46 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.236328125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.02344px; width: 122.156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at </span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 120.34px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 57.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2578px; width: 33.1348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy </span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8535px; width: 614.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 109.277px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">166<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 507<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(803)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.8535px; width: 614.367px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 245<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 3,264<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,872</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 104.869px; width: 614.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 2,279<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,894)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.869px; width: 614.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,528<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,395<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,920</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.869px; width: 614.508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 178.647px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 175<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">69<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n and i<span class="_ _3"/>nte<span class="_ _3"/>rest r<span class="_ _3"/>ate ris<span class="_ _3"/>ks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ap<span class="_ _3"/>pro<span class="_ _3"/>xi<span class="_ _3"/>mate<span class="_ _3"/>ly 80 <span class="_ _15c"/>% of o<span class="_ _3"/>ur rev<span class="_ _3"/>en<span class="_ _3"/>ue fro<span class="_ _3"/>m of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and onshor<span class="_ _0"/>e ass<span class="_ _0"/>ets<span class="_ _0"/> for<span class="_ _0"/> the<span class="_ _0"/> period 20<span class="_ _0"/>24-<span class="_ _4"/>2030 s<span class="_ _0"/>tems<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from<span class="_ _0"/> either<span class="_ _0"/> fixed nominal or<span class="_ _0"/> infla<span class="_ _0"/>tion-indexed c<span class="_ _0"/>on<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he lo<span class="_ _3"/>ng d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n of the<span class="_ _3"/>se ca<span class="_ _3"/>sh f<span class="_ _3"/>lows ex<span class="_ _3"/>pos<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us towa<span class="_ _3"/>rds c<span class="_ _3"/>ha<span class="_ _3"/>nge<span class="_ _3"/>s in i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>tes an<span class="_ _3"/>d <span class="_ _49"/>i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ticu<span class="_ _3"/>la<span class="_ _3"/>rly for ass<span class="_ _3"/>ets w<span class="_ _3"/>he<span class="_ _3"/>re the f<span class="_ _3"/>ix<span class="_ _3"/>ed n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ei<span class="_ _3"/>ved i<span class="_ _3"/>s cons<span class="_ _3"/>tant re<span class="_ _3"/>ga<span class="_ _3"/>rd<span class="_ _3"/>less of i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>te, in<span class="_ _3"/>fla<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>, or m<span class="_ _3"/>erc<span class="_ _3"/>han<span class="_ _3"/>t pri<span class="_ _3"/>ce leve<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve see<span class="_ _3"/>n th<span class="_ _3"/>is f<span class="_ _3"/>ir<span class="_ _3"/>st<span class="_ _0"/>-h<span class="_ _3"/>an<span class="_ _3"/>d du<span class="_ _3"/>ri<span class="_ _3"/>ng 20<span class="_ _3"/>23 wh<span class="_ _3"/>en i<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>ase<span class="_ _3"/>s fro<span class="_ _3"/>m both i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>tes an<span class="_ _3"/>d in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n af<span class="_ _3"/>fec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io, p<span class="_ _3"/>ar<span class="_ _3"/>tic<span class="_ _3"/>ula<span class="_ _3"/>rly ou<span class="_ _3"/>r fi<span class="_ _3"/>xed n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al a<span class="_ _3"/>sset<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e US th<span class="_ _3"/>rou<span class="_ _3"/>gh r<span class="_ _3"/>isi<span class="_ _3"/>ng i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>tes, a<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>ing t<span class="_ _3"/>he co<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ca<span class="_ _3"/>pita<span class="_ _3"/>l an<span class="_ _3"/>d inf<span class="_ _3"/>lat<span class="_ _3"/>ion t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h hi<span class="_ _3"/>gh<span class="_ _3"/>er C<span class="_ _3"/>APE<span class="_ _3"/>X an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>d<span class="_ _3"/>ilu<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e valu<span class="_ _3"/>e of ou<span class="_ _3"/>r OR<span class="_ _3"/>ECs (P<span class="_ _3"/>P<span class="_ _0"/>As).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ri<span class="_ _3"/>sk fr<span class="_ _3"/>ame<span class="_ _3"/>wor<span class="_ _3"/>k bu<span class="_ _3"/>ild<span class="_ _3"/>s on th<span class="_ _3"/>e im<span class="_ _3"/>po<span class="_ _3"/>rta<span class="_ _3"/>nt <span class="_ _49"/>ce<span class="_ _3"/>ntra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>sum<span class="_ _3"/>pti<span class="_ _3"/>on th<span class="_ _3"/>at s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er<span class="_ _3"/>s prefe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n-<span class="_ _3"/>in<span class="_ _3"/>dex<span class="_ _3"/>ed ca<span class="_ _3"/>sh f<span class="_ _3"/>lows ove<span class="_ _3"/>r nom<span class="_ _3"/>in<span class="_ _3"/>al c<span class="_ _3"/>ash f<span class="_ _3"/>lows<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>his p<span class="_ _3"/>rotec<span class="_ _3"/>ts t<span class="_ _3"/>he re<span class="_ _3"/>al va<span class="_ _3"/>lue of t<span class="_ _3"/>he<span class="_ _3"/>ir i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply an a<span class="_ _3"/>sset a<span class="_ _3"/>nd l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt fra<span class="_ _3"/>me<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wor<span class="_ _3"/>k for h<span class="_ _3"/>and<span class="_ _3"/>l<span class="_ _3"/>ing i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>te an<span class="_ _3"/>d inf<span class="_ _3"/>lati<span class="_ _3"/>on r<span class="_ _3"/>isk<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The objectiv<span class="_ _0"/>e is<span class="_ _0"/> t<span class="_ _0"/>o manage<span class="_ _0"/> the s<span class="_ _0"/>hareholders<span class="_ _0"/>' r<span class="_ _0"/>eal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue by en<span class="_ _3"/>su<span class="_ _3"/>rin<span class="_ _3"/>g th<span class="_ _3"/>at f<span class="_ _3"/>ixe<span class="_ _3"/>d rate de<span class="_ _3"/>bt i<span class="_ _3"/>s matc<span class="_ _3"/>hed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th fi<span class="_ _3"/>xe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h flows<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inflation<span class="_ _0"/> risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e activ<span class="_ _0"/>el<span class="_ _0"/>y inc<span class="_ _0"/>entivis<span class="_ _0"/>e asse<span class="_ _0"/>ts wi<span class="_ _0"/>th in<span class="_ _0"/>flation-indexed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>nu<span class="_ _3"/>e stre<span class="_ _3"/>am<span class="_ _3"/>s in b<span class="_ _3"/>us<span class="_ _3"/>ine<span class="_ _3"/>ss d<span class="_ _3"/>eci<span class="_ _3"/>si<span class="_ _3"/>ons to m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost<span class="_ _4"/>-inflation<span class="_ _0"/> risk. Our cost<span class="_ _0"/> inflat<span class="_ _0"/>ion mainl<span class="_ _0"/>y st<span class="_ _0"/>ems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m OPE<span class="_ _3"/>X<span class="_ _3"/>, COGS<span class="_ _3"/>, DE<span class="_ _3"/>V<span class="_ _3"/>EX<span class="_ _3"/>, a<span class="_ _3"/>nd C<span class="_ _3"/>APE<span class="_ _3"/>X<span class="_ _3"/>, whi<span class="_ _3"/>ch to a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lar<span class="_ _3"/>ge ex<span class="_ _3"/>ten<span class="_ _3"/>t in<span class="_ _3"/>crea<span class="_ _3"/>se wi<span class="_ _3"/>th i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n. I<span class="_ _3"/>n ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>, CA<span class="_ _3"/>PEX </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is e<span class="_ _3"/>xp<span class="_ _3"/>ose<span class="_ _3"/>d to the p<span class="_ _3"/>rice d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt in a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>tie<span class="_ _3"/>s, m<span class="_ _3"/>ost s<span class="_ _3"/>ig<span class="_ _3"/>ni<span class="_ _3"/>fic<span class="_ _3"/>antly stee<span class="_ _3"/>l<span class="_ _3"/>. Wh<span class="_ _3"/>en t<span class="_ _3"/>he co<span class="_ _3"/>m<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent m<span class="_ _3"/>ec<span class="_ _3"/>ha<span class="_ _3"/>ni<span class="_ _3"/>sms i<span class="_ _3"/>n ou<span class="_ _3"/>r CA<span class="_ _3"/>PE<span class="_ _3"/>X con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s are b<span class="_ _3"/>ase<span class="_ _3"/>d on f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>lly tra<span class="_ _3"/>de<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>di<span class="_ _3"/>ces<span class="_ _3"/>, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ai<span class="_ _3"/>m to he<span class="_ _3"/>dg<span class="_ _3"/>e the r<span class="_ _3"/>isk<span class="_ _3"/>. O<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al co<span class="_ _3"/>st<span class="_ _3"/>s are a<span class="_ _3"/>sse<span class="_ _3"/>sse<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tog<span class="_ _3"/>ethe<span class="_ _3"/>r wi<span class="_ _3"/>th th<span class="_ _3"/>e inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>-i<span class="_ _3"/>nd<span class="_ _3"/>exe<span class="_ _3"/>d reve<span class="_ _3"/>nu<span class="_ _3"/>e to red<span class="_ _3"/>uce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net r<span class="_ _3"/>isk<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>ter<span class="_ _3"/>es<span class="_ _3"/>t rat<span class="_ _3"/>e ris<span class="_ _3"/>k</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ac<span class="_ _3"/>tive<span class="_ _3"/>ly match o<span class="_ _3"/>ur d<span class="_ _3"/>ebt w<span class="_ _3"/>ith o<span class="_ _3"/>ur a<span class="_ _3"/>sset<span class="_ _3"/>s pe<span class="_ _3"/>r cu<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>ncy a<span class="_ _3"/>nd m<span class="_ _3"/>od<span class="_ _3"/>ifi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>. Mo<span class="_ _3"/>dif<span class="_ _3"/>ie<span class="_ _3"/>d du<span class="_ _3"/>rat<span class="_ _3"/>ion of b<span class="_ _3"/>oth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and d<span class="_ _3"/>eb<span class="_ _3"/>t is th<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>e in va<span class="_ _3"/>lu<span class="_ _3"/>e in re<span class="_ _3"/>spo<span class="_ _3"/>nse to a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1 pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>e poi<span class="_ _3"/>nt ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n inte<span class="_ _3"/>res<span class="_ _3"/>t rates<span class="_ _3"/>. As a r<span class="_ _3"/>ule </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>um<span class="_ _3"/>b, mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n is m<span class="_ _3"/>atch<span class="_ _3"/>ed wi<span class="_ _3"/>thi<span class="_ _3"/>n ±2 p<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ce<span class="_ _3"/>ntage p<span class="_ _3"/>oi<span class="_ _3"/>nts<span class="_ _3"/>. Fo<span class="_ _3"/>r exa<span class="_ _3"/>mp<span class="_ _3"/>le, th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flow<span class="_ _3"/>s fro<span class="_ _3"/>m our T<span class="_ _0"/>ai<span class="_ _3"/>wan<span class="_ _3"/>ese p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>ts wi<span class="_ _3"/>th a<span class="_ _3"/>n ave<span class="_ _3"/>rag<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">8.<span class="_ _3"/>4 <span class="_ _15c"/>% i<span class="_ _3"/>n mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n are m<span class="_ _3"/>atch<span class="_ _3"/>ed w<span class="_ _3"/>ith f<span class="_ _3"/>ixe<span class="_ _3"/>d-<span class="_ _3"/>rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NT<span class="_ _3"/>D de<span class="_ _3"/>bt wit<span class="_ _3"/>h rou<span class="_ _3"/>gh<span class="_ _3"/>l<span class="_ _0"/>y 9.0 <span class="_ _15c"/>% mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/> assets<span class="_ _0"/> in oper<span class="_ _0"/>ation and<span class="_ _0"/> under c<span class="_ _0"/>onstruction,<span class="_ _0"/> 95<span class="_ _0"/> <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e life<span class="_ _3"/>tim<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt valu<span class="_ _3"/>e of f<span class="_ _3"/>ixe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flow, exc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g CA<span class="_ _3"/>PE<span class="_ _3"/>X, i<span class="_ _3"/>s ma<span class="_ _3"/>tche<span class="_ _3"/>d wit<span class="_ _3"/>h cor<span class="_ _3"/>resp<span class="_ _3"/>on<span class="_ _3"/>di<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>rate se<span class="_ _3"/>ni<span class="_ _3"/>or a<span class="_ _3"/>nd hyb<span class="_ _3"/>rid d<span class="_ _3"/>eb<span class="_ _3"/>t. Pa<span class="_ _3"/>r<span class="_ _3"/>t of thi<span class="_ _3"/>s ma<span class="_ _3"/>tchi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>s be<span class="_ _3"/>en d<span class="_ _3"/>on<span class="_ _3"/>e by enter<span class="_ _3"/>in<span class="_ _3"/>g into i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n swa<span class="_ _3"/>ps o<span class="_ _3"/>n ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n-<span class="_ _3"/>in<span class="_ _3"/>dex<span class="_ _3"/>ed CfD a<span class="_ _3"/>nd RO<span class="_ _3"/>C reve<span class="_ _3"/>nu<span class="_ _3"/>e in th<span class="_ _3"/>e UK to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch ou<span class="_ _3"/>r fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>rate de<span class="_ _3"/>bt<span class="_ _3"/>. As o<span class="_ _3"/>ur po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io of a<span class="_ _3"/>ward<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s matu<span class="_ _3"/>re, we c<span class="_ _3"/>an ex<span class="_ _3"/>ecu<span class="_ _3"/>te inte<span class="_ _3"/>rest r<span class="_ _3"/>ate swa<span class="_ _3"/>ps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to lock i<span class="_ _3"/>n th<span class="_ _3"/>e inte<span class="_ _3"/>res<span class="_ _3"/>t rates b<span class="_ _3"/>efore f<span class="_ _3"/>un<span class="_ _3"/>di<span class="_ _3"/>ng is s<span class="_ _3"/>ecu<span class="_ _3"/>red<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A total of 25 <span class="_ _4"/>% of th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me p<span class="_ _3"/>rese<span class="_ _3"/>nt va<span class="_ _3"/>lue of f<span class="_ _3"/>ix<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h flow<span class="_ _3"/>s, ex<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng C<span class="_ _3"/>APE<span class="_ _3"/>X<span class="_ _3"/>, on o<span class="_ _3"/>ur a<span class="_ _3"/>ward<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pre-construction<span class="_ _0"/> offshor<span class="_ _0"/>e as<span class="_ _0"/>sets<span class="_ _0"/> are ma<span class="_ _0"/>tched<span class="_ _0"/> with<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t ra<span class="_ _3"/>te s<span class="_ _3"/>wa<span class="_ _3"/>ps<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>lly<span class="_ _0"/>, wh<span class="_ _3"/>en we fa<span class="_ _3"/>rm d<span class="_ _3"/>own pa<span class="_ _3"/>rt o<span class="_ _3"/>f an of<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>sse<span class="_ _3"/>t, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we no<span class="_ _3"/>rm<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y he<span class="_ _3"/>dg<span class="_ _3"/>e pa<span class="_ _3"/>rt of t<span class="_ _3"/>he i<span class="_ _3"/>ntere<span class="_ _3"/>st, i<span class="_ _3"/>nf<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>ncy r<span class="_ _3"/>isk<span class="_ _3"/>s re<span class="_ _3"/>lated to th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt pr<span class="_ _3"/>oce<span class="_ _3"/>eds<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:189.126953125px;"><span style="position: absolute; display: inline-block; left: 563.547px; top: 0.0078125px; width: 297.176px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 162.498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et val<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ue</span><span style="position: absolute; display: inline-block; left: 1118.09px; top: 0.0078125px; width: 177.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 125.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting</span><span style="position: absolute; display: inline-block; left: 914.797px; top: 19.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 25.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 </span><span style="position: absolute; display: inline-block; left: 266.781px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 909.016px; top: 31.0234px; width: 69.0703px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive </span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 244.828px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 389.266px; top: 43.0078px; width: 202.148px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024-27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2028-33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 591.414px; top: 43.0078px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2033</span><span style="position: absolute; display: inline-block; left: 639.924px; top: 43.0078px; width: 185.01px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 824.934px; top: 43.0078px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 861.115px; top: 43.0078px; width: 197.889px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 944.797px; top: 43.0078px; width: 32.2324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">income</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 208.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wap (pay v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ariable<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e fixed – UK), </span><span style="position: absolute; display: inline-block; left: 0px; top: 87.7598px; width: 1294.52px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>enue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,883<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,818<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,656<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(3,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,414)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(202)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,008)</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.76px; width: 231.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – NTD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 113.76px; width: 1294.49px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">divestment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 246.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.273px; width: 100.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial items impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 141.76px; width: 230.484px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – USD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 153.76px; width: 1295.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e loan issuanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,036<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,036<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 112.183px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(142)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 97.7989px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>530<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 167.76px; width: 231.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – NTD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 179.76px; width: 1294.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e loan issuanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,639<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,639<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:106.111328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 125.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 25.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022 </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3828px; width: 1294.97px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 360.264px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023-26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2027-32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">After 2032<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.642px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.2578px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 1294.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wap (pay v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e fixed – UK), r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22,295<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,244<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,681<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,370<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,366)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(202)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,164)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.2578px; width: 100.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial items impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 161.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 1294.8px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">var – USD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oan issuance<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 153.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15,678<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15,678<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 97.7989px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>478<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.6602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,727<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>49<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>189<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,489</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e hedge our UK inflation risk r<span class="_ _0"/>el<span class="_ _0"/>at<span class="_ _0"/>ed to r<span class="_ _0"/>e<span class="_ _0"/>venue fr<span class="_ _0"/>om ROC and C<span class="_ _0"/>fD </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsidies.<span class="_ _0"/> Furthermore<span class="_ _0"/>, w<span class="_ _0"/>e hedge the inter<span class="_ _0"/>est and infl<span class="_ _0"/>ation risk r<span class="_ _0"/>elat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to div<span class="_ _0"/>estments<span class="_ _0"/>. <span class="_ _0"/>All the infl<span class="_ _0"/>ation risks that we hedge ar<span class="_ _0"/>e separ<span class="_ _0"/>at<span class="_ _0"/>el<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">identifiable in the underl<span class="_ _0"/>ying c<span class="_ _0"/>ontract.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e hedge the int<span class="_ _0"/>eres<span class="_ _0"/>t on expect<span class="_ _0"/>ed USD (since 2020) and NTD (since<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023) debt issuance (USD and NTD int<span class="_ _0"/>er<span class="_ _0"/>est risk). <span class="_ _0"/>The siz<span class="_ _0"/>e of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed USD issuance has been r<span class="_ _0"/>educed and pos<span class="_ _0"/>tponed to 2025 or<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2026 due to l<span class="_ _0"/>ess funding needed aft<span class="_ _0"/>er the t<span class="_ _0"/>ermination of Oc<span class="_ _0"/>ean Wind </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1. Due t<span class="_ _0"/>o a reduction in the e<span class="_ _0"/>xpected funding,<span class="_ _0"/> we hav<span class="_ _0"/>e rec<span class="_ _0"/>ognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness of DKK 2,344 million (<span class="_ _0"/>gain) (2022: ineff<span class="_ _4"/>ectiveness gain </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DKK 529 million) r<span class="_ _0"/>elat<span class="_ _0"/>ed t<span class="_ _0"/>o the US int<span class="_ _0"/>ere<span class="_ _0"/>st rat<span class="_ _0"/>e hedges in financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income and DKK 6 million (<span class="_ _0"/>expens<span class="_ _0"/>e) r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o the <span class="_ _0"/>T<span class="_ _15c"/>aiwanes<span class="_ _0"/>e inter<span class="_ _0"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e hedges in financial e<span class="_ _0"/>xpenses.<span class="_ _0"/> Further<span class="_ _0"/>, w<span class="_ _0"/>e had an earl<span class="_ _0"/>y r<span class="_ _0"/>edemption </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of an EIB l<span class="_ _0"/>oan, r<span class="_ _0"/>esul<span class="_ _0"/>ting in rec<span class="_ _0"/>ognised ineff<span class="_ _4"/>etiveness of DKK 41 mil<span class="_ _0"/>lion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 0 million) in financial expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:71.111328125px;"><span style="position: absolute; display: inline-block; left: 403.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 166.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 167.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 266.781px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 395.422px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 479.891px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 608.562px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 244.828px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 403.422px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 457px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 614.938px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 640.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">21,806<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(369)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,103</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e sw<span class="_ _0"/>aps are us<span class="_ _0"/>ed t<span class="_ _0"/>o adjust the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The year 2023 includes inee<span class="_ _0"/>ff<span class="_ _0"/>ective USD int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps with a c<span class="_ _0"/>ontract<span class="_ _0"/>ual principal amount of DKK 12,148 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curren<span class="_ _3"/>cy risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cas<span class="_ _3"/>h flow<span class="_ _3"/>s con<span class="_ _3"/>sis<span class="_ _3"/>t of mu<span class="_ _3"/>ltip<span class="_ _3"/>le di<span class="_ _3"/>f<span class="_ _3"/>fere<span class="_ _3"/>nt cur<span class="_ _3"/>re<span class="_ _3"/>nci<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich e<span class="_ _3"/>xp<span class="_ _3"/>ose u<span class="_ _3"/>s to flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates<span class="_ _3"/>. O<span class="_ _3"/>ur m<span class="_ _3"/>ai<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>cy ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es ar<span class="_ _3"/>e GBP<span class="_ _0"/>, USD, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NT<span class="_ _3"/>D. Whi<span class="_ _3"/>le ou<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure to EU<span class="_ _3"/>R is a<span class="_ _3"/>l<span class="_ _3"/>so si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do n<span class="_ _3"/>ot de<span class="_ _3"/>em E<span class="_ _3"/>UR to con<span class="_ _3"/>st<span class="_ _3"/>itute a ri<span class="_ _3"/>sk a<span class="_ _3"/>s we ex<span class="_ _3"/>pe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k to mai<span class="_ _3"/>ntai<span class="_ _3"/>n it<span class="_ _3"/>s fi<span class="_ _3"/>xe<span class="_ _3"/>d exc<span class="_ _3"/>han<span class="_ _3"/>ge<span class="_ _3"/>-<span class="_ _3"/>rate po<span class="_ _3"/>li<span class="_ _3"/>cy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For G<span class="_ _3"/>BP<span class="_ _0"/>, ou<span class="_ _3"/>r sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>cant e<span class="_ _3"/>ar<span class="_ _3"/>ni<span class="_ _3"/>ng<span class="_ _3"/>s from a<span class="_ _3"/>sse<span class="_ _3"/>ts i<span class="_ _3"/>n op<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>ns ar<span class="_ _3"/>e larg<span class="_ _3"/>er t<span class="_ _3"/>ha<span class="_ _3"/>n our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pla<span class="_ _3"/>nn<span class="_ _3"/>ed C<span class="_ _3"/>AP<span class="_ _3"/>EX<span class="_ _3"/>, re<span class="_ _3"/>sulti<span class="_ _3"/>ng i<span class="_ _3"/>n a net-po<span class="_ _3"/>sit<span class="_ _3"/>ive G<span class="_ _3"/>BP e<span class="_ _3"/>xpo<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>re, b<span class="_ _3"/>oth sh<span class="_ _3"/>or<span class="_ _3"/>t<span class="_ _0"/>- an<span class="_ _3"/>d lon<span class="_ _3"/>g-ter<span class="_ _3"/>m<span class="_ _3"/>. The n<span class="_ _3"/>et ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e was </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lowe<span class="_ _3"/>red i<span class="_ _3"/>n 2023 by t<span class="_ _3"/>he in<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>on of m<span class="_ _3"/>ore p<span class="_ _3"/>lan<span class="_ _3"/>ne<span class="_ _3"/>d GB<span class="_ _3"/>P </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X follow<span class="_ _3"/>in<span class="_ _3"/>g FI<span class="_ _3"/>D for Ho<span class="_ _3"/>rn<span class="_ _3"/>sea 3<span class="_ _3"/>. A 10 <span class="_ _1"/>% i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he GB<span class="_ _3"/>P/DK<span class="_ _3"/>K exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rate wi<span class="_ _3"/>ll res<span class="_ _3"/>ult in a g<span class="_ _3"/>ai<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1.2 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on ove<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>iod 2<span class="_ _3"/>024<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>028, a<span class="_ _3"/>ll e<span class="_ _3"/>ls<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remaining unchanged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>For USD<span class="_ _0"/>,<span class="_ _0"/> our portf<span class="_ _0"/>olio o<span class="_ _0"/>f o<span class="_ _0"/>ffshore<span class="_ _0"/> and onshor<span class="_ _0"/>e de<span class="_ _0"/>velop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt an<span class="_ _3"/>d op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng as<span class="_ _3"/>set<span class="_ _3"/>s tra<span class="_ _3"/>nsla<span class="_ _3"/>te to a sho<span class="_ _3"/>rt- to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>di<span class="_ _3"/>um<span class="_ _3"/>-ter<span class="_ _3"/>m neg<span class="_ _3"/>at<span class="_ _3"/>ive US<span class="_ _3"/>D ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>. Howev<span class="_ _3"/>er, on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a lon<span class="_ _3"/>ge<span class="_ _3"/>r ti<span class="_ _3"/>me h<span class="_ _3"/>ori<span class="_ _3"/>zon<span class="_ _3"/>, reve<span class="_ _3"/>nu<span class="_ _3"/>e from a<span class="_ _3"/>sse<span class="_ _3"/>ts re<span class="_ _3"/>sult i<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net positive USD exposure.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l ap<span class="_ _3"/>proa<span class="_ _3"/>ch to m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>ing c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is to u<span class="_ _3"/>se str<span class="_ _3"/>uc<span class="_ _3"/>tura<span class="_ _3"/>l ri<span class="_ _3"/>sk m<span class="_ _3"/>an<span class="_ _3"/>age<span class="_ _3"/>m<span class="_ _3"/>ent too<span class="_ _3"/>l<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loc<span class="_ _0"/>al curr<span class="_ _0"/>ency s<span class="_ _0"/>ourcing<span class="_ _0"/> cont<span class="_ _0"/>racts, ne<span class="_ _0"/>tting inc<span class="_ _0"/>ome and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s in th<span class="_ _3"/>e sa<span class="_ _3"/>me cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y<span class="_ _0"/>, is<span class="_ _3"/>sui<span class="_ _3"/>ng lo<span class="_ _3"/>cal c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>bt to na<span class="_ _3"/>tura<span class="_ _3"/>lly bal<span class="_ _3"/>anc<span class="_ _3"/>e our p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>li<span class="_ _3"/>o, an<span class="_ _3"/>d pr<span class="_ _3"/>io<span class="_ _3"/>riti<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g loca<span class="_ _3"/>l cu<span class="_ _3"/>rre<span class="_ _3"/>ncy c<span class="_ _3"/>ost<span class="_ _3"/>s to match r<span class="_ _3"/>even<span class="_ _3"/>ue i<span class="_ _3"/>n ou<span class="_ _3"/>r ass<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s to min<span class="_ _3"/>im<span class="_ _3"/>is<span class="_ _3"/>e the n<span class="_ _3"/>ee<span class="_ _3"/>d for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>urrency<span class="_ _0"/> denomination o<span class="_ _0"/>f deb<span class="_ _0"/>t issuanc<span class="_ _0"/>e is<span class="_ _0"/> aimed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at o<span class="_ _3"/>ptim<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy com<span class="_ _3"/>po<span class="_ _3"/>sit<span class="_ _3"/>ion of n<span class="_ _3"/>et d<span class="_ _3"/>ebt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th tha<span class="_ _3"/>t of fore<span class="_ _3"/>cas<span class="_ _3"/>ted FF<span class="_ _3"/>O to ens<span class="_ _3"/>ure s<span class="_ _3"/>tab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n FFO/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NI<span class="_ _3"/>BD a<span class="_ _3"/>ga<span class="_ _3"/>in<span class="_ _3"/>st a<span class="_ _3"/>dve<span class="_ _3"/>rse m<span class="_ _3"/>ove<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n exc<span class="_ _3"/>ha<span class="_ _3"/>nge r<span class="_ _3"/>ates<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>bt ca<span class="_ _3"/>n be pa<span class="_ _3"/>r<span class="_ _3"/>ticu<span class="_ _3"/>la<span class="_ _3"/>rly effe<span class="_ _3"/>ct<span class="_ _3"/>ive i<span class="_ _3"/>n new m<span class="_ _3"/>ar<span class="_ _3"/>kets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to mi<span class="_ _3"/>tig<span class="_ _3"/>ate th<span class="_ _3"/>e tim<span class="_ _3"/>e<span class="_ _3"/>-sp<span class="_ _3"/>rea<span class="_ _3"/>d ri<span class="_ _3"/>sk si<span class="_ _3"/>nce t<span class="_ _3"/>he p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the d<span class="_ _3"/>eb<span class="_ _3"/>t iss<span class="_ _3"/>ua<span class="_ _3"/>nce ca<span class="_ _3"/>n be u<span class="_ _3"/>sed to fu<span class="_ _3"/>nd a<span class="_ _3"/>nd h<span class="_ _3"/>ed<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on co<span class="_ _3"/>sts<span class="_ _3"/>, wh<span class="_ _3"/>ile t<span class="_ _3"/>he d<span class="_ _3"/>ebt re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt pr<span class="_ _3"/>ofi<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>n be scu<span class="_ _3"/>lpte<span class="_ _3"/>d to matc<span class="_ _3"/>h futu<span class="_ _3"/>re reve<span class="_ _3"/>nu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>idu<span class="_ _3"/>al c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sk af<span class="_ _3"/>te<span class="_ _3"/>r net<span class="_ _3"/>tin<span class="_ _3"/>g of ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>bt ar<span class="_ _3"/>e ma<span class="_ _3"/>nag<span class="_ _3"/>ed v<span class="_ _3"/>ia f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>ccor<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g to ou<span class="_ _3"/>r des<span class="_ _3"/>ire<span class="_ _3"/>d ri<span class="_ _3"/>sk a<span class="_ _3"/>ppe<span class="_ _3"/>tite<span class="_ _3"/>. Ou<span class="_ _3"/>r overa<span class="_ _3"/>ll h<span class="_ _3"/>ed<span class="_ _3"/>ge ho<span class="_ _3"/>ri<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon i<span class="_ _3"/>s fi<span class="_ _3"/>ve yea<span class="_ _3"/>rs<span class="_ _3"/>, cove<span class="_ _3"/>ri<span class="_ _3"/>ng on<span class="_ _3"/>ly hig<span class="_ _3"/>hly cer<span class="_ _3"/>ta<span class="_ _3"/>in ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to avo<span class="_ _3"/>id he<span class="_ _3"/>dg<span class="_ _3"/>e in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tive<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>. For e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ri<span class="_ _3"/>ce ri<span class="_ _3"/>sks i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fore<span class="_ _3"/>ig<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es<span class="_ _3"/>, we do n<span class="_ _3"/>ot he<span class="_ _3"/>dge t<span class="_ _3"/>he e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk u<span class="_ _3"/>ntil t<span class="_ _3"/>he e<span class="_ _3"/>ne<span class="_ _3"/>rgy ex<span class="_ _3"/>po<span class="_ _3"/>sure h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>. For </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>h flow<span class="_ _3"/>s tha<span class="_ _3"/>t rela<span class="_ _3"/>te to sub<span class="_ _3"/>sid<span class="_ _3"/>ise<span class="_ _3"/>d GB<span class="_ _3"/>P in<span class="_ _3"/>com<span class="_ _3"/>e fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r UK of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd far<span class="_ _3"/>ms le<span class="_ _3"/>ss op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>e on a d<span class="_ _3"/>ecl<span class="_ _3"/>in<span class="_ _3"/>in<span class="_ _3"/>g leve<span class="_ _3"/>l over a f<span class="_ _3"/>ive<span class="_ _3"/>-ye<span class="_ _3"/>ar ro<span class="_ _3"/>lli<span class="_ _3"/>ng h<span class="_ _3"/>or<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon<span class="_ _3"/>. Th<span class="_ _3"/>e targ<span class="_ _3"/>et is to h<span class="_ _3"/>ed<span class="_ _3"/>ge 10<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 1, d<span class="_ _3"/>ec<span class="_ _3"/>li<span class="_ _3"/>ni<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by 20 pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>e poi<span class="_ _3"/>nts e<span class="_ _3"/>ac<span class="_ _3"/>h yea<span class="_ _3"/>r to 20 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 5. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re fro<span class="_ _3"/>m pro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>, sa<span class="_ _3"/>les<span class="_ _3"/>, inve<span class="_ _3"/>st<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments, and<span class="_ _0"/> divest<span class="_ _0"/>ments aft<span class="_ _0"/>er hedging<span class="_ _0"/> for<span class="_ _0"/> the<span class="_ _0"/> years<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>4-<span class="_ _0"/>2028 ca<span class="_ _3"/>n be su<span class="_ _3"/>mm<span class="_ _3"/>ar<span class="_ _3"/>ise<span class="_ _3"/>d as s<span class="_ _3"/>hown i<span class="_ _3"/>n th<span class="_ _3"/>e tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:77.908203125px;"><span style="position: absolute; display: inline-block; left: 194.266px; top: 0.0078125px; width: 96.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f price change</span><span style="position: absolute; display: inline-block; left: 0px; top: 9.78906px; width: 80.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Risk after hedging</span><span style="position: absolute; display: inline-block; left: 0px; top: 22.2754px; width: 30.9551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKbn</span><span style="position: absolute; display: inline-block; left: 189.766px; top: 22.2754px; width: 102.434px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-10 %</span><span style="position: absolute; display: inline-block; left: 0px; top: 40.5254px; width: 291.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP: 11.6 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.2<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-1.2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.5254px; width: 291.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD: 4.8 buy position <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-0.5<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>+0.5</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.541px; width: 291.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD: 3.2 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+0.3<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-0.3</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:229.486328125px;"><span style="position: absolute; display: inline-block; left: 538.484px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 1118.09px; top: 0.0078125px; width: 177.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 902.109px; top: 31.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 370.328px; top: 43.0234px; width: 195.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 566.166px; top: 43.0234px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025</span><span style="position: absolute; display: inline-block; left: 614.676px; top: 43.0234px; width: 193.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 808.164px; top: 43.0234px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 844.346px; top: 43.0234px; width: 206.062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 861.797px; top: 43.0234px; width: 100.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 64.4766px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.9629px; width: 1294.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,191<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(481)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(331)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(218)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(33)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(80)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 92.9785px; width: 1294.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 121.367px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.367px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 145.742px; width: 370.207px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 341.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.207px; top: 145.367px; width: 924.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>After 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 163.617px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.104px; width: 1294.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,199<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,830<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>151<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">182<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(109)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>262</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 192.104px; width: 1294.46px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 205.633px; width: 115.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impact on other line it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ems</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.119px; width: 1294.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds (Int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payments)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 119.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The GBP exchange r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or hedges impacting EBITD<span class="_ _0"/>A<span class="_ _0"/> in 2024 and 2025 is hedged at an aver<span class="_ _0"/>age of GBP<span class="_ _15c"/>/DKK 8.3 and 8.2, respectiv<span class="_ _0"/>el<span class="_ _0"/>y<span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from curr<span class="_ _0"/>ency c<span class="_ _0"/>ash flo<span class="_ _0"/>w hedges in 2023 amounts t<span class="_ _0"/>o a l<span class="_ _0"/>oss of DKK -134 million (2022: DKK 189 mil<span class="_ _0"/>lion) rec<span class="_ _0"/>ognised in <span class="_ _6"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial items<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:85.126953125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.03906px; width: 112.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 89.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 40.793px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 614.238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Forw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ard e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xchange contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,504<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,549<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws cash management positions which ar<span class="_ _0"/>e no<span class="_ _0"/>t hedge account<span class="_ _0"/>ed. <span class="_ _0"/>The positions c<span class="_ _0"/>onsist of EUR and, t<span class="_ _0"/>o a l<span class="_ _0"/>esser ext<span class="_ _0"/>ent, GBP and USD</span></span><span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 218.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ve<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>stments in f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oreign subsidiarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 461.75px; top: 5.99219px; width: 43.9746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Of which,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 582.062px; top: 5.99219px; width: 37.0664px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedged <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 739.828px; top: 5.97656px; width: 105.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ccumul<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ated e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>x<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>change </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 30.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm </span><span style="position: absolute; display: inline-block; left: 377.016px; top: 18.0078px; width: 18.2402px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net <span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 435.703px; top: 17.9922px; width: 70.8398px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">non-contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling </span><span style="position: absolute; display: inline-block; left: 580.672px; top: 17.9922px; width: 37.2539px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">amount <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 767.453px; top: 17.9766px; width: 77.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e adjustments <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2023</span><span style="position: absolute; display: inline-block; left: 343.594px; top: 30.0078px; width: 49.9805px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>estment</span><span style="position: absolute; display: inline-block; left: 465.062px; top: 29.9922px; width: 38.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ests</span><span style="position: absolute; display: inline-block; left: 567.656px; top: 29.9766px; width: 165.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Net position</span><span style="position: absolute; display: inline-block; left: 805.125px; top: 29.9766px; width: 38.4492px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in equity</span><span style="position: absolute; display: inline-block; left: 0px; top: 48.7129px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70,682<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(31,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,609<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,075)</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.7129px; width: 843.955px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.7129px; width: 844.295px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,809<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(20,045)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(301)</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7285px; width: 844.178px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,778<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(5,937)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,841<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131</span><span style="position: absolute; display: inline-block; left: 0px; top: 104.729px; width: 844.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>90</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.242px; width: 843.943px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">160,724<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(57,179)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>101,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,146)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:98.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>54,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(34,536)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,006<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,806)</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(49)</span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7598px; width: 844.014px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,839)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21,916)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>617</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 844.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(6,122)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>288</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 843.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(104)</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.2891px; width: 843.914px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">136,335<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,971)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(62,574)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,790<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,054)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.126953125px;"><span style="position: absolute; display: inline-block; left: 537.188px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0078px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 205.703px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 474.018px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 842.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>774<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,623<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 842.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">18,713 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,934<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>657<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.76px; width: 843.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.258px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.486328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 12.0078px; width: 244.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 843.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.1191px; width: 842.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">16,722<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,114<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,919<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,689<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(676)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 87.1191px; width: 842.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds and f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ards<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from ne<span class="_ _0"/>t inv<span class="_ _0"/>estment hedges in 2023 amounts t<span class="_ _0"/>o a <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gain of DKK 236 million (2022: DKK 0 mil<span class="_ _0"/>lion), r<span class="_ _0"/>ecognised in financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">items<span class="_ _0"/>. <span class="_ _0"/>The ineff<span class="_ _4"/>ectiveness is caused b<span class="_ _0"/>y the impairments on our US<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The net position expr<span class="_ _0"/>ess<span class="_ _0"/>es the accounting e<span class="_ _0"/>xposur<span class="_ _0"/>e. If<span class="_ _4"/>, for e<span class="_ _0"/>xampl<span class="_ _0"/>e,<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the GBP<span class="_ _4"/>/DKK exchange r<span class="_ _0"/>ate incr<span class="_ _0"/>eased b<span class="_ _0"/>y 10 <span class="_ _15c"/>% on 31 December 2023, <span class="_ _15c"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equity w<span class="_ _0"/>ould hav<span class="_ _0"/>e incr<span class="_ _0"/>eased b<span class="_ _0"/>y DKK 3,761 million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">10 <span class="_ _4"/>% of DKK 37,609 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> o<span class="_ _0"/>f n<span class="_ _0"/>et<span class="_ _0"/> inv<span class="_ _0"/>est<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> sub<span class="_ _0"/>sidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r fore<span class="_ _3"/>ig<span class="_ _3"/>n sub<span class="_ _3"/>si<span class="_ _3"/>dia<span class="_ _3"/>ri<span class="_ _3"/>es e<span class="_ _3"/>ntai<span class="_ _3"/>l cur<span class="_ _3"/>ren<span class="_ _3"/>cy r<span class="_ _3"/>isk<span class="_ _3"/>s. We h<span class="_ _3"/>edg<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ese cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ris<span class="_ _3"/>ks by ra<span class="_ _3"/>isi<span class="_ _3"/>ng lo<span class="_ _3"/>an<span class="_ _3"/>s in for<span class="_ _3"/>eig<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>es an<span class="_ _3"/>d by ente<span class="_ _3"/>ri<span class="_ _3"/>ng i<span class="_ _3"/>nto for<span class="_ _3"/>ward e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">currenc<span class="_ _0"/>y sw<span class="_ _0"/>aps, and<span class="_ _0"/> options.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23, t<span class="_ _3"/>he ac<span class="_ _3"/>cum<span class="_ _3"/>ula<span class="_ _3"/>ted ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts total<span class="_ _3"/>led D<span class="_ _3"/>KK -3,<span class="_ _3"/>14<span class="_ _3"/>6 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -3,0<span class="_ _3"/>54 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n), d<span class="_ _3"/>iv<span class="_ _3"/>id<span class="_ _3"/>ed be<span class="_ _3"/>twe<span class="_ _3"/>en th<span class="_ _3"/>e ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>et inve<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt of DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>093 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>5<span class="_ _3"/>44 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on) a<span class="_ _3"/>nd th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g the<span class="_ _3"/>reo<span class="_ _3"/>f of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -<span class="_ _4"/>2<span class="_ _3"/>,05<span class="_ _3"/>3 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK -<span class="_ _0"/>1,510 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> of<span class="_ _0"/> net<span class="_ _0"/> in<span class="_ _0"/>vest<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> for<span class="_ _0"/>eign<span class="_ _0"/> subsidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of cu<span class="_ _3"/>rr<span class="_ _3"/>en<span class="_ _3"/>cy de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f loa<span class="_ _3"/>ns th<span class="_ _3"/>at a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d as n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt h<span class="_ _3"/>edg<span class="_ _3"/>es i<span class="_ _3"/>n for<span class="_ _3"/>ei<span class="_ _3"/>gn su<span class="_ _3"/>bs<span class="_ _3"/>id<span class="_ _3"/>ia<span class="_ _3"/>rie<span class="_ _3"/>s or a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y wit<span class="_ _3"/>hi<span class="_ _3"/>n a se<span class="_ _3"/>pa<span class="_ _3"/>rate fo<span class="_ _3"/>rei<span class="_ _3"/>gn c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translation<span class="_ _0"/> reserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ene<span class="_ _3"/>rgy trad<span class="_ _3"/>ing po<span class="_ _3"/>rtfoli<span class="_ _3"/>o</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 395.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0078px; width: 142.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ervie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gy <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 73.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 73.9688px; top: 31.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span></span><span style="position: absolute; display: inline-block; left: 262.422px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 371.719px; top: 31.0234px; width: 49.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 583.406px; top: 31.0234px; width: 47.8125px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 240.562px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 43.0078px; width: 45.1406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">gain/(lo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 583.406px; top: 43.0078px; width: 47.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> gain/(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,683<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,854)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,906<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,060<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,680</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 631.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,138<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(312)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,601<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(774)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 631.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">156<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(137)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>498<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 214.395px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">175<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(50)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.455078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 80.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rading mandates</span><span style="position: absolute; display: inline-block; left: 80.7812px; top: 0.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 80.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aR limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 221.172px; top: 18.2734px; width: 88.4473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stress limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 72.2637px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 100 million</span><span style="position: absolute; display: inline-block; left: 221.172px; top: 30.2578px; width: 408.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 400 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Maximum open po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sitions in trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.1035px; width: 210.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st loss in one tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading day </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 54.0879px; width: 192.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Stre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the lar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gest dail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss we risk<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 53.6016px; width: 98.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 6 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.1035px; width: 199.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">at a probabilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y of 95 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%. V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR is based on data </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 66.0879px; width: 188.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">sust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aining with the given portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olio<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. Str<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess is </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 65.6016px; width: 94.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 9.5 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of gas</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 78.1035px; width: 202.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the past 45 tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading days,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> with the heaviest </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 78.0879px; width: 186.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">based on dat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 1 January 2006 t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 77.6016px; width: 109.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 1 million boe of oil</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.0879px; width: 195.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">weighting being assigned t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the most r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecent </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 90.0879px; width: 52.5059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sent day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 89.5859px; width: 193.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 1.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of carbon emissions</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.088px; width: 56.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">trading day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 101.586px; width: 195.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 0.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of coal and biomass</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The contr<span class="_ _0"/>actual principal amount has been de<span class="_ _0"/>termined as the ne<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">position per derivativ<span class="_ _0"/>e type<span class="_ _0"/>. <span class="_ _0"/>The risks associat<span class="_ _0"/>ed with our op<span class="_ _0"/>tions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are smal<span class="_ _0"/>ler than f<span class="_ _4"/>or our swaps.<span class="_ _0"/> The mark<span class="_ _0"/>e<span class="_ _0"/>t value most<span class="_ _0"/>l<span class="_ _0"/>y consists<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of r<span class="_ _0"/>eceiv<span class="_ _0"/>ed exposur<span class="_ _0"/>e from our ass<span class="_ _0"/>ets with s<span class="_ _0"/>et<span class="_ _0"/>tl<span class="_ _0"/>ement at maturit<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whereas part o<span class="_ _0"/>f the ext<span class="_ _0"/>ernal tr<span class="_ _0"/>ade is set<span class="_ _0"/>tl<span class="_ _0"/>ed on a dail<span class="_ _0"/>y basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">included with the set<span class="_ _0"/>tl<span class="_ _0"/>ed mar<span class="_ _0"/>gin.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>T<span class="_ _0"/>r<span class="_ _0"/>ading activities ar<span class="_ _0"/>e carried out under mandat<span class="_ _0"/>es appr<span class="_ _0"/>ov<span class="_ _0"/>ed b<span class="_ _0"/>y the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/>. <span class="_ _0"/>The mandat<span class="_ _0"/>es comprise a v<span class="_ _0"/>alue-at-risk (V<span class="_ _0"/>aR) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mandate and a s<span class="_ _0"/>tress mandat<span class="_ _0"/>e as w<span class="_ _0"/>ell as a limit f<span class="_ _0"/>or the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">positions measur<span class="_ _0"/>ed in energy unit<span class="_ _0"/>s per product (po<span class="_ _0"/>wer<span class="_ _4"/>, gas, et<span class="_ _0"/>c.).<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The graph sho<span class="_ _0"/>ws the dail<span class="_ _4"/>y V<span class="_ _0"/>aR position f<span class="_ _0"/>or the period 2022-2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aR r<span class="_ _0"/>eached DKK 280 million on 9 Mar<span class="_ _0"/>ch 2022, causing a passiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">breach o<span class="_ _0"/>f the Board o<span class="_ _0"/>f Dir<span class="_ _0"/>ectors' mandat<span class="_ _0"/>e of DKK 100 mil<span class="_ _0"/>lion due </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the R<span class="_ _0"/>ussian in<span class="_ _0"/>vasion of Ukr<span class="_ _0"/>aine and the l<span class="_ _0"/>arge r<span class="_ _0"/>eduction in gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plies t<span class="_ _0"/>o Europe<span class="_ _0"/>, c<span class="_ _0"/>ausing the European ener<span class="_ _0"/>gy price<span class="_ _0"/>s to spik<span class="_ _0"/>e<span class="_ _0"/>. In 2022, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">there w<span class="_ _0"/>er<span class="_ _0"/>e further passive br<span class="_ _0"/>eaches in <span class="_ _0"/>August due t<span class="_ _0"/>o <span class="_ _6"/>Russian gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _0"/>y cuts and in Sept<span class="_ _0"/>ember<span class="_ _0"/>-No<span class="_ _0"/>vember due t<span class="_ _0"/>o a hal<span class="_ _0"/>t of gas thr<span class="_ _0"/>ough the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Nord Str<span class="_ _0"/>eam 1 and 2 pipelines af<span class="_ _0"/>ter the e<span class="_ _0"/>xplosions in Sep<span class="_ _0"/>tember<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>rad<span class="_ _3"/>ing por<span class="_ _3"/>tfolio</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of ou<span class="_ _3"/>r tra<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>lio i<span class="_ _3"/>s to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>optimise<span class="_ _0"/> hedging exec<span class="_ _0"/>ution</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>c<span class="_ _3"/>ontr<span class="_ _3"/>ib<span class="_ _3"/>ute to in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d ma<span class="_ _3"/>rket i<span class="_ _3"/>ns<span class="_ _3"/>igh<span class="_ _3"/>t</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>rofi<span class="_ _3"/>t fro<span class="_ _3"/>m sho<span class="_ _3"/>r<span class="_ _3"/>t<span class="_ _0"/>-t<span class="_ _0"/>e<span class="_ _3"/>rm fl<span class="_ _3"/>uc<span class="_ _3"/>tuat<span class="_ _3"/>io<span class="_ _3"/>ns in <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>erg<span class="_ _3"/>y pr<span class="_ _3"/>ices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The energ<span class="_ _0"/>y tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio r<span class="_ _0"/>eceives<span class="_ _0"/> the<span class="_ _0"/> exposur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ou<span class="_ _3"/>r ass<span class="_ _3"/>ets a<span class="_ _3"/>nd ta<span class="_ _3"/>kes th<span class="_ _3"/>at ex<span class="_ _3"/>po<span class="_ _3"/>sure i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l ma<span class="_ _3"/>rket i<span class="_ _3"/>n the m<span class="_ _3"/>os<span class="_ _3"/>t ef<span class="_ _3"/>fi<span class="_ _3"/>cie<span class="_ _3"/>nt way p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gi<span class="_ _3"/>ven t<span class="_ _3"/>he m<span class="_ _3"/>an<span class="_ _3"/>date<span class="_ _3"/>s show<span class="_ _3"/>n to the le<span class="_ _3"/>ft<span class="_ _3"/>. Th<span class="_ _3"/>e over<span class="_ _3"/>vi<span class="_ _3"/>ew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ene<span class="_ _3"/>rgy t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o to the le<span class="_ _3"/>ft i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net of t<span class="_ _3"/>he in<span class="_ _3"/>tern<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>res re<span class="_ _3"/>cei<span class="_ _3"/>ved f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and t<span class="_ _3"/>he e<span class="_ _3"/>xte<span class="_ _3"/>rna<span class="_ _3"/>l tra<span class="_ _3"/>de<span class="_ _3"/>s in l<span class="_ _3"/>in<span class="_ _3"/>e wit<span class="_ _3"/>h inte<span class="_ _3"/>rna<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">risk<span class="_ _0"/> management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio primaril<span class="_ _0"/>y<span class="_ _0"/> consis<span class="_ _0"/>ts o<span class="_ _0"/>f posi<span class="_ _0"/>tions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in p<span class="_ _3"/>owe<span class="_ _3"/>r and g<span class="_ _3"/>as<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tra<span class="_ _3"/>di<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io co<span class="_ _3"/>ns<span class="_ _3"/>titute<span class="_ _3"/>s a sm<span class="_ _3"/>alle<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r total p<span class="_ _3"/>or<span class="_ _3"/>tfol<span class="_ _3"/>io of d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, a<span class="_ _3"/>nd t<span class="_ _3"/>he a<span class="_ _3"/>ssoc<span class="_ _3"/>ia<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk is l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity ana<span class="_ _3"/>l<span class="_ _0"/>y<span class="_ _0"/>sis of fina<span class="_ _3"/>ncial ins<span class="_ _3"/>truments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.9</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.189453125px;"><span style="position: absolute; display: inline-block; left: 350.781px; top: 0.0078125px; width: 280.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31 December 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 138.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Sensitivit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sis of financial </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 55.1719px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">instruments </span><span style="position: absolute; display: inline-block; left: 226.484px; top: 31.0234px; width: 23.8418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Price <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 365.656px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 471.453px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 561.172px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.3984px; width: 30.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 215.281px; top: 43.0234px; width: 32.6836px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">change</span><span style="position: absolute; display: inline-block; left: 272.641px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 390.609px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 587.047px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 227.9px; white-space: pre; word-spacing: 0.216px; letter-spacing: -0.216px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Powe<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 227.9px; top: 61.7598px; width: 403.506px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(277)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,119)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,791)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,382)</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 75.7598px; width: 406.471px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">562<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,263<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,794<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,402</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 211.371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(588)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(127)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>177</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 103.775px; width: 406.441px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">588<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>127<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(177)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(360)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>277</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 131.775px; width: 406.652px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">360<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(158)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>608<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.791px; width: 631.236px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,430)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,727)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 159.791px; width: 406.148px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(817)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,965<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,727</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.791px; width: 631.465px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(947)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(853)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 187.791px; width: 406.664px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,070<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>947<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>853</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(386)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(743)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 215.807px; width: 406.371px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">386<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 229.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(212)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(15)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(899)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(125)</span><span style="position: absolute; display: inline-block; left: 230.125px; top: 243.822px; width: 400.729px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>899<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.822px; width: 208.699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 208.699px; top: 257.822px; width: 197.496px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 406.195px; top: 257.822px; width: 224.982px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,162)</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.822px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>920<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(332)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,224</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e se<span class="_ _3"/>nsi<span class="_ _3"/>tiv<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ys<span class="_ _3"/>is in t<span class="_ _3"/>he ta<span class="_ _3"/>ble sh<span class="_ _3"/>ows th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>es<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g a rel<span class="_ _3"/>ati<span class="_ _3"/>ve pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t on pr<span class="_ _3"/>ofi<span class="_ _3"/>t (los<span class="_ _3"/>s) befor<span class="_ _3"/>e tax com<span class="_ _3"/>p<span class="_ _3"/>ris<span class="_ _3"/>es fi<span class="_ _3"/>na<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts th<span class="_ _3"/>at re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>pe<span class="_ _3"/>n at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate, a<span class="_ _3"/>nd w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve an e<span class="_ _3"/>ffe<span class="_ _3"/>ct o<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cur<span class="_ _3"/>rent f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ef<span class="_ _3"/>fec<span class="_ _3"/>t on eq<span class="_ _3"/>ui<span class="_ _3"/>ty b<span class="_ _3"/>efore ta<span class="_ _3"/>x com<span class="_ _3"/>pri<span class="_ _3"/>ses f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts t<span class="_ _3"/>hat r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>ne<span class="_ _3"/>d ope<span class="_ _3"/>n at t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce s<span class="_ _3"/>hee<span class="_ _3"/>t date<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d wh<span class="_ _3"/>ich a<span class="_ _3"/>re va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted d<span class="_ _3"/>ire<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s in<span class="_ _3"/>clud<span class="_ _3"/>e de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>s wel<span class="_ _3"/>l as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eivabl<span class="_ _0"/>es<span class="_ _0"/> and pa<span class="_ _0"/>yabl<span class="_ _0"/>es in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> c<span class="_ _0"/>urrencie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e il<span class="_ _3"/>lust<span class="_ _3"/>rate<span class="_ _3"/>d sen<span class="_ _3"/>sit<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s on<span class="_ _3"/>l<span class="_ _0"/>y co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e the i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> our<span class="_ _0"/> financial<span class="_ _0"/> instrumen<span class="_ _0"/>ts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed e<span class="_ _3"/>xpo<span class="_ _3"/>su<span class="_ _3"/>re ha<span class="_ _3"/>d bee<span class="_ _3"/>n i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he se<span class="_ _3"/>ns<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>vity a<span class="_ _3"/>na<span class="_ _3"/>lysis<span class="_ _3"/>, th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t of a pri<span class="_ _3"/>ce ch<span class="_ _3"/>an<span class="_ _3"/>ge wo<span class="_ _3"/>uld h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en re<span class="_ _3"/>du<span class="_ _3"/>ced o<span class="_ _3"/>r of<span class="_ _3"/>fset e<span class="_ _3"/>nti<span class="_ _3"/>rely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>oci<span class="_ _3"/>ate<span class="_ _3"/>d hed<span class="_ _3"/>gi<span class="_ _3"/>ng of n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n fore<span class="_ _3"/>ig<span class="_ _3"/>n su<span class="_ _3"/>bsi<span class="_ _3"/>di<span class="_ _3"/>ari<span class="_ _3"/>es a<span class="_ _3"/>re not i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tab<span class="_ _3"/>le, a<span class="_ _3"/>s the e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s of the s<span class="_ _3"/>um of th<span class="_ _3"/>e inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red to b<span class="_ _3"/>e ne<span class="_ _3"/>utra<span class="_ _3"/>l to cha<span class="_ _3"/>ng<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _0"/>urrenc<span class="_ _0"/>ies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s wou<span class="_ _3"/>ld red<span class="_ _3"/>uc<span class="_ _3"/>e eq<span class="_ _3"/>uit<span class="_ _3"/>y by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,718 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 6<span class="_ _3"/>,257 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk<span class="_ _0"/> fr<span class="_ _0"/>ame<span class="_ _0"/>w<span class="_ _0"/>ork</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e over<span class="_ _3"/>all o<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>tive of o<span class="_ _3"/>ur f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al r<span class="_ _3"/>isk m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>e<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt is to<span class="_ _3"/>:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e the p<span class="_ _3"/>red<span class="_ _3"/>ic<span class="_ _3"/>tab<span class="_ _3"/>il<span class="_ _3"/>ity of o<span class="_ _3"/>ur s<span class="_ _3"/>ho<span class="_ _3"/>rt-term </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income<span class="_ _0"/> and cons<span class="_ _0"/>truction c<span class="_ _0"/>osts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>pr<span class="_ _3"/>otec<span class="_ _3"/>t our c<span class="_ _3"/>ur<span class="_ _3"/>rent a<span class="_ _3"/>nd f<span class="_ _3"/>utu<span class="_ _3"/>re inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>t </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>pac<span class="_ _3"/>ity by s<span class="_ _3"/>tabi<span class="_ _3"/>li<span class="_ _3"/>si<span class="_ _3"/>ng key ra<span class="_ _3"/>tin<span class="_ _3"/>g me<span class="_ _3"/>tri<span class="_ _3"/>cs l<span class="_ _3"/>ike </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">FFO<span class="_ _0"/>/NIBD</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>pr<span class="_ _3"/>otec<span class="_ _3"/>t the lo<span class="_ _3"/>ng<span class="_ _3"/>-ter<span class="_ _3"/>m rea<span class="_ _3"/>l valu<span class="_ _3"/>e of th<span class="_ _3"/>e </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>shareholders' in<span class="_ _0"/>vestment<span class="_ _0"/> in Ørst<span class="_ _0"/>ed.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The go<span class="_ _0"/>vernance<span class="_ _0"/> f<span class="_ _0"/>or managing<span class="_ _0"/> market,<span class="_ _0"/> credit,<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d li<span class="_ _3"/>qu<span class="_ _3"/>id<span class="_ _3"/>ity r<span class="_ _3"/>isk<span class="_ _3"/>s ar<span class="_ _3"/>e bas<span class="_ _3"/>ed o<span class="_ _3"/>n the t<span class="_ _3"/>hre<span class="_ _3"/>e li<span class="_ _3"/>nes o<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">def<span class="_ _0"/>ence<span class="_ _0"/> model:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t li<span class="_ _3"/>ne of d<span class="_ _3"/>efen<span class="_ _3"/>ce is r<span class="_ _3"/>esp<span class="_ _3"/>on<span class="_ _3"/>sib<span class="_ _3"/>le for a<span class="_ _3"/>ll </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sks w<span class="_ _3"/>e take on t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h ou<span class="_ _3"/>r bu<span class="_ _3"/>sin<span class="_ _3"/>es<span class="_ _3"/>s, h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and tradin<span class="_ _3"/>g activities<span class="_ _3"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e se<span class="_ _3"/>con<span class="_ _3"/>d li<span class="_ _3"/>ne of d<span class="_ _3"/>efen<span class="_ _3"/>ce is R<span class="_ _3"/>is<span class="_ _3"/>k Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt, </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich ov<span class="_ _3"/>er<span class="_ _3"/>see<span class="_ _3"/>s the a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s of th<span class="_ _3"/>e fi<span class="_ _3"/>rst l<span class="_ _3"/>in<span class="_ _3"/>e, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">challenges,<span class="_ _0"/> monitor<span class="_ _0"/>s, and r<span class="_ _0"/>eports risk<span class="_ _0"/> exposure<span class="_ _0"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and mandat<span class="_ _0"/>e c<span class="_ _0"/>ompliance.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls124"> <span class="_ _f"> </span> <span class="_ _6"/>Th<span class="_ _3"/>e th<span class="_ _3"/>ird l<span class="_ _3"/>in<span class="_ _3"/>e of de<span class="_ _3"/>fenc<span class="_ _3"/>e is In<span class="_ _3"/>tern<span class="_ _3"/>al A<span class="_ _3"/>ud<span class="_ _3"/>it.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ma<span class="_ _3"/>nd<span class="_ _3"/>ates fo<span class="_ _3"/>r fi<span class="_ _3"/>rst l<span class="_ _3"/>in<span class="_ _3"/>e ar<span class="_ _3"/>e esta<span class="_ _3"/>bl<span class="_ _3"/>ish<span class="_ _3"/>ed <span class="_ _6"/>d<span class="_ _3"/>uri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the business planning processes<span class="_ _0"/> and eval<span class="_ _0"/>uated </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to ou<span class="_ _3"/>r ri<span class="_ _3"/>sk a<span class="_ _3"/>pp<span class="_ _3"/>etite<span class="_ _3"/>. An e<span class="_ _3"/>xam<span class="_ _3"/>p<span class="_ _3"/>le is <span class="_ _6"/>de<span class="_ _3"/>cid<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on t<span class="_ _3"/>he tar<span class="_ _3"/>get h<span class="_ _3"/>ed<span class="_ _3"/>ge leve<span class="_ _3"/>l for p<span class="_ _3"/>ri<span class="_ _3"/>ce ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>s from </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inte<span class="_ _3"/>rm<span class="_ _3"/>it<span class="_ _3"/>tent pow<span class="_ _3"/>er p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n as d<span class="_ _3"/>esc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n no<span class="_ _3"/>te<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">6.<span class="_ _3"/>2 ‘En<span class="_ _3"/>er<span class="_ _3"/>gy pr<span class="_ _3"/>ice r<span class="_ _3"/>isk<span class="_ _3"/>s‘.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In our<span class="_ _0"/> financial<span class="_ _0"/> risk<span class="_ _0"/> managemen<span class="_ _0"/>t pr<span class="_ _0"/>oce<span class="_ _0"/>sses,<span class="_ _0"/> finan</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al r<span class="_ _3"/>isk<span class="_ _3"/>s are q<span class="_ _3"/>ua<span class="_ _3"/>nti<span class="_ _3"/>fi<span class="_ _3"/>ed a<span class="_ _3"/>nd a<span class="_ _3"/>sse<span class="_ _3"/>sse<span class="_ _3"/>d ag<span class="_ _3"/>ai<span class="_ _3"/>nst o<span class="_ _3"/>ur </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk a<span class="_ _3"/>ppe<span class="_ _3"/>tite – a<span class="_ _3"/>lon<span class="_ _3"/>gsi<span class="_ _3"/>de d<span class="_ _3"/>ec<span class="_ _3"/>isi<span class="_ _3"/>on<span class="_ _3"/>s on su<span class="_ _3"/>ita<span class="_ _3"/>ble r<span class="_ _3"/>isk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mitigation measur<span class="_ _0"/>es. Our biggest<span class="_ _0"/> business risks<span class="_ _0"/> and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">associated<span class="_ _0"/> risk mitigation measures are<span class="_ _0"/> presented<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he ‘<span class="_ _3"/>Ri<span class="_ _3"/>sk an<span class="_ _3"/>d ri<span class="_ _3"/>sk m<span class="_ _3"/>an<span class="_ _3"/>age<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>’ sec<span class="_ _3"/>ti<span class="_ _3"/>on i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> ‘M<span class="_ _3"/>ana<span class="_ _3"/>ge<span class="_ _3"/>ment<span class="_ _3"/>'s <span class="_ _21"> </span>review<span class="_ _3"/>’<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e Bo<span class="_ _3"/>ard of D<span class="_ _3"/>ir<span class="_ _3"/>ec<span class="_ _3"/>tors ove<span class="_ _3"/>rs<span class="_ _3"/>ea<span class="_ _3"/>s our r<span class="_ _3"/>is<span class="_ _3"/>k ma<span class="_ _3"/>na<span class="_ _3"/>ge</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt th<span class="_ _3"/>rou<span class="_ _3"/>gh t<span class="_ _3"/>he Au<span class="_ _3"/>dit &amp; R<span class="_ _3"/>is<span class="_ _3"/>k Com<span class="_ _3"/>mi<span class="_ _3"/>ttee a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">approves<span class="_ _0"/> associated<span class="_ _0"/> frameworks, mandates, and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>mi<span class="_ _3"/>ts p<span class="_ _3"/>er r<span class="_ _3"/>isk fa<span class="_ _3"/>cto<span class="_ _3"/>r<span class="_ _0"/>. Se<span class="_ _3"/>e the ‘<span class="_ _3"/>Cor<span class="_ _3"/>por<span class="_ _3"/>ate gove<span class="_ _3"/>rn<span class="_ _3"/>an<span class="_ _3"/>ce’ </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>cti<span class="_ _3"/>on i<span class="_ _3"/>n the <span class="_ _6"/>‘<span class="_ _3"/>Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt's r<span class="_ _3"/>eview<span class="_ _3"/>’ for g<span class="_ _3"/>ove<span class="_ _3"/>rna<span class="_ _3"/>nc<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">aro<span class="_ _3"/>un<span class="_ _3"/>d ou<span class="_ _3"/>r com<span class="_ _3"/>m<span class="_ _3"/>itte<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We gove<span class="_ _3"/>rn th<span class="_ _3"/>e acc<span class="_ _3"/>ou<span class="_ _3"/>ntin<span class="_ _3"/>g tre<span class="_ _3"/>atm<span class="_ _3"/>en<span class="_ _3"/>t an<span class="_ _3"/>d ef<span class="_ _3"/>fec</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ven<span class="_ _3"/>ess of h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s by ap<span class="_ _3"/>plyin<span class="_ _3"/>g he<span class="_ _3"/>dg<span class="_ _3"/>e acco<span class="_ _3"/>unt<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on e<span class="_ _3"/>ne<span class="_ _3"/>rgy, com<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>ty, curr<span class="_ _3"/>en<span class="_ _3"/>cy, intere<span class="_ _3"/>st ra<span class="_ _3"/>te, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> inflat<span class="_ _0"/>ion <span class="_ _21"> </span>hedging. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply he<span class="_ _3"/>dg<span class="_ _3"/>e ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng to o<span class="_ _3"/>ur e<span class="_ _3"/>ne<span class="_ _3"/>rgy, co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty, cur<span class="_ _3"/>re<span class="_ _3"/>ncy, i<span class="_ _3"/>nter<span class="_ _3"/>est<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Al<span class="_ _3"/>mos<span class="_ _3"/>t al<span class="_ _3"/>l of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s we u<span class="_ _3"/>se fu<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t ri<span class="_ _3"/>sk of th<span class="_ _3"/>e ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e we he<span class="_ _3"/>dg<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e UK p<span class="_ _3"/>owe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>, for e<span class="_ _3"/>xam<span class="_ _3"/>pl<span class="_ _3"/>e, i<span class="_ _3"/>s hed<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g UK p<span class="_ _3"/>ower s<span class="_ _3"/>wa<span class="_ _3"/>ps or f<span class="_ _3"/>utu<span class="_ _3"/>res<span class="_ _3"/>. T<span class="_ _3"/>hus<span class="_ _3"/>, th<span class="_ _3"/>e ma<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urc<span class="_ _3"/>e of in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>en<span class="_ _3"/>ess i<span class="_ _3"/>s re<span class="_ _3"/>late<span class="_ _3"/>d to the v<span class="_ _3"/>olu<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ti<span class="_ _3"/>mi<span class="_ _3"/>ng of t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ve<span class="_ _3"/>rs<span class="_ _3"/>us th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e. T<span class="_ _3"/>hi<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce i<span class="_ _3"/>n ti<span class="_ _3"/>mi<span class="_ _3"/>ng i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rr<span class="_ _3"/>ed to as v<span class="_ _3"/>olu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k an<span class="_ _3"/>d is de<span class="_ _3"/>sc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n mo<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>tai<span class="_ _3"/>l on th<span class="_ _3"/>e ne<span class="_ _3"/>xt p<span class="_ _3"/>ag<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o the e<span class="_ _3"/>xte<span class="_ _3"/>nt t<span class="_ _3"/>hat a r<span class="_ _3"/>is<span class="_ _3"/>k ne<span class="_ _3"/>eds to b<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if t<span class="_ _3"/>he<span class="_ _3"/>re is n<span class="_ _3"/>o fu<span class="_ _3"/>lly ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t <span class="_ _6"/>a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>na<span class="_ _3"/>lyse<span class="_ _3"/>s are p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rme<span class="_ _3"/>d of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ven<span class="_ _3"/>ess o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>fore t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>i<span class="_ _3"/>ng tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n is c<span class="_ _3"/>on<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d. I<span class="_ _3"/>n th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>se, t<span class="_ _3"/>he ra<span class="_ _3"/>tio b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed ri<span class="_ _3"/>sk a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t may d<span class="_ _3"/>evi<span class="_ _3"/>ate f<span class="_ _3"/>rom t<span class="_ _3"/>he on<span class="_ _3"/>e<span class="_ _3"/>-to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>e pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e rat<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h mos<span class="_ _3"/>t ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>vely he<span class="_ _3"/>dg<span class="_ _3"/>es t<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>re<span class="_ _3"/>d ris<span class="_ _3"/>k<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e con<span class="_ _3"/>clu<span class="_ _3"/>de a h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me we p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>t fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts t<span class="_ _3"/>he<span class="_ _3"/>rea<span class="_ _3"/>f<span class="_ _3"/>ter, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>e cor<span class="_ _3"/>re<span class="_ _3"/>lat<span class="_ _3"/>ion b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposure<span class="_ _0"/> and t<span class="_ _0"/>he hedging<span class="_ _0"/> instrument. The<span class="_ _0"/> effect<span class="_ _0"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s a he<span class="_ _3"/>dg<span class="_ _3"/>e of fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h flow<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>reh<span class="_ _3"/>en<span class="_ _3"/>si<span class="_ _3"/>ve in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng re<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he he<span class="_ _3"/>dg<span class="_ _3"/>ed c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s are n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be r<span class="_ _3"/>ea<span class="_ _3"/>lis<span class="_ _3"/>ed<span class="_ _3"/>, th<span class="_ _3"/>e in<span class="_ _3"/>-fu<span class="_ _3"/>ll o<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ia<span class="_ _3"/>lly acc<span class="_ _3"/>um<span class="_ _3"/>ula<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e is tr<span class="_ _3"/>ans<span class="_ _3"/>fer<span class="_ _3"/>re<span class="_ _3"/>d to prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar. In<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve he<span class="_ _3"/>dg<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to en<span class="_ _3"/>er<span class="_ _3"/>gy an<span class="_ _3"/>d com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses. Ine<span class="_ _0"/>ffectiveness<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> other<span class="_ _0"/> hedges </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l inc<span class="_ _3"/>om<span class="_ _3"/>e or e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ea<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ow, the re<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g ga<span class="_ _3"/>in<span class="_ _3"/>s or lo<span class="_ _3"/>sse<span class="_ _3"/>s ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed fr<span class="_ _3"/>om e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e sa<span class="_ _3"/>me ite<span class="_ _3"/>m as t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d item<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>Howe<span class="_ _3"/>ver, on h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng of p<span class="_ _3"/>roc<span class="_ _3"/>ee<span class="_ _3"/>ds fr<span class="_ _3"/>om f<span class="_ _3"/>utu<span class="_ _3"/>re loa<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e res<span class="_ _3"/>ulti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>n or lo<span class="_ _3"/>ss i<span class="_ _3"/>s tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red f<span class="_ _3"/>rom e<span class="_ _3"/>qu<span class="_ _3"/>ity<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the l<span class="_ _3"/>oan<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r cur<span class="_ _3"/>re<span class="_ _3"/>ncy s<span class="_ _3"/>wap<span class="_ _3"/>s, t<span class="_ _3"/>he b<span class="_ _3"/>asi<span class="_ _3"/>s sp<span class="_ _3"/>rea<span class="_ _3"/>d is a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to t<span class="_ _3"/>he co<span class="_ _3"/>st of t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng mo<span class="_ _3"/>de<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> estimate</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se ag<span class="_ _3"/>re<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s at fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, we u<span class="_ _3"/>se es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s of no<span class="_ _3"/>n- </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>b<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, s<span class="_ _3"/>uch a<span class="_ _3"/>s:</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ws161"> <span class="_ _174"> </span> p<span class="_ _3"/>ro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on <span class="_ _21"> </span>fore<span class="_ _3"/>cas<span class="_ _3"/>ts</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d lon<span class="_ _3"/>g-te<span class="_ _3"/>rm p<span class="_ _3"/>owe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s an<span class="_ _3"/>d </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exchange rat<span class="_ _0"/>es</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3"> <span class="_ _181"> </span> <span class="_ _1"/>for<span class="_ _3"/>eca<span class="_ _3"/>ste<span class="_ _3"/>d inf<span class="_ _3"/>la<span class="_ _3"/>tio<span class="_ _3"/>n ex<span class="_ _3"/>pe<span class="_ _3"/>cta<span class="_ _3"/>tio<span class="_ _3"/>ns<span class="_ _3"/>.</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedge eff<span class="_ _0"/>ectiveness<span class="_ _0"/> is<span class="_ _0"/> measured<span class="_ _0"/> using<span class="_ _0"/> forec<span class="_ _0"/>asted<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n as we<span class="_ _3"/>ll a<span class="_ _3"/>s es<span class="_ _3"/>tim<span class="_ _3"/>ate<span class="_ _3"/>s reg<span class="_ _3"/>ar<span class="_ _3"/>di<span class="_ _3"/>ng e<span class="_ _3"/>ne<span class="_ _3"/>rgy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s, i<span class="_ _3"/>nte<span class="_ _3"/>rm<span class="_ _3"/>itte<span class="_ _3"/>nc<span class="_ _3"/>y, inte<span class="_ _3"/>res<span class="_ _3"/>t, cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y, and i<span class="_ _3"/>nf<span class="_ _3"/>la-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>. For p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>ds w<span class="_ _3"/>he<span class="_ _3"/>re we a<span class="_ _3"/>re clo<span class="_ _3"/>se to fu<span class="_ _3"/>lly he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">vo<span class="_ _3"/>lum<span class="_ _3"/>e ove<span class="_ _3"/>rhe<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g is p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le if t<span class="_ _3"/>he fo<span class="_ _3"/>rec<span class="_ _3"/>aste<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>odu<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n do<span class="_ _3"/>es no<span class="_ _3"/>t mate<span class="_ _3"/>ri<span class="_ _3"/>al<span class="_ _3"/>is<span class="_ _3"/>e, wh<span class="_ _3"/>ic<span class="_ _3"/>h wi<span class="_ _3"/>ll le<span class="_ _3"/>ad to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">recognit<span class="_ _0"/>ion o<span class="_ _0"/>f ineffect<span class="_ _0"/>iveness.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _21"> </span>K<span class="_ _0"/>e<span class="_ _0"/>y ac<span class="_ _0"/>counting<span class="_ _0"/> judgement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Val<span class="_ _3"/>ua<span class="_ _3"/>tio<span class="_ _3"/>n of lo<span class="_ _3"/>ng<span class="_ _3"/>-t<span class="_ _3"/>er<span class="_ _3"/>m powe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">purcha<span class="_ _3"/>se agreemen<span class="_ _3"/>ts</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>as<span class="_ _3"/>ure o<span class="_ _3"/>ur p<span class="_ _3"/>ower p<span class="_ _3"/>ur<span class="_ _3"/>cha<span class="_ _3"/>se a<span class="_ _3"/>gre<span class="_ _3"/>em<span class="_ _3"/>e<span class="_ _3"/>nts a<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>, bu<span class="_ _3"/>t they c<span class="_ _3"/>an<span class="_ _3"/>not a<span class="_ _3"/>lway<span class="_ _3"/>s be me<span class="_ _3"/>as<span class="_ _3"/>ure<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t qu<span class="_ _3"/>oted p<span class="_ _3"/>ri<span class="_ _3"/>ces i<span class="_ _3"/>n ac<span class="_ _3"/>ti<span class="_ _3"/>ve ma<span class="_ _3"/>rke<span class="_ _3"/>ts d<span class="_ _3"/>ue to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g du<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e con<span class="_ _3"/>tra<span class="_ _3"/>ct<span class="_ _3"/>s. We th<span class="_ _3"/>er<span class="_ _3"/>efor<span class="_ _3"/>e use </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">el<span class="_ _3"/>em<span class="_ _3"/>ent<span class="_ _3"/>s of ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>t whe<span class="_ _3"/>n me<span class="_ _3"/>as<span class="_ _3"/>ur<span class="_ _3"/>in<span class="_ _3"/>g the fa<span class="_ _3"/>ir </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue<span class="_ _3"/>, an<span class="_ _3"/>d we ai<span class="_ _3"/>m to li<span class="_ _3"/>mi<span class="_ _3"/>t th<span class="_ _3"/>e use o<span class="_ _3"/>f <span class="_ _6"/>su<span class="_ _3"/>bj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s an<span class="_ _3"/>d ba<span class="_ _3"/>se th<span class="_ _3"/>e fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>s on ex<span class="_ _3"/>te<span class="_ _3"/>rn<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inf<span class="_ _0"/>ormation, incl<span class="_ _0"/>uding external<span class="_ _0"/> pricing<span class="_ _0"/> and bench<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mark services.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ju<span class="_ _3"/>dg<span class="_ _3"/>em<span class="_ _3"/>en<span class="_ _3"/>ts a<span class="_ _3"/>re us<span class="_ _3"/>ed to co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>r wh<span class="_ _3"/>eth<span class="_ _3"/>er fo<span class="_ _3"/>re<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>sted t<span class="_ _3"/>ran<span class="_ _3"/>sa<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>s ar<span class="_ _3"/>e hig<span class="_ _3"/>hly p<span class="_ _3"/>rob<span class="_ _3"/>ab<span class="_ _3"/>le ex<span class="_ _3"/>po<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>res a<span class="_ _3"/>s he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>tems i<span class="_ _3"/>n a he<span class="_ _3"/>dg<span class="_ _3"/>e re<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>sh<span class="_ _3"/>ip, e<span class="_ _3"/>.g<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n fro<span class="_ _3"/>m win<span class="_ _3"/>d far<span class="_ _3"/>ms<span class="_ _3"/>, an<span class="_ _3"/>d ju<span class="_ _3"/>dg<span class="_ _3"/>e-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt i<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied a<span class="_ _3"/>s to wh<span class="_ _3"/>eth<span class="_ _3"/>er t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>e in<span class="_ _3"/>st<span class="_ _3"/>ru<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt<span class="_ _3"/>s ap<span class="_ _3"/>pl<span class="_ _3"/>ied i<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e rel<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>sh<span class="_ _3"/>ips i<span class="_ _3"/>de<span class="_ _3"/>nti<span class="_ _3"/>fi<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are<span class="_ _0"/> effectiv<span class="_ _0"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">En<span class="_ _3"/>ergy p<span class="_ _3"/>rice ri<span class="_ _3"/>sks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ma<span class="_ _3"/>in e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k ste<span class="_ _3"/>ms fro<span class="_ _3"/>m ou<span class="_ _3"/>r inte<span class="_ _3"/>rm<span class="_ _3"/>it<span class="_ _0"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tent p<span class="_ _3"/>ower p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on fro<span class="_ _3"/>m wi<span class="_ _3"/>nd a<span class="_ _3"/>nd so<span class="_ _3"/>lar P<span class="_ _3"/>V ass<span class="_ _3"/>ets<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">By na<span class="_ _3"/>ture<span class="_ _3"/>, thi<span class="_ _3"/>s is e<span class="_ _3"/>xpo<span class="_ _3"/>sed to vo<span class="_ _3"/>lum<span class="_ _3"/>e un<span class="_ _3"/>ce<span class="_ _3"/>rta<span class="_ _3"/>int<span class="_ _3"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>p<span class="_ _3"/>ri<span class="_ _3"/>ma<span class="_ _3"/>rily dr<span class="_ _3"/>ive<span class="_ _3"/>n by wea<span class="_ _3"/>the<span class="_ _3"/>r<span class="_ _0"/>, pr<span class="_ _3"/>ice u<span class="_ _3"/>nce<span class="_ _3"/>r<span class="_ _3"/>tai<span class="_ _3"/>nty, and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the o<span class="_ _0"/>ften<span class="_ _0"/> negative<span class="_ _0"/> corr<span class="_ _0"/>elation<span class="_ _0"/> betw<span class="_ _0"/>een the<span class="_ _0"/> two.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are a<span class="_ _3"/>l<span class="_ _3"/>so ex<span class="_ _3"/>pos<span class="_ _3"/>ed to oth<span class="_ _3"/>er e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ric<span class="_ _3"/>es th<span class="_ _3"/>rou<span class="_ _3"/>gh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r CH<span class="_ _3"/>P pla<span class="_ _3"/>nts a<span class="_ _3"/>nd g<span class="_ _3"/>as bu<span class="_ _3"/>si<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Intermitt<span class="_ _0"/>ent<span class="_ _0"/> Offshore and<span class="_ _0"/> Onshore po<span class="_ _0"/>wer<span class="_ _0"/> production</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Aro<span class="_ _3"/>un<span class="_ _3"/>d 20 <span class="_ _15c"/>% of r<span class="_ _3"/>even<span class="_ _3"/>ue f<span class="_ _3"/>rom o<span class="_ _3"/>ur pow<span class="_ _3"/>er p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in O<span class="_ _3"/>f<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>nd O<span class="_ _3"/>nsh<span class="_ _3"/>ore i<span class="_ _3"/>n 202<span class="_ _3"/>4-<span class="_ _0"/>2026 i<span class="_ _3"/>s exp<span class="_ _3"/>ose<span class="_ _3"/>d to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">power p<span class="_ _3"/>rices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A lar<span class="_ _3"/>ge pa<span class="_ _3"/>r<span class="_ _3"/>t of ou<span class="_ _3"/>r in<span class="_ _3"/>com<span class="_ _3"/>e in O<span class="_ _3"/>nsh<span class="_ _3"/>ore c<span class="_ _3"/>om<span class="_ _3"/>es fro<span class="_ _3"/>m PTCs </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">or I<span class="_ _3"/>T<span class="_ _0"/>C<span class="_ _3"/>s rela<span class="_ _3"/>ted to powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion o<span class="_ _3"/>r inve<span class="_ _3"/>stm<span class="_ _3"/>en<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he US (s<span class="_ _3"/>ee n<span class="_ _3"/>ote 3.<span class="_ _0"/>9 ‘T<span class="_ _0"/>ax e<span class="_ _3"/>qu<span class="_ _3"/>ity l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>lit<span class="_ _3"/>ies<span class="_ _3"/>’). T<span class="_ _3"/>he ta<span class="_ _3"/>x </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>di<span class="_ _3"/>ts a<span class="_ _3"/>re not e<span class="_ _3"/>xpo<span class="_ _3"/>sed to a p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k<span class="_ _3"/>. Howeve<span class="_ _3"/>r, ther<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is a p<span class="_ _3"/>ri<span class="_ _3"/>ce ris<span class="_ _3"/>k as<span class="_ _3"/>soc<span class="_ _3"/>iate<span class="_ _3"/>d wit<span class="_ _3"/>h the p<span class="_ _3"/>ower p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>e ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y red<span class="_ _3"/>uc<span class="_ _3"/>e by enter<span class="_ _3"/>in<span class="_ _3"/>g into CP<span class="_ _3"/>P<span class="_ _0"/>As<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e cu<span class="_ _3"/>rre<span class="_ _3"/>nt CPPAs cove<span class="_ _3"/>r ap<span class="_ _3"/>prox<span class="_ _3"/>. <span class="_ _4"/>7<span class="_ _3"/>3 <span class="_ _15c"/>% of th<span class="_ _3"/>e exp<span class="_ _3"/>ec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion fo<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d 2024<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>026. I<span class="_ _3"/>n ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l, th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CPPAs a<span class="_ _3"/>re str<span class="_ _3"/>uc<span class="_ _3"/>ture<span class="_ _3"/>d wi<span class="_ _3"/>th a mi<span class="_ _3"/>ni<span class="_ _3"/>mu<span class="_ _3"/>m pr<span class="_ _3"/>ice p<span class="_ _3"/>er M<span class="_ _3"/>Wh </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d a me<span class="_ _3"/>ch<span class="_ _3"/>an<span class="_ _3"/>ism w<span class="_ _3"/>he<span class="_ _3"/>re we reta<span class="_ _3"/>in m<span class="_ _3"/>ost of t<span class="_ _3"/>he u<span class="_ _3"/>psi<span class="_ _3"/>de </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m hi<span class="_ _3"/>gh p<span class="_ _3"/>ower p<span class="_ _3"/>ric<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>o m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te our r<span class="_ _3"/>esi<span class="_ _3"/>du<span class="_ _3"/>al e<span class="_ _3"/>xpo<span class="_ _3"/>sur<span class="_ _3"/>e to powe<span class="_ _3"/>r pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sks<span class="_ _3"/>, we m<span class="_ _3"/>ai<span class="_ _3"/>nly use f<span class="_ _3"/>ix<span class="_ _3"/>ed<span class="_ _3"/>-volu<span class="_ _3"/>me h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>s. A<span class="_ _3"/>s both </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e valu<span class="_ _3"/>e, vo<span class="_ _3"/>lum<span class="_ _3"/>e pro<span class="_ _3"/>du<span class="_ _3"/>ced<span class="_ _3"/>, an<span class="_ _3"/>d th<span class="_ _3"/>e ac<span class="_ _3"/>tua<span class="_ _3"/>l hou<span class="_ _3"/>rly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion p<span class="_ _3"/>rof<span class="_ _3"/>ile d<span class="_ _3"/>el<span class="_ _3"/>ive<span class="_ _3"/>red by o<span class="_ _3"/>ur a<span class="_ _3"/>sset<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>r fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e fi<span class="_ _3"/>xed<span class="_ _3"/>-vo<span class="_ _3"/>lum<span class="_ _3"/>e he<span class="_ _3"/>dge<span class="_ _3"/>s we us<span class="_ _3"/>e, we a<span class="_ _3"/>ccou<span class="_ _3"/>nt for th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in o<span class="_ _3"/>ur h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng p<span class="_ _3"/>oli<span class="_ _3"/>cy a<span class="_ _3"/>nd st<span class="_ _3"/>rateg<span class="_ _3"/>ie<span class="_ _3"/>s. T<span class="_ _3"/>he co<span class="_ _3"/>rre<span class="_ _3"/>lat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>twe<span class="_ _3"/>en vo<span class="_ _3"/>lum<span class="_ _3"/>es p<span class="_ _3"/>rod<span class="_ _3"/>uce<span class="_ _3"/>d an<span class="_ _3"/>d powe<span class="_ _3"/>r pr<span class="_ _3"/>ices i<span class="_ _3"/>s of<span class="_ _3"/>ten </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ne<span class="_ _3"/>ga<span class="_ _3"/>tive<span class="_ _3"/>, wh<span class="_ _3"/>ich i<span class="_ _3"/>s refe<span class="_ _3"/>rred to a<span class="_ _3"/>s volu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A dyn<span class="_ _3"/>am<span class="_ _3"/>ic h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>pp<span class="_ _3"/>roac<span class="_ _3"/>h is u<span class="_ _3"/>sed to h<span class="_ _3"/>ed<span class="_ _3"/>ge u<span class="_ _3"/>p </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to 70 <span class="_ _1"/>% o<span class="_ _3"/>f the re<span class="_ _3"/>sid<span class="_ _3"/>ua<span class="_ _3"/>l pow<span class="_ _3"/>er p<span class="_ _3"/>rice e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re wi<span class="_ _3"/>thi<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a tw<span class="_ _0"/>o-year<span class="_ _0"/> horiz<span class="_ _0"/>on. This hedging<span class="_ _0"/> le<span class="_ _0"/>vel s<span class="_ _0"/>ignificant<span class="_ _0"/>l<span class="_ _0"/>y<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">red<span class="_ _3"/>uc<span class="_ _3"/>es th<span class="_ _3"/>e ris<span class="_ _3"/>k of be<span class="_ _3"/>in<span class="_ _3"/>g over<span class="_ _3"/>he<span class="_ _3"/>dg<span class="_ _3"/>ed wh<span class="_ _3"/>ile p<span class="_ _3"/>rovi<span class="_ _3"/>di<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an adequat<span class="_ _0"/>e<span class="_ _0"/> risk r<span class="_ _0"/>eduction.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e may<span class="_ _0"/> hedge be<span class="_ _0"/>yond<span class="_ _0"/> the<span class="_ _0"/> two-<span class="_ _0"/>year hori<span class="_ _0"/>zon<span class="_ _0"/> if the<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice level is co<span class="_ _3"/>mm<span class="_ _3"/>erci<span class="_ _3"/>ally attra<span class="_ _3"/>ctive<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>tio<span class="_ _3"/>n at o<span class="_ _3"/>ur C<span class="_ _3"/>HP p<span class="_ _3"/>la<span class="_ _3"/>nt<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r com<span class="_ _3"/>bi<span class="_ _3"/>ne<span class="_ _3"/>d he<span class="_ _3"/>at a<span class="_ _3"/>nd pow<span class="_ _3"/>er (CH<span class="_ _3"/>P) p<span class="_ _3"/>lant<span class="_ _3"/>s con<span class="_ _3"/>si<span class="_ _3"/>st<span class="_ _3"/> of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">bi<span class="_ _3"/>om<span class="_ _3"/>ass- a<span class="_ _3"/>nd fos<span class="_ _3"/>si<span class="_ _3"/>l-fue<span class="_ _3"/>lled p<span class="_ _3"/>la<span class="_ _3"/>nts i<span class="_ _3"/>n De<span class="_ _3"/>nm<span class="_ _3"/>ark<span class="_ _3"/>. T<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>ita<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty of powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion i<span class="_ _3"/>s de<span class="_ _3"/>term<span class="_ _3"/>in<span class="_ _3"/>ed by th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce b<span class="_ _3"/>etwe<span class="_ _3"/>en t<span class="_ _3"/>he se<span class="_ _3"/>ll<span class="_ _3"/>in<span class="_ _3"/>g pr<span class="_ _3"/>ice of p<span class="_ _3"/>ower a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pu<span class="_ _3"/>rch<span class="_ _3"/>ase p<span class="_ _3"/>ri<span class="_ _3"/>ce of fu<span class="_ _3"/>el a<span class="_ _3"/>nd<span class="_ _3"/>, for oth<span class="_ _3"/>er f<span class="_ _3"/>ue<span class="_ _3"/>ls t<span class="_ _3"/>ha<span class="_ _3"/>n bio<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>ss<span class="_ _3"/>, car<span class="_ _3"/>bo<span class="_ _3"/>n em<span class="_ _3"/>iss<span class="_ _3"/>io<span class="_ _3"/>n allow<span class="_ _3"/>an<span class="_ _3"/>ces<span class="_ _3"/>. If th<span class="_ _3"/>e sp<span class="_ _3"/>rea<span class="_ _3"/>ds a<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">attr<span class="_ _0"/>active,<span class="_ _0"/> we<span class="_ _0"/> pro<span class="_ _0"/>vide c<span class="_ _0"/>ondensing po<span class="_ _0"/>wer<span class="_ _0"/> generation<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in a<span class="_ _3"/>dd<span class="_ _3"/>iti<span class="_ _3"/>on to CH<span class="_ _3"/>P ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>io<span class="_ _3"/>n. T<span class="_ _3"/>he total n<span class="_ _3"/>et ri<span class="_ _3"/>sk a<span class="_ _3"/>sso<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>ated w<span class="_ _3"/>ith p<span class="_ _3"/>ower f<span class="_ _3"/>rom CH<span class="_ _3"/>P ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion fo<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>io<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>4-<span class="_ _0"/>2026 is D<span class="_ _3"/>KK 5<span class="_ _3"/>.<span class="_ _0"/>9 bil<span class="_ _3"/>li<span class="_ _3"/>on a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing<span class="_ _3"/>, <span class="_ _49"/>cov<span class="_ _3"/>eri<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">both<span class="_ _0"/> heat<span class="_ _4"/>-bound and c<span class="_ _0"/>ondensing bas<span class="_ _0"/>e <span class="_ _49"/>generation.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are n<span class="_ _3"/>ot ex<span class="_ _3"/>pos<span class="_ _3"/>ed to pr<span class="_ _3"/>ice r<span class="_ _3"/>isk<span class="_ _3"/>s rel<span class="_ _3"/>ated to he<span class="_ _3"/>at </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">generation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Gas sales</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pr<span class="_ _3"/>ice r<span class="_ _3"/>isk a<span class="_ _3"/>sso<span class="_ _3"/>cia<span class="_ _3"/>ted wi<span class="_ _3"/>th sa<span class="_ _3"/>le of ga<span class="_ _3"/>s ste<span class="_ _3"/>ms fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce<span class="_ _3"/>s in th<span class="_ _3"/>e sa<span class="_ _3"/>le an<span class="_ _3"/>d pur<span class="_ _3"/>cha<span class="_ _3"/>se p<span class="_ _3"/>rice<span class="_ _3"/>s. T<span class="_ _0"/>o the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>tent w<span class="_ _3"/>e pu<span class="_ _3"/>rcha<span class="_ _3"/>se g<span class="_ _3"/>as at a f<span class="_ _3"/>ix<span class="_ _3"/>ed p<span class="_ _3"/>rice<span class="_ _3"/>, we a<span class="_ _3"/>im to us<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>es to swa<span class="_ _3"/>p th<span class="_ _3"/>e pu<span class="_ _3"/>rcha<span class="_ _3"/>se i<span class="_ _3"/>nto a var<span class="_ _3"/>iab<span class="_ _3"/>le p<span class="_ _3"/>rice<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en we b<span class="_ _3"/>oth h<span class="_ _3"/>ave a va<span class="_ _3"/>ri<span class="_ _3"/>ab<span class="_ _3"/>le pu<span class="_ _3"/>rcha<span class="_ _3"/>se a<span class="_ _3"/>nd sa<span class="_ _3"/>les </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>, ou<span class="_ _3"/>r ma<span class="_ _3"/>rgi<span class="_ _3"/>n be<span class="_ _3"/>com<span class="_ _3"/>es f<span class="_ _3"/>ixe<span class="_ _3"/>d. T<span class="_ _3"/>he m<span class="_ _3"/>ai<span class="_ _3"/>n ri<span class="_ _3"/>sk af<span class="_ _3"/>ter </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">hedging is<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> con<span class="_ _0"/>tracts<span class="_ _0"/> where<span class="_ _0"/> the<span class="_ _0"/> purchase<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice i<span class="_ _3"/>s fi<span class="_ _3"/>xed<span class="_ _3"/>, bu<span class="_ _3"/>t wh<span class="_ _3"/>ere t<span class="_ _3"/>he vo<span class="_ _3"/>lum<span class="_ _3"/>es de<span class="_ _3"/>li<span class="_ _3"/>ve<span class="_ _3"/>red to us </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>pe<span class="_ _3"/>nd o<span class="_ _3"/>n ou<span class="_ _3"/>r sup<span class="_ _3"/>pl<span class="_ _3"/>ie<span class="_ _3"/>rs' a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Risk<span class="_ _0"/> after<span class="_ _0"/> hed<span class="_ _0"/>ging</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r en<span class="_ _3"/>er<span class="_ _3"/>gy ex<span class="_ _3"/>pos<span class="_ _3"/>ure a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing fo<span class="_ _3"/>r the y<span class="_ _3"/>ea<span class="_ _3"/>rs 20<span class="_ _3"/>24-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2026 ca<span class="_ _3"/>n be s<span class="_ _3"/>um<span class="_ _3"/>ma<span class="_ _3"/>ris<span class="_ _3"/>ed a<span class="_ _3"/>s show<span class="_ _3"/>n in th<span class="_ _3"/>e tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:65.486328125px;"><span style="position: absolute; display: inline-block; left: 194.266px; top: 0.0078125px; width: 96.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f price change</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.13281px; width: 80.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Risk after hedging</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.6035px; width: 30.9551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKbn</span><span style="position: absolute; display: inline-block; left: 189.766px; top: 19.6035px; width: 102.434px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-10 %</span><span style="position: absolute; display: inline-block; left: 0px; top: 37.8535px; width: 291.117px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer: 14.2 s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 91.5469px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.4<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.6482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-1.4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 56.1191px; width: 291.217px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Spread (po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er): 5.9<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+0.6<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-0.6</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice w<span class="_ _3"/>ill r<span class="_ _3"/>esu<span class="_ _3"/>lt in a ga<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DK<span class="_ _3"/>K 1.<span class="_ _3"/>4 bi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n over th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od 202<span class="_ _3"/>4-<span class="_ _0"/>2026<span class="_ _3"/>, all e<span class="_ _3"/>l<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remaining unchanged. Gas<span class="_ _0"/> and oil<span class="_ _0"/> activit<span class="_ _0"/>ies hav<span class="_ _0"/>e a<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>mi<span class="_ _3"/>ted ri<span class="_ _3"/>sk a<span class="_ _3"/>fte<span class="_ _3"/>r he<span class="_ _3"/>dg<span class="_ _3"/>ing o<span class="_ _3"/>f DKK 0<span class="_ _3"/>.0 b<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">per<span class="_ _3"/>iod 2024-<span class="_ _0"/>202<span class="_ _0"/>6. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ Princip<span class="_ _0"/>les<span class="_ _0"/> fo<span class="_ _0"/>r es<span class="_ _0"/>timating<span class="_ _0"/> exp<span class="_ _0"/>osure<span class="_ _0"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>po<span class="_ _3"/>su<span class="_ _3"/>re is ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(or n<span class="_ _3"/>et p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se/sa<span class="_ _3"/>le) t<span class="_ _3"/>im<span class="_ _3"/>es th<span class="_ _3"/>e for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">respectiv<span class="_ _0"/>e years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 538.484px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 1130.08px; top: 0.0078125px; width: 165.475px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A/C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>APEX</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 902.109px; top: 31.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 370.328px; top: 43.0234px; width: 195.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 566.166px; top: 43.0234px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025</span><span style="position: absolute; display: inline-block; left: 614.676px; top: 43.0234px; width: 193.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 808.164px; top: 43.0234px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 844.346px; top: 43.0234px; width: 206.062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 861.797px; top: 43.0234px; width: 100.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 1295.05px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps and fut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ures (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 12,923<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,905<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,688<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,330<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,611<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,348)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,112)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,041)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4.833)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 1294.41px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 171<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">171<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(72)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(71)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.775px; width: 1294.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,165<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">456<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>648<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>61<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>172<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(314)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(896)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(761)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(62)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(73)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 274.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 274.939px; top: 117.775px; width: 677.695px; white-space: pre; word-spacing: 0.09px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> 8<span style="word-spacing: 0.09px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 108.615px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 952.635px; top: 117.775px; width: 342.012px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:122.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 132.932px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e cash fl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3828px; width: 370.207px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 341.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.207px; top: 24.0078px; width: 924.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>After 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.2578px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 1294.69px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps and fut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ures (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.3241px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 32,300<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,480<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,856<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,964<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,291<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(39,641)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(27,779)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,435)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,649)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(12,695)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.7441px; width: 1294.61px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,071<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">922<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(91)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(88)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 1294.54px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,171<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">312<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>387<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>472<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>396<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,596)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,915)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(672)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(907)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(336)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 98.7598px; width: 1294.63px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Carbon emission all<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ances (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell pos<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 46<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">46<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(35)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(35)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 112.76px; width: 1294.72px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 163.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 15<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.457px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.074px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2023, we r<span class="_ _0"/>ec<span class="_ _0"/>ognised ineff<span class="_ _0"/>ectiv<span class="_ _0"/>e hedges in the amount of DKK </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">-512 million (2022: DKK -4,475 million) in o<span class="_ _0"/>ther operating e<span class="_ _0"/>xpenses<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of which vol<span class="_ _0"/>ume-rel<span class="_ _0"/>at<span class="_ _0"/>ed ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness rel<span class="_ _0"/>at<span class="_ _0"/>ed to Off<span class="_ _0"/>shor<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">amounted t<span class="_ _0"/>o DKK -418 million (2022: DKK -3,771 mil<span class="_ _0"/>lion), inflation-<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">indexed r<span class="_ _0"/>el<span class="_ _0"/>ated ine<span class="_ _0"/>ff<span class="_ _0"/>ectiveness amount<span class="_ _0"/>ed t<span class="_ _0"/>o DKK +105 million </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK -658 <span class="_ _6"/>million), and other ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness amount<span class="_ _0"/>ed to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DKK -199 million (2022: DKK -46 million).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:142.236328125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.02344px; width: 122.156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at </span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 120.34px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 57.9434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2578px; width: 33.1348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Energy </span><span style="position: absolute; display: inline-block; left: 0px; top: 76.8535px; width: 614.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 109.277px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">166<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 507<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(803)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.8535px; width: 614.367px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 245<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span> 3,264<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,872</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 104.869px; width: 614.174px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 134.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 2,279<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(67)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,894)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.869px; width: 614.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 1,528<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,395<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,920</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 132.869px; width: 614.508px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 178.647px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> 175<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">69<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n and i<span class="_ _3"/>nte<span class="_ _3"/>rest r<span class="_ _3"/>ate ris<span class="_ _3"/>ks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ap<span class="_ _3"/>pro<span class="_ _3"/>xi<span class="_ _3"/>mate<span class="_ _3"/>ly 80 <span class="_ _15c"/>% of o<span class="_ _3"/>ur rev<span class="_ _3"/>en<span class="_ _3"/>ue fro<span class="_ _3"/>m of<span class="_ _3"/>fsh<span class="_ _3"/>ore </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">and onshor<span class="_ _0"/>e ass<span class="_ _0"/>ets<span class="_ _0"/> for<span class="_ _0"/> the<span class="_ _0"/> period 20<span class="_ _0"/>24-<span class="_ _4"/>2030 s<span class="_ _0"/>tems<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">from<span class="_ _0"/> either<span class="_ _0"/> fixed nominal or<span class="_ _0"/> infla<span class="_ _0"/>tion-indexed c<span class="_ _0"/>on<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s. T<span class="_ _3"/>he lo<span class="_ _3"/>ng d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n of the<span class="_ _3"/>se ca<span class="_ _3"/>sh f<span class="_ _3"/>lows ex<span class="_ _3"/>pos<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us towa<span class="_ _3"/>rds c<span class="_ _3"/>ha<span class="_ _3"/>nge<span class="_ _3"/>s in i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>tes an<span class="_ _3"/>d <span class="_ _49"/>i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pa<span class="_ _3"/>r<span class="_ _3"/>ticu<span class="_ _3"/>la<span class="_ _3"/>rly for ass<span class="_ _3"/>ets w<span class="_ _3"/>he<span class="_ _3"/>re the f<span class="_ _3"/>ix<span class="_ _3"/>ed n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _3"/>ei<span class="_ _3"/>ved i<span class="_ _3"/>s cons<span class="_ _3"/>tant re<span class="_ _3"/>ga<span class="_ _3"/>rd<span class="_ _3"/>less of i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>te, in<span class="_ _3"/>fla<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on<span class="_ _3"/>, or m<span class="_ _3"/>erc<span class="_ _3"/>han<span class="_ _3"/>t pri<span class="_ _3"/>ce leve<span class="_ _3"/>l<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ha<span class="_ _3"/>ve see<span class="_ _3"/>n th<span class="_ _3"/>is f<span class="_ _3"/>ir<span class="_ _3"/>st<span class="_ _0"/>-h<span class="_ _3"/>an<span class="_ _3"/>d du<span class="_ _3"/>ri<span class="_ _3"/>ng 20<span class="_ _3"/>23 wh<span class="_ _3"/>en i<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cre<span class="_ _3"/>ase<span class="_ _3"/>s fro<span class="_ _3"/>m both i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>tes an<span class="_ _3"/>d in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n af<span class="_ _3"/>fec<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r po<span class="_ _3"/>rt<span class="_ _3"/>fol<span class="_ _3"/>io, p<span class="_ _3"/>ar<span class="_ _3"/>tic<span class="_ _3"/>ula<span class="_ _3"/>rly ou<span class="_ _3"/>r fi<span class="_ _3"/>xed n<span class="_ _3"/>om<span class="_ _3"/>in<span class="_ _3"/>al a<span class="_ _3"/>sset<span class="_ _3"/>s in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e US th<span class="_ _3"/>rou<span class="_ _3"/>gh r<span class="_ _3"/>isi<span class="_ _3"/>ng i<span class="_ _3"/>ntere<span class="_ _3"/>st ra<span class="_ _3"/>tes, a<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>ing t<span class="_ _3"/>he co<span class="_ _3"/>st </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ca<span class="_ _3"/>pita<span class="_ _3"/>l an<span class="_ _3"/>d inf<span class="_ _3"/>lat<span class="_ _3"/>ion t<span class="_ _3"/>hro<span class="_ _3"/>ug<span class="_ _3"/>h hi<span class="_ _3"/>gh<span class="_ _3"/>er C<span class="_ _3"/>APE<span class="_ _3"/>X an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>d<span class="_ _3"/>ilu<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>e valu<span class="_ _3"/>e of ou<span class="_ _3"/>r OR<span class="_ _3"/>ECs (P<span class="_ _3"/>P<span class="_ _0"/>As).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ri<span class="_ _3"/>sk fr<span class="_ _3"/>ame<span class="_ _3"/>wor<span class="_ _3"/>k bu<span class="_ _3"/>ild<span class="_ _3"/>s on th<span class="_ _3"/>e im<span class="_ _3"/>po<span class="_ _3"/>rta<span class="_ _3"/>nt <span class="_ _49"/>ce<span class="_ _3"/>ntra<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>sum<span class="_ _3"/>pti<span class="_ _3"/>on th<span class="_ _3"/>at s<span class="_ _3"/>ha<span class="_ _3"/>reh<span class="_ _3"/>old<span class="_ _3"/>er<span class="_ _3"/>s prefe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n-<span class="_ _3"/>in<span class="_ _3"/>dex<span class="_ _3"/>ed ca<span class="_ _3"/>sh f<span class="_ _3"/>lows ove<span class="_ _3"/>r nom<span class="_ _3"/>in<span class="_ _3"/>al c<span class="_ _3"/>ash f<span class="_ _3"/>lows<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as t<span class="_ _3"/>his p<span class="_ _3"/>rotec<span class="_ _3"/>ts t<span class="_ _3"/>he re<span class="_ _3"/>al va<span class="_ _3"/>lue of t<span class="_ _3"/>he<span class="_ _3"/>ir i<span class="_ _3"/>nves<span class="_ _3"/>tme<span class="_ _3"/>nt<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply an a<span class="_ _3"/>sset a<span class="_ _3"/>nd l<span class="_ _3"/>ia<span class="_ _3"/>bi<span class="_ _3"/>li<span class="_ _3"/>ty ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt fra<span class="_ _3"/>me<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wor<span class="_ _3"/>k for h<span class="_ _3"/>and<span class="_ _3"/>l<span class="_ _3"/>ing i<span class="_ _3"/>nter<span class="_ _3"/>est ra<span class="_ _3"/>te an<span class="_ _3"/>d inf<span class="_ _3"/>lati<span class="_ _3"/>on r<span class="_ _3"/>isk<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The objectiv<span class="_ _0"/>e is<span class="_ _0"/> t<span class="_ _0"/>o manage<span class="_ _0"/> the s<span class="_ _0"/>hareholders<span class="_ _0"/>' r<span class="_ _0"/>eal </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue by en<span class="_ _3"/>su<span class="_ _3"/>rin<span class="_ _3"/>g th<span class="_ _3"/>at f<span class="_ _3"/>ixe<span class="_ _3"/>d rate de<span class="_ _3"/>bt i<span class="_ _3"/>s matc<span class="_ _3"/>hed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th fi<span class="_ _3"/>xe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h flows<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inflation<span class="_ _0"/> risk</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e activ<span class="_ _0"/>el<span class="_ _0"/>y inc<span class="_ _0"/>entivis<span class="_ _0"/>e asse<span class="_ _0"/>ts wi<span class="_ _0"/>th in<span class="_ _0"/>flation-indexed<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>nu<span class="_ _3"/>e stre<span class="_ _3"/>am<span class="_ _3"/>s in b<span class="_ _3"/>us<span class="_ _3"/>ine<span class="_ _3"/>ss d<span class="_ _3"/>eci<span class="_ _3"/>si<span class="_ _3"/>ons to m<span class="_ _3"/>iti<span class="_ _3"/>ga<span class="_ _3"/>te our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cost<span class="_ _4"/>-inflation<span class="_ _0"/> risk. Our cost<span class="_ _0"/> inflat<span class="_ _0"/>ion mainl<span class="_ _0"/>y st<span class="_ _0"/>ems </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m OPE<span class="_ _3"/>X<span class="_ _3"/>, COGS<span class="_ _3"/>, DE<span class="_ _3"/>V<span class="_ _3"/>EX<span class="_ _3"/>, a<span class="_ _3"/>nd C<span class="_ _3"/>APE<span class="_ _3"/>X<span class="_ _3"/>, whi<span class="_ _3"/>ch to a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lar<span class="_ _3"/>ge ex<span class="_ _3"/>ten<span class="_ _3"/>t in<span class="_ _3"/>crea<span class="_ _3"/>se wi<span class="_ _3"/>th i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n. I<span class="_ _3"/>n ad<span class="_ _3"/>di<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>, CA<span class="_ _3"/>PEX </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is e<span class="_ _3"/>xp<span class="_ _3"/>ose<span class="_ _3"/>d to the p<span class="_ _3"/>rice d<span class="_ _3"/>eve<span class="_ _3"/>lop<span class="_ _3"/>me<span class="_ _3"/>nt in a n<span class="_ _3"/>um<span class="_ _3"/>be<span class="_ _3"/>r of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">com<span class="_ _3"/>mo<span class="_ _3"/>di<span class="_ _3"/>tie<span class="_ _3"/>s, m<span class="_ _3"/>ost s<span class="_ _3"/>ig<span class="_ _3"/>ni<span class="_ _3"/>fic<span class="_ _3"/>antly stee<span class="_ _3"/>l<span class="_ _3"/>. Wh<span class="_ _3"/>en t<span class="_ _3"/>he co<span class="_ _3"/>m<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent m<span class="_ _3"/>ec<span class="_ _3"/>ha<span class="_ _3"/>ni<span class="_ _3"/>sms i<span class="_ _3"/>n ou<span class="_ _3"/>r CA<span class="_ _3"/>PE<span class="_ _3"/>X con<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s are b<span class="_ _3"/>ase<span class="_ _3"/>d on f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>lly tra<span class="_ _3"/>de<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>di<span class="_ _3"/>ces<span class="_ _3"/>, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ai<span class="_ _3"/>m to he<span class="_ _3"/>dg<span class="_ _3"/>e the r<span class="_ _3"/>isk<span class="_ _3"/>. O<span class="_ _3"/>pe<span class="_ _3"/>rati<span class="_ _3"/>on<span class="_ _3"/>al co<span class="_ _3"/>st<span class="_ _3"/>s are a<span class="_ _3"/>sse<span class="_ _3"/>sse<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tog<span class="_ _3"/>ethe<span class="_ _3"/>r wi<span class="_ _3"/>th th<span class="_ _3"/>e inf<span class="_ _3"/>lat<span class="_ _3"/>ion<span class="_ _3"/>-i<span class="_ _3"/>nd<span class="_ _3"/>exe<span class="_ _3"/>d reve<span class="_ _3"/>nu<span class="_ _3"/>e to red<span class="_ _3"/>uce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net r<span class="_ _3"/>isk<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In<span class="_ _3"/>ter<span class="_ _3"/>es<span class="_ _3"/>t rat<span class="_ _3"/>e ris<span class="_ _3"/>k</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ac<span class="_ _3"/>tive<span class="_ _3"/>ly match o<span class="_ _3"/>ur d<span class="_ _3"/>ebt w<span class="_ _3"/>ith o<span class="_ _3"/>ur a<span class="_ _3"/>sset<span class="_ _3"/>s pe<span class="_ _3"/>r cu<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>ncy a<span class="_ _3"/>nd m<span class="_ _3"/>od<span class="_ _3"/>ifi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n<span class="_ _3"/>. Mo<span class="_ _3"/>dif<span class="_ _3"/>ie<span class="_ _3"/>d du<span class="_ _3"/>rat<span class="_ _3"/>ion of b<span class="_ _3"/>oth </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and d<span class="_ _3"/>eb<span class="_ _3"/>t is th<span class="_ _3"/>e cha<span class="_ _3"/>ng<span class="_ _3"/>e in va<span class="_ _3"/>lu<span class="_ _3"/>e in re<span class="_ _3"/>spo<span class="_ _3"/>nse to a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1 pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>e poi<span class="_ _3"/>nt ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n inte<span class="_ _3"/>res<span class="_ _3"/>t rates<span class="_ _3"/>. As a r<span class="_ _3"/>ule </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>um<span class="_ _3"/>b, mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n is m<span class="_ _3"/>atch<span class="_ _3"/>ed wi<span class="_ _3"/>thi<span class="_ _3"/>n ±2 p<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ce<span class="_ _3"/>ntage p<span class="_ _3"/>oi<span class="_ _3"/>nts<span class="_ _3"/>. Fo<span class="_ _3"/>r exa<span class="_ _3"/>mp<span class="_ _3"/>le, th<span class="_ _3"/>e fi<span class="_ _3"/>xe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flow<span class="_ _3"/>s fro<span class="_ _3"/>m our T<span class="_ _0"/>ai<span class="_ _3"/>wan<span class="_ _3"/>ese p<span class="_ _3"/>roj<span class="_ _3"/>ec<span class="_ _3"/>ts wi<span class="_ _3"/>th a<span class="_ _3"/>n ave<span class="_ _3"/>rag<span class="_ _3"/>e of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">8.<span class="_ _3"/>4 <span class="_ _15c"/>% i<span class="_ _3"/>n mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n are m<span class="_ _3"/>atch<span class="_ _3"/>ed w<span class="_ _3"/>ith f<span class="_ _3"/>ixe<span class="_ _3"/>d-<span class="_ _3"/>rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NT<span class="_ _3"/>D de<span class="_ _3"/>bt wit<span class="_ _3"/>h rou<span class="_ _3"/>gh<span class="_ _3"/>l<span class="_ _0"/>y 9.0 <span class="_ _15c"/>% mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>ed d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For<span class="_ _0"/> assets<span class="_ _0"/> in oper<span class="_ _0"/>ation and<span class="_ _0"/> under c<span class="_ _0"/>onstruction,<span class="_ _0"/> 95<span class="_ _0"/> <span class="_ _15c"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e life<span class="_ _3"/>tim<span class="_ _3"/>e pre<span class="_ _3"/>se<span class="_ _3"/>nt valu<span class="_ _3"/>e of f<span class="_ _3"/>ixe<span class="_ _3"/>d no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">flow, exc<span class="_ _3"/>lud<span class="_ _3"/>in<span class="_ _3"/>g CA<span class="_ _3"/>PE<span class="_ _3"/>X, i<span class="_ _3"/>s ma<span class="_ _3"/>tche<span class="_ _3"/>d wit<span class="_ _3"/>h cor<span class="_ _3"/>resp<span class="_ _3"/>on<span class="_ _3"/>di<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>rate se<span class="_ _3"/>ni<span class="_ _3"/>or a<span class="_ _3"/>nd hyb<span class="_ _3"/>rid d<span class="_ _3"/>eb<span class="_ _3"/>t. Pa<span class="_ _3"/>r<span class="_ _3"/>t of thi<span class="_ _3"/>s ma<span class="_ _3"/>tchi<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ha<span class="_ _3"/>s be<span class="_ _3"/>en d<span class="_ _3"/>on<span class="_ _3"/>e by enter<span class="_ _3"/>in<span class="_ _3"/>g into i<span class="_ _3"/>nfla<span class="_ _3"/>tio<span class="_ _3"/>n swa<span class="_ _3"/>ps o<span class="_ _3"/>n ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>flat<span class="_ _3"/>io<span class="_ _3"/>n-<span class="_ _3"/>in<span class="_ _3"/>dex<span class="_ _3"/>ed CfD a<span class="_ _3"/>nd RO<span class="_ _3"/>C reve<span class="_ _3"/>nu<span class="_ _3"/>e in th<span class="_ _3"/>e UK to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch ou<span class="_ _3"/>r fi<span class="_ _3"/>xe<span class="_ _3"/>d-<span class="_ _3"/>rate de<span class="_ _3"/>bt<span class="_ _3"/>. As o<span class="_ _3"/>ur po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io of a<span class="_ _3"/>ward<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s matu<span class="_ _3"/>re, we c<span class="_ _3"/>an ex<span class="_ _3"/>ecu<span class="_ _3"/>te inte<span class="_ _3"/>rest r<span class="_ _3"/>ate swa<span class="_ _3"/>ps </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to lock i<span class="_ _3"/>n th<span class="_ _3"/>e inte<span class="_ _3"/>res<span class="_ _3"/>t rates b<span class="_ _3"/>efore f<span class="_ _3"/>un<span class="_ _3"/>di<span class="_ _3"/>ng is s<span class="_ _3"/>ecu<span class="_ _3"/>red<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A total of 25 <span class="_ _4"/>% of th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me p<span class="_ _3"/>rese<span class="_ _3"/>nt va<span class="_ _3"/>lue of f<span class="_ _3"/>ix<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">no<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>l cas<span class="_ _3"/>h flow<span class="_ _3"/>s, ex<span class="_ _3"/>clu<span class="_ _3"/>di<span class="_ _3"/>ng C<span class="_ _3"/>APE<span class="_ _3"/>X<span class="_ _3"/>, on o<span class="_ _3"/>ur a<span class="_ _3"/>ward<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pre-construction<span class="_ _0"/> offshor<span class="_ _0"/>e as<span class="_ _0"/>sets<span class="_ _0"/> are ma<span class="_ _0"/>tched<span class="_ _0"/> with<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">i<span class="_ _3"/>nte<span class="_ _3"/>res<span class="_ _3"/>t ra<span class="_ _3"/>te s<span class="_ _3"/>wa<span class="_ _3"/>ps<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>lly<span class="_ _0"/>, wh<span class="_ _3"/>en we fa<span class="_ _3"/>rm d<span class="_ _3"/>own pa<span class="_ _3"/>rt o<span class="_ _3"/>f an of<span class="_ _3"/>fsh<span class="_ _3"/>ore a<span class="_ _3"/>sse<span class="_ _3"/>t, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we no<span class="_ _3"/>rm<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y he<span class="_ _3"/>dg<span class="_ _3"/>e pa<span class="_ _3"/>rt of t<span class="_ _3"/>he i<span class="_ _3"/>ntere<span class="_ _3"/>st, i<span class="_ _3"/>nf<span class="_ _3"/>lati<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>ncy r<span class="_ _3"/>isk<span class="_ _3"/>s re<span class="_ _3"/>lated to th<span class="_ _3"/>e di<span class="_ _3"/>ves<span class="_ _3"/>tme<span class="_ _3"/>nt pr<span class="_ _3"/>oce<span class="_ _3"/>eds<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:189.126953125px;"><span style="position: absolute; display: inline-block; left: 563.547px; top: 0.0078125px; width: 297.176px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 162.498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et val<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ue</span><span style="position: absolute; display: inline-block; left: 1118.09px; top: 0.0078125px; width: 177.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 125.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting</span><span style="position: absolute; display: inline-block; left: 914.797px; top: 19.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 25.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023 </span><span style="position: absolute; display: inline-block; left: 266.781px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 909.016px; top: 31.0234px; width: 69.0703px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive </span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 244.828px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 389.266px; top: 43.0078px; width: 202.148px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024-27<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2028-33<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 591.414px; top: 43.0078px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2033</span><span style="position: absolute; display: inline-block; left: 639.924px; top: 43.0078px; width: 185.01px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 824.934px; top: 43.0078px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 861.115px; top: 43.0078px; width: 197.889px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 944.797px; top: 43.0078px; width: 32.2324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">income</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 208.465px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wap (pay v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ariable<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e fixed – UK), </span><span style="position: absolute; display: inline-block; left: 0px; top: 87.7598px; width: 1294.52px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">re<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>enue<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,883<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,409<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,818<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,656<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(3,125)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,414)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(202)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,008)</span><span style="position: absolute; display: inline-block; left: 0px; top: 101.76px; width: 231.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – NTD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 113.76px; width: 1294.49px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">divestment<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 246.85px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,776<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(85)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.273px; width: 100.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial items impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 141.76px; width: 230.484px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – USD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 153.76px; width: 1295.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e loan issuanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,036<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,036<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 112.183px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(142)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 97.7989px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>530<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 167.76px; width: 231.527px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e – NTD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), </span><span style="position: absolute; display: inline-block; left: 0px; top: 179.76px; width: 1294.51px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e loan issuanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,639<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,639<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:106.111328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 125.619px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Cash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge ac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>counting</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.0078px; width: 25.1016px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022 </span><span style="position: absolute; display: inline-block; left: 0px; top: 24.3828px; width: 1294.97px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 360.264px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023-26<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2027-32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">After 2032<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 418.642px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 42.2578px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 56.7441px; width: 1294.74px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wap (pay v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e fixed – UK), r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>venue<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">22,295<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,244<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,681<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,370<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111.727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(3,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,366)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(202)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,164)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 70.2578px; width: 100.389px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial items impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 84.7598px; width: 161.49px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ap (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 96.7441px; width: 1294.8px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">var – USD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>), futur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oan issuance<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 153.545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15,678<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 103.283px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">15,678<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 97.7989px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>478<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.6602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,727<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 95.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>49<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>189<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,489</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e hedge our UK inflation risk r<span class="_ _0"/>el<span class="_ _0"/>at<span class="_ _0"/>ed to r<span class="_ _0"/>e<span class="_ _0"/>venue fr<span class="_ _0"/>om ROC and C<span class="_ _0"/>fD </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">subsidies.<span class="_ _0"/> Furthermore<span class="_ _0"/>, w<span class="_ _0"/>e hedge the inter<span class="_ _0"/>est and infl<span class="_ _0"/>ation risk r<span class="_ _0"/>elat<span class="_ _0"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to div<span class="_ _0"/>estments<span class="_ _0"/>. <span class="_ _0"/>All the infl<span class="_ _0"/>ation risks that we hedge ar<span class="_ _0"/>e separ<span class="_ _0"/>at<span class="_ _0"/>el<span class="_ _0"/>y </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">identifiable in the underl<span class="_ _0"/>ying c<span class="_ _0"/>ontract.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">W<span class="_ _0"/>e hedge the int<span class="_ _0"/>eres<span class="_ _0"/>t on expect<span class="_ _0"/>ed USD (since 2020) and NTD (since<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023) debt issuance (USD and NTD int<span class="_ _0"/>er<span class="_ _0"/>est risk). <span class="_ _0"/>The siz<span class="_ _0"/>e of the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expect<span class="_ _0"/>ed USD issuance has been r<span class="_ _0"/>educed and pos<span class="_ _0"/>tponed to 2025 or<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2026 due to l<span class="_ _0"/>ess funding needed aft<span class="_ _0"/>er the t<span class="_ _0"/>ermination of Oc<span class="_ _0"/>ean Wind </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1. Due t<span class="_ _0"/>o a reduction in the e<span class="_ _0"/>xpected funding,<span class="_ _0"/> we hav<span class="_ _0"/>e rec<span class="_ _0"/>ognised </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness of DKK 2,344 million (<span class="_ _0"/>gain) (2022: ineff<span class="_ _4"/>ectiveness gain </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of DKK 529 million) r<span class="_ _0"/>elat<span class="_ _0"/>ed t<span class="_ _0"/>o the US int<span class="_ _0"/>ere<span class="_ _0"/>st rat<span class="_ _0"/>e hedges in financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">income and DKK 6 million (<span class="_ _0"/>expens<span class="_ _0"/>e) r<span class="_ _0"/>el<span class="_ _0"/>ated t<span class="_ _0"/>o the <span class="_ _0"/>T<span class="_ _15c"/>aiwanes<span class="_ _0"/>e inter<span class="_ _0"/>est </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rat<span class="_ _0"/>e hedges in financial e<span class="_ _0"/>xpenses.<span class="_ _0"/> Further<span class="_ _0"/>, w<span class="_ _0"/>e had an earl<span class="_ _0"/>y r<span class="_ _0"/>edemption </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of an EIB l<span class="_ _0"/>oan, r<span class="_ _0"/>esul<span class="_ _0"/>ting in rec<span class="_ _0"/>ognised ineff<span class="_ _4"/>etiveness of DKK 41 mil<span class="_ _0"/>lion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022: DKK 0 million) in financial expens<span class="_ _0"/>es.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:71.111328125px;"><span style="position: absolute; display: inline-block; left: 403.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 166.301px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 167.467px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 266.781px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 395.422px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 479.891px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 608.562px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 244.828px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 403.422px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 457px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 614.938px; top: 43.0078px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 640.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps (pay fixed/r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eive variabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">21,806<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(369)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,103</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Inter<span class="_ _0"/>est r<span class="_ _0"/>at<span class="_ _0"/>e sw<span class="_ _0"/>aps are us<span class="_ _0"/>ed t<span class="_ _0"/>o adjust the maturit<span class="_ _0"/>y of our bond portf<span class="_ _0"/>olio<span class="_ _0"/>. <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">The year 2023 includes inee<span class="_ _0"/>ff<span class="_ _0"/>ective USD int<span class="_ _0"/>er<span class="_ _0"/>est r<span class="_ _0"/>ate s<span class="_ _0"/>waps with a c<span class="_ _0"/>ontract<span class="_ _0"/>ual principal amount of DKK 12,148 million.</span></span><span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curren<span class="_ _3"/>cy risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cas<span class="_ _3"/>h flow<span class="_ _3"/>s con<span class="_ _3"/>sis<span class="_ _3"/>t of mu<span class="_ _3"/>ltip<span class="_ _3"/>le di<span class="_ _3"/>f<span class="_ _3"/>fere<span class="_ _3"/>nt cur<span class="_ _3"/>re<span class="_ _3"/>nci<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich e<span class="_ _3"/>xp<span class="_ _3"/>ose u<span class="_ _3"/>s to flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates<span class="_ _3"/>. O<span class="_ _3"/>ur m<span class="_ _3"/>ai<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>cy ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es ar<span class="_ _3"/>e GBP<span class="_ _0"/>, USD, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NT<span class="_ _3"/>D. Whi<span class="_ _3"/>le ou<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure to EU<span class="_ _3"/>R is a<span class="_ _3"/>l<span class="_ _3"/>so si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do n<span class="_ _3"/>ot de<span class="_ _3"/>em E<span class="_ _3"/>UR to con<span class="_ _3"/>st<span class="_ _3"/>itute a ri<span class="_ _3"/>sk a<span class="_ _3"/>s we ex<span class="_ _3"/>pe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k to mai<span class="_ _3"/>ntai<span class="_ _3"/>n it<span class="_ _3"/>s fi<span class="_ _3"/>xe<span class="_ _3"/>d exc<span class="_ _3"/>han<span class="_ _3"/>ge<span class="_ _3"/>-<span class="_ _3"/>rate po<span class="_ _3"/>li<span class="_ _3"/>cy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For G<span class="_ _3"/>BP<span class="_ _0"/>, ou<span class="_ _3"/>r sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>cant e<span class="_ _3"/>ar<span class="_ _3"/>ni<span class="_ _3"/>ng<span class="_ _3"/>s from a<span class="_ _3"/>sse<span class="_ _3"/>ts i<span class="_ _3"/>n op<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>ns ar<span class="_ _3"/>e larg<span class="_ _3"/>er t<span class="_ _3"/>ha<span class="_ _3"/>n our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pla<span class="_ _3"/>nn<span class="_ _3"/>ed C<span class="_ _3"/>AP<span class="_ _3"/>EX<span class="_ _3"/>, re<span class="_ _3"/>sulti<span class="_ _3"/>ng i<span class="_ _3"/>n a net-po<span class="_ _3"/>sit<span class="_ _3"/>ive G<span class="_ _3"/>BP e<span class="_ _3"/>xpo<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>re, b<span class="_ _3"/>oth sh<span class="_ _3"/>or<span class="_ _3"/>t<span class="_ _0"/>- an<span class="_ _3"/>d lon<span class="_ _3"/>g-ter<span class="_ _3"/>m<span class="_ _3"/>. The n<span class="_ _3"/>et ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e was </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lowe<span class="_ _3"/>red i<span class="_ _3"/>n 2023 by t<span class="_ _3"/>he in<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>on of m<span class="_ _3"/>ore p<span class="_ _3"/>lan<span class="_ _3"/>ne<span class="_ _3"/>d GB<span class="_ _3"/>P </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X follow<span class="_ _3"/>in<span class="_ _3"/>g FI<span class="_ _3"/>D for Ho<span class="_ _3"/>rn<span class="_ _3"/>sea 3<span class="_ _3"/>. A 10 <span class="_ _1"/>% i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he GB<span class="_ _3"/>P/DK<span class="_ _3"/>K exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rate wi<span class="_ _3"/>ll res<span class="_ _3"/>ult in a g<span class="_ _3"/>ai<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1.2 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on ove<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>iod 2<span class="_ _3"/>024<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>028, a<span class="_ _3"/>ll e<span class="_ _3"/>ls<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remaining unchanged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>For USD<span class="_ _0"/>,<span class="_ _0"/> our portf<span class="_ _0"/>olio o<span class="_ _0"/>f o<span class="_ _0"/>ffshore<span class="_ _0"/> and onshor<span class="_ _0"/>e de<span class="_ _0"/>velop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt an<span class="_ _3"/>d op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng as<span class="_ _3"/>set<span class="_ _3"/>s tra<span class="_ _3"/>nsla<span class="_ _3"/>te to a sho<span class="_ _3"/>rt- to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>di<span class="_ _3"/>um<span class="_ _3"/>-ter<span class="_ _3"/>m neg<span class="_ _3"/>at<span class="_ _3"/>ive US<span class="_ _3"/>D ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>. Howev<span class="_ _3"/>er, on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a lon<span class="_ _3"/>ge<span class="_ _3"/>r ti<span class="_ _3"/>me h<span class="_ _3"/>ori<span class="_ _3"/>zon<span class="_ _3"/>, reve<span class="_ _3"/>nu<span class="_ _3"/>e from a<span class="_ _3"/>sse<span class="_ _3"/>ts re<span class="_ _3"/>sult i<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net positive USD exposure.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l ap<span class="_ _3"/>proa<span class="_ _3"/>ch to m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>ing c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is to u<span class="_ _3"/>se str<span class="_ _3"/>uc<span class="_ _3"/>tura<span class="_ _3"/>l ri<span class="_ _3"/>sk m<span class="_ _3"/>an<span class="_ _3"/>age<span class="_ _3"/>m<span class="_ _3"/>ent too<span class="_ _3"/>l<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loc<span class="_ _0"/>al curr<span class="_ _0"/>ency s<span class="_ _0"/>ourcing<span class="_ _0"/> cont<span class="_ _0"/>racts, ne<span class="_ _0"/>tting inc<span class="_ _0"/>ome and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s in th<span class="_ _3"/>e sa<span class="_ _3"/>me cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y<span class="_ _0"/>, is<span class="_ _3"/>sui<span class="_ _3"/>ng lo<span class="_ _3"/>cal c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>bt to na<span class="_ _3"/>tura<span class="_ _3"/>lly bal<span class="_ _3"/>anc<span class="_ _3"/>e our p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>li<span class="_ _3"/>o, an<span class="_ _3"/>d pr<span class="_ _3"/>io<span class="_ _3"/>riti<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g loca<span class="_ _3"/>l cu<span class="_ _3"/>rre<span class="_ _3"/>ncy c<span class="_ _3"/>ost<span class="_ _3"/>s to match r<span class="_ _3"/>even<span class="_ _3"/>ue i<span class="_ _3"/>n ou<span class="_ _3"/>r ass<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s to min<span class="_ _3"/>im<span class="_ _3"/>is<span class="_ _3"/>e the n<span class="_ _3"/>ee<span class="_ _3"/>d for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>urrency<span class="_ _0"/> denomination o<span class="_ _0"/>f deb<span class="_ _0"/>t issuanc<span class="_ _0"/>e is<span class="_ _0"/> aimed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at o<span class="_ _3"/>ptim<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy com<span class="_ _3"/>po<span class="_ _3"/>sit<span class="_ _3"/>ion of n<span class="_ _3"/>et d<span class="_ _3"/>ebt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th tha<span class="_ _3"/>t of fore<span class="_ _3"/>cas<span class="_ _3"/>ted FF<span class="_ _3"/>O to ens<span class="_ _3"/>ure s<span class="_ _3"/>tab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n FFO/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NI<span class="_ _3"/>BD a<span class="_ _3"/>ga<span class="_ _3"/>in<span class="_ _3"/>st a<span class="_ _3"/>dve<span class="_ _3"/>rse m<span class="_ _3"/>ove<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n exc<span class="_ _3"/>ha<span class="_ _3"/>nge r<span class="_ _3"/>ates<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>bt ca<span class="_ _3"/>n be pa<span class="_ _3"/>r<span class="_ _3"/>ticu<span class="_ _3"/>la<span class="_ _3"/>rly effe<span class="_ _3"/>ct<span class="_ _3"/>ive i<span class="_ _3"/>n new m<span class="_ _3"/>ar<span class="_ _3"/>kets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to mi<span class="_ _3"/>tig<span class="_ _3"/>ate th<span class="_ _3"/>e tim<span class="_ _3"/>e<span class="_ _3"/>-sp<span class="_ _3"/>rea<span class="_ _3"/>d ri<span class="_ _3"/>sk si<span class="_ _3"/>nce t<span class="_ _3"/>he p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the d<span class="_ _3"/>eb<span class="_ _3"/>t iss<span class="_ _3"/>ua<span class="_ _3"/>nce ca<span class="_ _3"/>n be u<span class="_ _3"/>sed to fu<span class="_ _3"/>nd a<span class="_ _3"/>nd h<span class="_ _3"/>ed<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on co<span class="_ _3"/>sts<span class="_ _3"/>, wh<span class="_ _3"/>ile t<span class="_ _3"/>he d<span class="_ _3"/>ebt re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt pr<span class="_ _3"/>ofi<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>n be scu<span class="_ _3"/>lpte<span class="_ _3"/>d to matc<span class="_ _3"/>h futu<span class="_ _3"/>re reve<span class="_ _3"/>nu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>idu<span class="_ _3"/>al c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sk af<span class="_ _3"/>te<span class="_ _3"/>r net<span class="_ _3"/>tin<span class="_ _3"/>g of ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>bt ar<span class="_ _3"/>e ma<span class="_ _3"/>nag<span class="_ _3"/>ed v<span class="_ _3"/>ia f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>ccor<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g to ou<span class="_ _3"/>r des<span class="_ _3"/>ire<span class="_ _3"/>d ri<span class="_ _3"/>sk a<span class="_ _3"/>ppe<span class="_ _3"/>tite<span class="_ _3"/>. Ou<span class="_ _3"/>r overa<span class="_ _3"/>ll h<span class="_ _3"/>ed<span class="_ _3"/>ge ho<span class="_ _3"/>ri<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon i<span class="_ _3"/>s fi<span class="_ _3"/>ve yea<span class="_ _3"/>rs<span class="_ _3"/>, cove<span class="_ _3"/>ri<span class="_ _3"/>ng on<span class="_ _3"/>ly hig<span class="_ _3"/>hly cer<span class="_ _3"/>ta<span class="_ _3"/>in ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to avo<span class="_ _3"/>id he<span class="_ _3"/>dg<span class="_ _3"/>e in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tive<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>. For e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ri<span class="_ _3"/>ce ri<span class="_ _3"/>sks i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fore<span class="_ _3"/>ig<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es<span class="_ _3"/>, we do n<span class="_ _3"/>ot he<span class="_ _3"/>dge t<span class="_ _3"/>he e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk u<span class="_ _3"/>ntil t<span class="_ _3"/>he e<span class="_ _3"/>ne<span class="_ _3"/>rgy ex<span class="_ _3"/>po<span class="_ _3"/>sure h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>. For </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>h flow<span class="_ _3"/>s tha<span class="_ _3"/>t rela<span class="_ _3"/>te to sub<span class="_ _3"/>sid<span class="_ _3"/>ise<span class="_ _3"/>d GB<span class="_ _3"/>P in<span class="_ _3"/>com<span class="_ _3"/>e fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r UK of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd far<span class="_ _3"/>ms le<span class="_ _3"/>ss op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>e on a d<span class="_ _3"/>ecl<span class="_ _3"/>in<span class="_ _3"/>in<span class="_ _3"/>g leve<span class="_ _3"/>l over a f<span class="_ _3"/>ive<span class="_ _3"/>-ye<span class="_ _3"/>ar ro<span class="_ _3"/>lli<span class="_ _3"/>ng h<span class="_ _3"/>or<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon<span class="_ _3"/>. Th<span class="_ _3"/>e targ<span class="_ _3"/>et is to h<span class="_ _3"/>ed<span class="_ _3"/>ge 10<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 1, d<span class="_ _3"/>ec<span class="_ _3"/>li<span class="_ _3"/>ni<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by 20 pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>e poi<span class="_ _3"/>nts e<span class="_ _3"/>ac<span class="_ _3"/>h yea<span class="_ _3"/>r to 20 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 5. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re fro<span class="_ _3"/>m pro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>, sa<span class="_ _3"/>les<span class="_ _3"/>, inve<span class="_ _3"/>st<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments, and<span class="_ _0"/> divest<span class="_ _0"/>ments aft<span class="_ _0"/>er hedging<span class="_ _0"/> for<span class="_ _0"/> the<span class="_ _0"/> years<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>4-<span class="_ _0"/>2028 ca<span class="_ _3"/>n be su<span class="_ _3"/>mm<span class="_ _3"/>ar<span class="_ _3"/>ise<span class="_ _3"/>d as s<span class="_ _3"/>hown i<span class="_ _3"/>n th<span class="_ _3"/>e tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:77.908203125px;"><span style="position: absolute; display: inline-block; left: 194.266px; top: 0.0078125px; width: 96.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f price change</span><span style="position: absolute; display: inline-block; left: 0px; top: 9.78906px; width: 80.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Risk after hedging</span><span style="position: absolute; display: inline-block; left: 0px; top: 22.2754px; width: 30.9551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKbn</span><span style="position: absolute; display: inline-block; left: 189.766px; top: 22.2754px; width: 102.434px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-10 %</span><span style="position: absolute; display: inline-block; left: 0px; top: 40.5254px; width: 291.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP: 11.6 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.2<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-1.2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.5254px; width: 291.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD: 4.8 buy position <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-0.5<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>+0.5</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.541px; width: 291.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD: 3.2 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+0.3<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-0.3</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:229.486328125px;"><span style="position: absolute; display: inline-block; left: 538.484px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 1118.09px; top: 0.0078125px; width: 177.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 902.109px; top: 31.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 370.328px; top: 43.0234px; width: 195.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 566.166px; top: 43.0234px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025</span><span style="position: absolute; display: inline-block; left: 614.676px; top: 43.0234px; width: 193.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 808.164px; top: 43.0234px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 844.346px; top: 43.0234px; width: 206.062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 861.797px; top: 43.0234px; width: 100.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 64.4766px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.9629px; width: 1294.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,191<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(481)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(331)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(218)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(33)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(80)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 92.9785px; width: 1294.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 121.367px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.367px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 145.742px; width: 370.207px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 341.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.207px; top: 145.367px; width: 924.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>After 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 163.617px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.104px; width: 1294.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,199<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,830<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>151<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">182<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(109)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>262</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 192.104px; width: 1294.46px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 205.633px; width: 115.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impact on other line it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ems</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.119px; width: 1294.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds (Int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payments)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 119.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The GBP exchange r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or hedges impacting EBITD<span class="_ _0"/>A<span class="_ _0"/> in 2024 and 2025 is hedged at an aver<span class="_ _0"/>age of GBP<span class="_ _15c"/>/DKK 8.3 and 8.2, respectiv<span class="_ _0"/>el<span class="_ _0"/>y<span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from curr<span class="_ _0"/>ency c<span class="_ _0"/>ash flo<span class="_ _0"/>w hedges in 2023 amounts t<span class="_ _0"/>o a l<span class="_ _0"/>oss of DKK -134 million (2022: DKK 189 mil<span class="_ _0"/>lion) rec<span class="_ _0"/>ognised in <span class="_ _6"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial items<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:85.126953125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.03906px; width: 112.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 89.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 40.793px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 614.238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Forw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ard e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xchange contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,504<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,549<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws cash management positions which ar<span class="_ _0"/>e no<span class="_ _0"/>t hedge account<span class="_ _0"/>ed. <span class="_ _0"/>The positions c<span class="_ _0"/>onsist of EUR and, t<span class="_ _0"/>o a l<span class="_ _0"/>esser ext<span class="_ _0"/>ent, GBP and USD</span></span><span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 218.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ve<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>stments in f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oreign subsidiarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 461.75px; top: 5.99219px; width: 43.9746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Of which,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 582.062px; top: 5.99219px; width: 37.0664px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedged <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 739.828px; top: 5.97656px; width: 105.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ccumul<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ated e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>x<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>change </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 30.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm </span><span style="position: absolute; display: inline-block; left: 377.016px; top: 18.0078px; width: 18.2402px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net <span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 435.703px; top: 17.9922px; width: 70.8398px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">non-contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling </span><span style="position: absolute; display: inline-block; left: 580.672px; top: 17.9922px; width: 37.2539px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">amount <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 767.453px; top: 17.9766px; width: 77.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e adjustments <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2023</span><span style="position: absolute; display: inline-block; left: 343.594px; top: 30.0078px; width: 49.9805px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>estment</span><span style="position: absolute; display: inline-block; left: 465.062px; top: 29.9922px; width: 38.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ests</span><span style="position: absolute; display: inline-block; left: 567.656px; top: 29.9766px; width: 165.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Net position</span><span style="position: absolute; display: inline-block; left: 805.125px; top: 29.9766px; width: 38.4492px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in equity</span><span style="position: absolute; display: inline-block; left: 0px; top: 48.7129px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70,682<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(31,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,609<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,075)</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.7129px; width: 843.955px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.7129px; width: 844.295px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,809<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(20,045)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(301)</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7285px; width: 844.178px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,778<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(5,937)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,841<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131</span><span style="position: absolute; display: inline-block; left: 0px; top: 104.729px; width: 844.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>90</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.242px; width: 843.943px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">160,724<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(57,179)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>101,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,146)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:98.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>54,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(34,536)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,006<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,806)</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(49)</span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7598px; width: 844.014px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,839)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21,916)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>617</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 844.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(6,122)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>288</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 843.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(104)</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.2891px; width: 843.914px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">136,335<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,971)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(62,574)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,790<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,054)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.126953125px;"><span style="position: absolute; display: inline-block; left: 537.188px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0078px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 205.703px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 474.018px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 842.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>774<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,623<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 842.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">18,713 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,934<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>657<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.76px; width: 843.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.258px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.486328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 12.0078px; width: 244.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 843.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.1191px; width: 842.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">16,722<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,114<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,919<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,689<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(676)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 87.1191px; width: 842.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds and f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ards<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from ne<span class="_ _0"/>t inv<span class="_ _0"/>estment hedges in 2023 amounts t<span class="_ _0"/>o a <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gain of DKK 236 million (2022: DKK 0 mil<span class="_ _0"/>lion), r<span class="_ _0"/>ecognised in financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">items<span class="_ _0"/>. <span class="_ _0"/>The ineff<span class="_ _4"/>ectiveness is caused b<span class="_ _0"/>y the impairments on our US<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The net position expr<span class="_ _0"/>ess<span class="_ _0"/>es the accounting e<span class="_ _0"/>xposur<span class="_ _0"/>e. If<span class="_ _4"/>, for e<span class="_ _0"/>xampl<span class="_ _0"/>e,<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the GBP<span class="_ _4"/>/DKK exchange r<span class="_ _0"/>ate incr<span class="_ _0"/>eased b<span class="_ _0"/>y 10 <span class="_ _15c"/>% on 31 December 2023, <span class="_ _15c"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equity w<span class="_ _0"/>ould hav<span class="_ _0"/>e incr<span class="_ _0"/>eased b<span class="_ _0"/>y DKK 3,761 million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">10 <span class="_ _4"/>% of DKK 37,609 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> o<span class="_ _0"/>f n<span class="_ _0"/>et<span class="_ _0"/> inv<span class="_ _0"/>est<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> sub<span class="_ _0"/>sidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r fore<span class="_ _3"/>ig<span class="_ _3"/>n sub<span class="_ _3"/>si<span class="_ _3"/>dia<span class="_ _3"/>ri<span class="_ _3"/>es e<span class="_ _3"/>ntai<span class="_ _3"/>l cur<span class="_ _3"/>ren<span class="_ _3"/>cy r<span class="_ _3"/>isk<span class="_ _3"/>s. We h<span class="_ _3"/>edg<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ese cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ris<span class="_ _3"/>ks by ra<span class="_ _3"/>isi<span class="_ _3"/>ng lo<span class="_ _3"/>an<span class="_ _3"/>s in for<span class="_ _3"/>eig<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>es an<span class="_ _3"/>d by ente<span class="_ _3"/>ri<span class="_ _3"/>ng i<span class="_ _3"/>nto for<span class="_ _3"/>ward e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">currenc<span class="_ _0"/>y sw<span class="_ _0"/>aps, and<span class="_ _0"/> options.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23, t<span class="_ _3"/>he ac<span class="_ _3"/>cum<span class="_ _3"/>ula<span class="_ _3"/>ted ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts total<span class="_ _3"/>led D<span class="_ _3"/>KK -3,<span class="_ _3"/>14<span class="_ _3"/>6 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -3,0<span class="_ _3"/>54 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n), d<span class="_ _3"/>iv<span class="_ _3"/>id<span class="_ _3"/>ed be<span class="_ _3"/>twe<span class="_ _3"/>en th<span class="_ _3"/>e ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>et inve<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt of DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>093 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>5<span class="_ _3"/>44 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on) a<span class="_ _3"/>nd th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g the<span class="_ _3"/>reo<span class="_ _3"/>f of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -<span class="_ _4"/>2<span class="_ _3"/>,05<span class="_ _3"/>3 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK -<span class="_ _0"/>1,510 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> of<span class="_ _0"/> net<span class="_ _0"/> in<span class="_ _0"/>vest<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> for<span class="_ _0"/>eign<span class="_ _0"/> subsidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of cu<span class="_ _3"/>rr<span class="_ _3"/>en<span class="_ _3"/>cy de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f loa<span class="_ _3"/>ns th<span class="_ _3"/>at a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d as n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt h<span class="_ _3"/>edg<span class="_ _3"/>es i<span class="_ _3"/>n for<span class="_ _3"/>ei<span class="_ _3"/>gn su<span class="_ _3"/>bs<span class="_ _3"/>id<span class="_ _3"/>ia<span class="_ _3"/>rie<span class="_ _3"/>s or a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y wit<span class="_ _3"/>hi<span class="_ _3"/>n a se<span class="_ _3"/>pa<span class="_ _3"/>rate fo<span class="_ _3"/>rei<span class="_ _3"/>gn c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translation<span class="_ _0"/> reserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cre<span class="_ _3"/>dit r<span class="_ _3"/>isk<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:126.140625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts</span><span style="position: absolute; display: inline-block; left: 299.344px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 529.5px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 249.047px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivatives</span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 12.0078px; width: 203.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 26.0332px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Derivatives</span><span style="position: absolute; display: inline-block; left: 504px; top: 12.0078px; width: 126.404px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 149.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39,503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>165,200</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s in the balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,879<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>21,275<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.8691px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.8848px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Liabilities with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.885px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,515)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,515)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.398px; width: 223.412px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 223.412px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,867</span><span style="position: absolute; display: inline-block; left: 248.795px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 299.789px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,879</span><span style="position: absolute; display: inline-block; left: 325.172px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.822px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,746</span><span style="position: absolute; display: inline-block; left: 401.965px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 452.959px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">9,666</span><span style="position: absolute; display: inline-block; left: 478.342px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 529.336px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,255</span><span style="position: absolute; display: inline-block; left: 554.719px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 600.369px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,921</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 140.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.965px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,981<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,845<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>60,891<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>182,552</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 121.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.7988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,085<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>38,659<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,882</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vided<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,744)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.512px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,342<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>36,044</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A l<span class="_ _0"/>ar<span class="_ _0"/>ge part of the gr<span class="_ _0"/>oss asse<span class="_ _0"/>ts and liabilities can be o<span class="_ _0"/>ffs<span class="_ _0"/>et due t<span class="_ _0"/>o the natur<span class="_ _0"/>e in tr<span class="_ _0"/>ading activities where ener<span class="_ _0"/>gy is both pur<span class="_ _0"/>chased and s<span class="_ _0"/>old<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a limited number o<span class="_ _0"/>f participants in the ener<span class="_ _0"/>gy mark<span class="_ _0"/>ets<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In addition, the high ener<span class="_ _0"/>gy prices incr<span class="_ _0"/>ease the gr<span class="_ _0"/>oss val<span class="_ _0"/>ues to be ne<span class="_ _0"/>tt<span class="_ _0"/>ed, especial<span class="_ _0"/>l<span class="_ _0"/>y in 2022.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:110.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 191.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>edit quality o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s counterpartie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 190.766px; top: 1.05078px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.564px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 349.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.935px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.746px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">AAA/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Aaa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 330.732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27,301<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23,351</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.447px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">AA/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Aa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 348.984px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,518<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,568</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.57px; white-space: pre; word-spacing: 0.9px; letter-spacing: -0.9px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0.9px; letter-spacing: -0.9px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/A<span style="word-spacing: 0.9px; letter-spacing: -0.9px; display: inline-block; margin-left: 0px; width: 356.156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,501<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.412px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">BBB/Baa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 337.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,020<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,665</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,198<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,649</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>edit e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xposure<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 277.588px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">63,538<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 198.621px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>81,784</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The figure<span class="_ _0"/>s do not r<span class="_ _0"/>eflect our act<span class="_ _0"/>ual cr<span class="_ _0"/>edit <span class="_ _6"/>exposure<span class="_ _0"/>, as the positions ar<span class="_ _0"/>e cal<span class="_ _0"/>culat<span class="_ _0"/>ed be<span class="_ _0"/>f<span class="_ _0"/>ore o<span class="_ _0"/>ffs<span class="_ _0"/>et<span class="_ _0"/>ting our debt t<span class="_ _0"/>o such count<span class="_ _0"/>erparties.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are e<span class="_ _3"/>xp<span class="_ _3"/>ose<span class="_ _3"/>d to cred<span class="_ _3"/>it r<span class="_ _3"/>isk<span class="_ _3"/>s fro<span class="_ _3"/>m our h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ties, constru<span class="_ _3"/>ction acti<span class="_ _3"/>vities, and all other ac<span class="_ _3"/>tivities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere a co<span class="_ _3"/>unte<span class="_ _3"/>rp<span class="_ _3"/>ar<span class="_ _3"/>ty'<span class="_ _3"/>s fai<span class="_ _3"/>lure to m<span class="_ _3"/>eet t<span class="_ _3"/>he<span class="_ _3"/>ir ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons m<span class="_ _3"/>ay ca<span class="_ _3"/>use a lo<span class="_ _3"/>ss<span class="_ _3"/>. A larg<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>t of ou<span class="_ _3"/>r cred<span class="_ _3"/>it r<span class="_ _3"/>isk i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/>war<span class="_ _0"/>ds major<span class="_ _0"/> int<span class="_ _0"/>ernational<span class="_ _0"/> energy<span class="_ _0"/> companies, s<span class="_ _0"/>up<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs<span class="_ _3"/>, an<span class="_ _3"/>d ba<span class="_ _3"/>nk<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>re pos<span class="_ _3"/>si<span class="_ _3"/>ble<span class="_ _3"/>, the u<span class="_ _3"/>nd<span class="_ _3"/>er<span class="_ _3"/>l<span class="_ _0"/>yi<span class="_ _3"/>ng co<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de m<span class="_ _3"/>in<span class="_ _3"/>im<span class="_ _3"/>um cre<span class="_ _3"/>di<span class="_ _3"/>t rat<span class="_ _3"/>ing c<span class="_ _3"/>lau<span class="_ _3"/>ses<span class="_ _3"/>, ne<span class="_ _3"/>tti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _0"/>visions, and o<span class="_ _0"/>ther risk<span class="_ _0"/>-mitigating<span class="_ _0"/> clauses.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We mit<span class="_ _3"/>ig<span class="_ _3"/>ate ou<span class="_ _3"/>r cre<span class="_ _3"/>di<span class="_ _3"/>t ris<span class="_ _3"/>ks m<span class="_ _3"/>ai<span class="_ _3"/>nly by: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span>having minimum r<span class="_ _0"/>ating<span class="_ _0"/> requirements<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span> <span class="_ _49"/>monitoring<span class="_ _0"/> the c<span class="_ _0"/>redit w<span class="_ _0"/>orthiness on<span class="_ _0"/> the<span class="_ _0"/> ongoing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>sis to b<span class="_ _3"/>e ab<span class="_ _3"/>le to rea<span class="_ _3"/>ct i<span class="_ _3"/>n du<span class="_ _3"/>e ti<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span> <span class="_ _6"/>req<span class="_ _3"/>ui<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>hat co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l be f<span class="_ _3"/>urn<span class="_ _3"/>is<span class="_ _3"/>he<span class="_ _3"/>d or cre<span class="_ _3"/>di<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>se<span class="_ _3"/>cu<span class="_ _3"/>rity p<span class="_ _3"/>ut i<span class="_ _3"/>n pla<span class="_ _3"/>ce. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Mi<span class="_ _3"/>tig<span class="_ _3"/>at<span class="_ _3"/>ing o<span class="_ _3"/>ur c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk<span class="_ _3"/>s is n<span class="_ _3"/>ot always c<span class="_ _3"/>om<span class="_ _3"/>me<span class="_ _3"/>rcia<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>ble a<span class="_ _3"/>nd ca<span class="_ _3"/>n be o<span class="_ _3"/>mi<span class="_ _3"/>tted i<span class="_ _3"/>f de<span class="_ _3"/>em<span class="_ _3"/>ed ne<span class="_ _3"/>ces<span class="_ _3"/>sa<span class="_ _3"/>ry a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">balanced. For<span class="_ _0"/> the<span class="_ _0"/> most significant<span class="_ _0"/> count<span class="_ _0"/>erparties, an<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inte<span class="_ _3"/>rn<span class="_ _3"/>al ra<span class="_ _3"/>tin<span class="_ _3"/>g is a<span class="_ _3"/>ssi<span class="_ _3"/>gn<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>ct<span class="_ _3"/>ion w<span class="_ _3"/>ith e<span class="_ _3"/>stab<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>sh<span class="_ _3"/>in<span class="_ _3"/>g cred<span class="_ _3"/>it l<span class="_ _3"/>im<span class="_ _3"/>it<span class="_ _3"/>s. T<span class="_ _3"/>he ra<span class="_ _3"/>tin<span class="_ _3"/>g is b<span class="_ _3"/>ase<span class="_ _3"/>d on i<span class="_ _3"/>nfor<span class="_ _3"/>mat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l cred<span class="_ _3"/>it ra<span class="_ _3"/>ti<span class="_ _3"/>ng ag<span class="_ _3"/>en<span class="_ _3"/>ci<span class="_ _3"/>es<span class="_ _3"/>, pu<span class="_ _3"/>bl<span class="_ _3"/>icly ava<span class="_ _3"/>ila<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>form<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, cre<span class="_ _3"/>di<span class="_ _3"/>t ris<span class="_ _3"/>k info<span class="_ _3"/>rma<span class="_ _3"/>ti<span class="_ _3"/>on sys<span class="_ _3"/>tem<span class="_ _3"/>s, a<span class="_ _3"/>nd ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own analyses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e exp<span class="_ _3"/>en<span class="_ _3"/>sed a l<span class="_ _3"/>oan g<span class="_ _3"/>iv<span class="_ _3"/>en to ou<span class="_ _3"/>r US su<span class="_ _3"/>p<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs i<span class="_ _3"/>n the a<span class="_ _3"/>mo<span class="_ _3"/>unt of D<span class="_ _3"/>KK 571 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n<span class="_ _3"/>, whi<span class="_ _3"/>ch we d<span class="_ _3"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to recove<span class="_ _3"/>r af<span class="_ _3"/>ter t<span class="_ _3"/>he ter<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>tio<span class="_ _3"/>n of Oce<span class="_ _3"/>an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wi<span class="_ _3"/>nd 1 a<span class="_ _3"/>nd 2<span class="_ _3"/>. Ap<span class="_ _3"/>ar<span class="_ _3"/>t fro<span class="_ _3"/>m th<span class="_ _3"/>is<span class="_ _3"/>, we ha<span class="_ _3"/>ve not m<span class="_ _3"/>ad<span class="_ _3"/>e any </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>n rece<span class="_ _3"/>iva<span class="_ _3"/>ble<span class="_ _3"/>s in 2<span class="_ _3"/>022 or 20<span class="_ _3"/>23.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">F<span class="_ _0"/>air v<span class="_ _0"/>alue measurement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:255.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 194.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value hier<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arch<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y of financial instruments</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 5.99219px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 509.594px; top: 5.99219px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 758.906px; top: 5.97656px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 816.375px; top: 5.97656px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 365.656px; top: 18.0078px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 479.891px; top: 17.9922px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 557.625px; top: 17.9922px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 672.016px; top: 17.9922px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 787.453px; top: 17.9766px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 863.672px; top: 17.9609px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 28.834px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 392.062px; top: 30.0078px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 29.9922px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 545.953px; top: 29.9766px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023</span></span><span style="position: absolute; display: inline-block; left: 698.359px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 774.922px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 851.516px; top: 29.9609px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.6973px; width: 962.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 62.2266px; width: 963.152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>entory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 334.594px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 80.9629px; width: 962.994px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bonds<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 397.26px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.4766px; width: 963.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 357.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.447px; width: 962.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,701<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,744<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,241<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,278</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.447px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 141.447px; width: 962.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.961px; width: 963.311px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 302.443px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,786<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,829<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,200<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,237</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.977px; width: 42.4922px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 204.713px; width: 962.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,424<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,660<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,592<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,713</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 218.729px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.729px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 246.242px; width: 963.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 289.266px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,976<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>57,559</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All asse<span class="_ _0"/>ts and liabilities measur<span class="_ _0"/>ed at mark<span class="_ _0"/>et v<span class="_ _0"/>alue are measur<span class="_ _0"/>ed on a r<span class="_ _0"/>ecurring basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>t fai<span class="_ _3"/>r valu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A nu<span class="_ _3"/>mb<span class="_ _3"/>er of o<span class="_ _3"/>ur d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s, m<span class="_ _3"/>ai<span class="_ _3"/>nly powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s, a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>red b<span class="_ _3"/>as<span class="_ _3"/>ed on u<span class="_ _3"/>no<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inputs due<span class="_ _0"/> to<span class="_ _0"/> the<span class="_ _0"/> long<span class="_ _0"/> duration<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> con<span class="_ _0"/>tracts.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm US p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces (m<span class="_ _3"/>ai<span class="_ _3"/>nly ERCOT) a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>rm<span class="_ _3"/>an p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation<span class="_ _0"/> principl<span class="_ _0"/>es<span class="_ _0"/> and pro<span class="_ _0"/>cess</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In o<span class="_ _3"/>rde<span class="_ _3"/>r to mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>se th<span class="_ _3"/>e use of s<span class="_ _3"/>ubj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve est<span class="_ _3"/>im<span class="_ _3"/>ates o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>cati<span class="_ _3"/>on<span class="_ _3"/>s of pa<span class="_ _3"/>ram<span class="_ _3"/>eter<span class="_ _3"/>s an<span class="_ _3"/>d calcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n mod<span class="_ _3"/>el<span class="_ _3"/>s<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">it i<span class="_ _3"/>s ou<span class="_ _3"/>r pol<span class="_ _3"/>ic<span class="_ _3"/>y to deter<span class="_ _3"/>mi<span class="_ _3"/>ne fa<span class="_ _3"/>ir va<span class="_ _3"/>lue b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l info<span class="_ _3"/>rma<span class="_ _3"/>tio<span class="_ _3"/>n th<span class="_ _3"/>at mo<span class="_ _3"/>st a<span class="_ _3"/>ccur<span class="_ _3"/>ately ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es<span class="_ _3"/>. We use p<span class="_ _3"/>ric<span class="_ _3"/>in<span class="_ _3"/>g ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s and b<span class="_ _3"/>en<span class="_ _3"/>ch<span class="_ _3"/>ma<span class="_ _3"/>rk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vice<span class="_ _3"/>s to in<span class="_ _3"/>crea<span class="_ _3"/>se th<span class="_ _3"/>e da<span class="_ _3"/>ta qua<span class="_ _3"/>li<span class="_ _3"/>ty. Ma<span class="_ _3"/>rket va<span class="_ _3"/>lu<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are d<span class="_ _3"/>ete<span class="_ _3"/>rmi<span class="_ _3"/>ne<span class="_ _3"/>d by the R<span class="_ _3"/>is<span class="_ _3"/>k Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt fu<span class="_ _3"/>nc<span class="_ _3"/>tio<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al p<span class="_ _3"/>ric<span class="_ _3"/>e provi<span class="_ _3"/>de<span class="_ _3"/>rs to e<span class="_ _3"/>nsu<span class="_ _3"/>re a hi<span class="_ _3"/>gh q<span class="_ _3"/>ua<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity i<span class="_ _3"/>n ou<span class="_ _3"/>r pr<span class="_ _3"/>ice cu<span class="_ _3"/>r<span class="_ _3"/>ves<span class="_ _3"/>. Wh<span class="_ _3"/>ere p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we mo<span class="_ _3"/>de<span class="_ _3"/>l th<span class="_ _3"/>e pri<span class="_ _3"/>ces b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>ur p<span class="_ _3"/>rio<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>ri<span class="_ _3"/>en<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>re rele<span class="_ _3"/>vant a<span class="_ _3"/>nd p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>va<span class="_ _3"/>li<span class="_ _3"/>da<span class="_ _3"/>te our p<span class="_ _3"/>ri<span class="_ _3"/>ce cur<span class="_ _3"/>ve<span class="_ _3"/>s ag<span class="_ _3"/>ai<span class="_ _3"/>nst t<span class="_ _3"/>hi<span class="_ _3"/>rd-<span class="_ _3"/>pa<span class="_ _3"/>r<span class="_ _3"/>ty da<span class="_ _3"/>ta.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fai<span class="_ _3"/>r va<span class="_ _3"/>lu<span class="_ _3"/>e hi<span class="_ _3"/>era<span class="_ _3"/>rc<span class="_ _3"/>hy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on q<span class="_ _3"/>uoted p<span class="_ _3"/>ri<span class="_ _3"/>ces co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e <span class="_ _49"/>q<span class="_ _3"/>uote<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ives t<span class="_ _3"/>hat a<span class="_ _3"/>re tra<span class="_ _3"/>de<span class="_ _3"/>d in a<span class="_ _3"/>ct<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket<span class="_ _3"/>s<span class="_ _3"/>. The m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue<span class="_ _3"/>s of de<span class="_ _3"/>riv<span class="_ _3"/>ati<span class="_ _3"/>ves tra<span class="_ _3"/>de<span class="_ _3"/>d in <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>ct<span class="_ _3"/>ive m<span class="_ _3"/>ar<span class="_ _3"/>ket is of<span class="_ _3"/>ten s<span class="_ _3"/>ettle<span class="_ _3"/>d on a d<span class="_ _3"/>ai<span class="_ _3"/>l<span class="_ _0"/>y ba<span class="_ _3"/>si<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ere<span class="_ _3"/>by mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>sin<span class="_ _3"/>g th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue p<span class="_ _3"/>res<span class="_ _3"/>ente<span class="_ _3"/>d on <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the b<span class="_ _0"/>alance<span class="_ _0"/> sheet.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves w<span class="_ _3"/>he<span class="_ _3"/>re val<span class="_ _3"/>uat<span class="_ _3"/>ion m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s wi<span class="_ _3"/>th ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>ts a<span class="_ _3"/>re use<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on no<span class="_ _3"/>n-<span class="_ _3"/>o<span class="_ _3"/>bse<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s ma<span class="_ _3"/>in<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">comprise<span class="_ _0"/> long-<span class="_ _0"/>t<span class="_ _0"/>erm po<span class="_ _0"/>wer pur<span class="_ _0"/>chase<span class="_ _0"/> agreements<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(CPPAs) th<span class="_ _3"/>at loc<span class="_ _3"/>k th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce of th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion ov<span class="_ _3"/>er a p<span class="_ _3"/>eri<span class="_ _3"/>od of u<span class="_ _3"/>p to 10<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>0 yea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to the lo<span class="_ _3"/>ng d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>ese C<span class="_ _3"/>PP<span class="_ _0"/>As<span class="_ _3"/>, powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are n<span class="_ _3"/>ot ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>bl<span class="_ _3"/>e for a lar<span class="_ _3"/>ge pa<span class="_ _3"/>r<span class="_ _3"/>t of the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are b<span class="_ _0"/>ased<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on U<span class="_ _3"/>S powe<span class="_ _3"/>r pr<span class="_ _3"/>ices (<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y ERCOT) a<span class="_ _3"/>nd G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">power p<span class="_ _3"/>rices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Estima<span class="_ _3"/>ting as-produced pow<span class="_ _0"/>er prices</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Si<span class="_ _3"/>nce o<span class="_ _3"/>ur C<span class="_ _3"/>PP<span class="_ _0"/>As a<span class="_ _3"/>re no<span class="_ _3"/>rm<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y set<span class="_ _3"/>tled o<span class="_ _3"/>n the a<span class="_ _3"/>ctu<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s ava<span class="_ _3"/>ila<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e mar<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ket a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n a con<span class="_ _3"/>stant p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on (f<span class="_ _3"/>lat p<span class="_ _3"/>rofi<span class="_ _3"/>le)<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we take i<span class="_ _3"/>nto acc<span class="_ _3"/>oun<span class="_ _3"/>t tha<span class="_ _3"/>t ou<span class="_ _3"/>r exp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not co<span class="_ _3"/>ns<span class="_ _3"/>tant<span class="_ _3"/>, an<span class="_ _3"/>d thu<span class="_ _3"/>s ou<span class="_ _3"/>r CPP<span class="_ _0"/>A<span class="_ _3"/>s wil<span class="_ _3"/>l not b<span class="_ _3"/>e sett<span class="_ _3"/>led </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t a fla<span class="_ _3"/>t prof<span class="_ _3"/>ile p<span class="_ _3"/>ri<span class="_ _3"/>ce (see d<span class="_ _3"/>es<span class="_ _3"/>cri<span class="_ _3"/>pti<span class="_ _3"/>on of vo<span class="_ _3"/>lum<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk i<span class="_ _3"/>n note 6.<span class="_ _3"/>2). Fo<span class="_ _3"/>r the m<span class="_ _3"/>aj<span class="_ _3"/>ori<span class="_ _3"/>ty of ou<span class="_ _3"/>r ma<span class="_ _3"/>rke<span class="_ _3"/>ts<span class="_ _3"/>, the f<span class="_ _3"/>lat </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>i<span class="_ _3"/>le powe<span class="_ _3"/>r pr<span class="_ _3"/>ice ca<span class="_ _3"/>n be o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>ved for a m<span class="_ _3"/>ax<span class="_ _3"/>im<span class="_ _3"/>um </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of fou<span class="_ _3"/>r to six y<span class="_ _3"/>ea<span class="_ _3"/>rs i<span class="_ _3"/>n the m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>fte<span class="_ _3"/>r whi<span class="_ _3"/>ch a<span class="_ _3"/>n ac<span class="_ _3"/>tiv<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>ist<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:138.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 236.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es valued on the basis o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f unobservabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e input</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.629px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value at 1 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.581px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(14,687)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,448)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ofit or l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 364.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(31)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(322)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough other c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ompr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ehensive income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,766<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,476)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sales/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>redemp<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 449.19px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,366<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,190</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.57px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Purchas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es/issues<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 465.439px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(497)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 324.826px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,773)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 311.947px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> 308<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">639</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.273px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value at 31 D<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 392.051px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:110.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 180.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able input per c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ommodity pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 422.272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,261)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,580)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,642)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(737)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,263)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 455.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(37)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 499.406px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(70)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 631.312px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The main unobserv<span class="_ _0"/>able inputs ar<span class="_ _0"/>e US po<span class="_ _0"/>wer pric<span class="_ _0"/>es and German pow<span class="_ _0"/>er prices<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.376953125px;"><span style="position: absolute; display: inline-block; left: 363.172px; top: 0.0078125px; width: 268.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er price (DKK/MWh)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Sensitivity (DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 215.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of signific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able inputs and<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 274.047px; top: 18.2578px; width: 43.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eight<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 51.8438px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">sensitivities</span><span style="position: absolute; display: inline-block; left: 280.453px; top: 30.2578px; width: 36.5098px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">aver<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>age</span><span style="position: absolute; display: inline-block; left: 352.219px; top: 30.2578px; width: 41.1797px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">minimum</span><span style="position: absolute; display: inline-block; left: 424.906px; top: 30.2578px; width: 205.395px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">maximum<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">+25 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-25 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.5078px; width: 156.258px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intermit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ency-adjust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>wer pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.9941px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 198.621px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">297<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>81<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>971<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,303)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,634</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany (2025-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 202.781px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">440<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>654<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,256)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,256</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">302<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>422<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(530)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>520</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US SPP (2024-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 212.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">189<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>128<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(436)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>583</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Irel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and (2024-2042)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>389<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>808<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>69</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws the significant unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e inputs used in the f<span class="_ _4"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value measur<span class="_ _0"/>ements c<span class="_ _0"/>ategoris<span class="_ _0"/>ed as le<span class="_ _0"/>vel 3 o<span class="_ _0"/>f the f<span class="_ _0"/>air val<span class="_ _0"/>ue hierar<span class="_ _0"/>ch<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toge<span class="_ _0"/>ther with a sensitivit<span class="_ _0"/>y anal<span class="_ _0"/>ysis as at 31 Dec<span class="_ _0"/>ember 2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If intermit<span class="_ _0"/>t<span class="_ _0"/>ency-adjus<span class="_ _0"/>ted po<span class="_ _0"/>wer pric<span class="_ _0"/>es in German<span class="_ _0"/>y as of 31 December<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 increas<span class="_ _0"/>ed/<span class="_ _0"/>decr<span class="_ _0"/>eased b<span class="_ _0"/>y 25 <span class="_ _4"/>%, the mark<span class="_ _0"/>et value w<span class="_ _0"/>ould decr<span class="_ _0"/>ease<span class="_ _0"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">increas<span class="_ _0"/>e by DKK 1,256 mil<span class="_ _0"/>lion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation techniques and significant<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e<span class="_ _0"/> inputs<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use a d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>ted cas<span class="_ _3"/>h flow m<span class="_ _3"/>od<span class="_ _3"/>el fo<span class="_ _3"/>r the va<span class="_ _3"/>lu<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of pow<span class="_ _3"/>er d<span class="_ _3"/>er<span class="_ _3"/>ivat<span class="_ _3"/>ive<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e US pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>has<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts g<span class="_ _3"/>ive e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e lon<span class="_ _3"/>g-ter<span class="_ _3"/>m US pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>es, m<span class="_ _3"/>ai<span class="_ _3"/>nly in t<span class="_ _3"/>he ERCOT<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">SPP<span class="_ _0"/>, an<span class="_ _3"/>d MI<span class="_ _3"/>SO re<span class="_ _3"/>gio<span class="_ _3"/>ns<span class="_ _3"/>. Th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t four to s<span class="_ _3"/>ix ye<span class="_ _3"/>ar<span class="_ _3"/>s. F<span class="_ _3"/>or th<span class="_ _3"/>e follow<span class="_ _3"/>in<span class="_ _3"/>g four </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to si<span class="_ _3"/>x yea<span class="_ _3"/>rs<span class="_ _3"/>, the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce is e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted ba<span class="_ _3"/>sed o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>np<span class="_ _3"/>ut<span class="_ _3"/>s (gas p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>nd h<span class="_ _3"/>eat r<span class="_ _3"/>ates). F<span class="_ _3"/>or th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s non<span class="_ _3"/>-<span class="_ _3"/> <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>ated by e<span class="_ _3"/>xt<span class="_ _3"/>rap<span class="_ _3"/>ola<span class="_ _3"/>tin<span class="_ _3"/>g the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toward<span class="_ _3"/>s th<span class="_ _3"/>e U.S<span class="_ _3"/>. En<span class="_ _3"/>er<span class="_ _3"/>gy Info<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on Ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>stra<span class="_ _3"/>tio<span class="_ _3"/>n's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>e forec<span class="_ _3"/>ast<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g si<span class="_ _3"/>mi<span class="_ _3"/>lar s<span class="_ _3"/>ea<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>lit<span class="_ _3"/>y as i<span class="_ _3"/>n prev<span class="_ _3"/>iou<span class="_ _3"/>s pe<span class="_ _3"/>ri<span class="_ _3"/>ods<span class="_ _3"/>. A<span class="_ _3"/>s only a mi<span class="_ _3"/>no<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>d is w<span class="_ _3"/>ith<span class="_ _3"/>in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s are n<span class="_ _3"/>on<span class="_ _3"/>-o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le, we c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>y th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le in<span class="_ _3"/>pu<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>ny and o<span class="_ _3"/>the<span class="_ _3"/>r cou<span class="_ _3"/>ntr<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>re we ha<span class="_ _3"/>ve lon<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m PP<span class="_ _0"/>A cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce is o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for u<span class="_ _3"/>p to fiv<span class="_ _3"/>e yea<span class="_ _3"/>rs<span class="_ _3"/>. Wh<span class="_ _3"/>en p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re no lo<span class="_ _3"/>nge<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e ma<span class="_ _3"/>rket<span class="_ _3"/>, we ha<span class="_ _3"/>ve es<span class="_ _3"/>tim<span class="_ _3"/>ated t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r pr<span class="_ _3"/>ice by ex<span class="_ _3"/>tr<span class="_ _3"/>apo<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g the la<span class="_ _3"/>st ye<span class="_ _3"/>ar w<span class="_ _3"/>ith a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">observabl<span class="_ _0"/>e p<span class="_ _0"/>ow<span class="_ _0"/>er pri<span class="_ _0"/>ce,<span class="_ _0"/> t<span class="_ _0"/>aking exp<span class="_ _0"/>ected<span class="_ _0"/> in<span class="_ _0"/>flati<span class="_ _0"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d se<span class="_ _3"/>aso<span class="_ _3"/>na<span class="_ _3"/>li<span class="_ _3"/>ty into a<span class="_ _3"/>ccou<span class="_ _3"/>nt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquired CPP<span class="_ _0"/>As</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m lon<span class="_ _3"/>g-te<span class="_ _3"/>rm CP<span class="_ _3"/>P<span class="_ _0"/>As </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acq<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d in a b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss co<span class="_ _3"/>mb<span class="_ _3"/>ina<span class="_ _3"/>ti<span class="_ _3"/>on is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>nu<span class="_ _3"/>e in p<span class="_ _3"/>rofi<span class="_ _3"/>t or los<span class="_ _3"/>s in t<span class="_ _3"/>he fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod to w<span class="_ _3"/>hi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue re<span class="_ _3"/>late<span class="_ _3"/>s. T<span class="_ _3"/>hi<span class="_ _3"/>s ef<span class="_ _3"/>fect<span class="_ _3"/>ive<span class="_ _3"/>ly inc<span class="_ _3"/>rea<span class="_ _3"/>ses o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>s the r<span class="_ _3"/>even<span class="_ _3"/>ue f<span class="_ _3"/>rom th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pr<span class="_ _3"/>ice to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice a<span class="_ _3"/>t the c<span class="_ _3"/>losi<span class="_ _3"/>ng d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d an i<span class="_ _3"/>nco<span class="_ _3"/>me of D<span class="_ _3"/>KK 1<span class="_ _0"/>97 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 228 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n) re<span class="_ _3"/>lated to th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m CPPAs<span class="_ _3"/>. Th<span class="_ _3"/>e total am<span class="_ _3"/>ou<span class="_ _3"/>nt of in<span class="_ _3"/>it<span class="_ _3"/>ia<span class="_ _3"/>l fair </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue a<span class="_ _3"/>s of 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s to a loss of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1,24<span class="_ _3"/>3 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: lo<span class="_ _3"/>ss of D<span class="_ _3"/>KK 1,<span class="_ _3"/>497 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>il<span class="_ _3"/>l be re<span class="_ _3"/>cog<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>s reven<span class="_ _3"/>ue i<span class="_ _3"/>n a fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span></span>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ene<span class="_ _3"/>rgy trad<span class="_ _3"/>ing po<span class="_ _3"/>rtfoli<span class="_ _3"/>o</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 395.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0078px; width: 142.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ervie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gy <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 73.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 73.9688px; top: 31.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span></span><span style="position: absolute; display: inline-block; left: 262.422px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 371.719px; top: 31.0234px; width: 49.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 583.406px; top: 31.0234px; width: 47.8125px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 240.562px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 43.0078px; width: 45.1406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">gain/(lo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 583.406px; top: 43.0078px; width: 47.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> gain/(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,683<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,854)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,906<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,060<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,680</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 631.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,138<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(312)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,601<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(774)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 631.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">156<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(137)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>498<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 214.395px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">175<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(50)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.455078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 80.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rading mandates</span><span style="position: absolute; display: inline-block; left: 80.7812px; top: 0.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 80.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aR limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 221.172px; top: 18.2734px; width: 88.4473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stress limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 72.2637px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 100 million</span><span style="position: absolute; display: inline-block; left: 221.172px; top: 30.2578px; width: 408.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 400 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Maximum open po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sitions in trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.1035px; width: 210.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st loss in one tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading day </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 54.0879px; width: 192.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Stre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the lar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gest dail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss we risk<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 53.6016px; width: 98.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 6 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.1035px; width: 199.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">at a probabilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y of 95 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%. V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR is based on data </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 66.0879px; width: 188.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">sust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aining with the given portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olio<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. Str<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess is </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 65.6016px; width: 94.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 9.5 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of gas</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 78.1035px; width: 202.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the past 45 tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading days,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> with the heaviest </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 78.0879px; width: 186.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">based on dat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 1 January 2006 t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 77.6016px; width: 109.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 1 million boe of oil</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.0879px; width: 195.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">weighting being assigned t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the most r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecent </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 90.0879px; width: 52.5059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sent day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 89.5859px; width: 193.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 1.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of carbon emissions</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.088px; width: 56.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">trading day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 101.586px; width: 195.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 0.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of coal and biomass</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The contr<span class="_ _0"/>actual principal amount has been de<span class="_ _0"/>termined as the ne<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">position per derivativ<span class="_ _0"/>e type<span class="_ _0"/>. <span class="_ _0"/>The risks associat<span class="_ _0"/>ed with our op<span class="_ _0"/>tions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are smal<span class="_ _0"/>ler than f<span class="_ _4"/>or our swaps.<span class="_ _0"/> The mark<span class="_ _0"/>e<span class="_ _0"/>t value most<span class="_ _0"/>l<span class="_ _0"/>y consists<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of r<span class="_ _0"/>eceiv<span class="_ _0"/>ed exposur<span class="_ _0"/>e from our ass<span class="_ _0"/>ets with s<span class="_ _0"/>et<span class="_ _0"/>tl<span class="_ _0"/>ement at maturit<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whereas part o<span class="_ _0"/>f the ext<span class="_ _0"/>ernal tr<span class="_ _0"/>ade is set<span class="_ _0"/>tl<span class="_ _0"/>ed on a dail<span class="_ _0"/>y basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">included with the set<span class="_ _0"/>tl<span class="_ _0"/>ed mar<span class="_ _0"/>gin.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>T<span class="_ _0"/>r<span class="_ _0"/>ading activities ar<span class="_ _0"/>e carried out under mandat<span class="_ _0"/>es appr<span class="_ _0"/>ov<span class="_ _0"/>ed b<span class="_ _0"/>y the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/>. <span class="_ _0"/>The mandat<span class="_ _0"/>es comprise a v<span class="_ _0"/>alue-at-risk (V<span class="_ _0"/>aR) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mandate and a s<span class="_ _0"/>tress mandat<span class="_ _0"/>e as w<span class="_ _0"/>ell as a limit f<span class="_ _0"/>or the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">positions measur<span class="_ _0"/>ed in energy unit<span class="_ _0"/>s per product (po<span class="_ _0"/>wer<span class="_ _4"/>, gas, et<span class="_ _0"/>c.).<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The graph sho<span class="_ _0"/>ws the dail<span class="_ _4"/>y V<span class="_ _0"/>aR position f<span class="_ _0"/>or the period 2022-2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aR r<span class="_ _0"/>eached DKK 280 million on 9 Mar<span class="_ _0"/>ch 2022, causing a passiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">breach o<span class="_ _0"/>f the Board o<span class="_ _0"/>f Dir<span class="_ _0"/>ectors' mandat<span class="_ _0"/>e of DKK 100 mil<span class="_ _0"/>lion due </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the R<span class="_ _0"/>ussian in<span class="_ _0"/>vasion of Ukr<span class="_ _0"/>aine and the l<span class="_ _0"/>arge r<span class="_ _0"/>eduction in gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plies t<span class="_ _0"/>o Europe<span class="_ _0"/>, c<span class="_ _0"/>ausing the European ener<span class="_ _0"/>gy price<span class="_ _0"/>s to spik<span class="_ _0"/>e<span class="_ _0"/>. In 2022, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">there w<span class="_ _0"/>er<span class="_ _0"/>e further passive br<span class="_ _0"/>eaches in <span class="_ _0"/>August due t<span class="_ _0"/>o <span class="_ _6"/>Russian gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _0"/>y cuts and in Sept<span class="_ _0"/>ember<span class="_ _0"/>-No<span class="_ _0"/>vember due t<span class="_ _0"/>o a hal<span class="_ _0"/>t of gas thr<span class="_ _0"/>ough the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Nord Str<span class="_ _0"/>eam 1 and 2 pipelines af<span class="_ _0"/>ter the e<span class="_ _0"/>xplosions in Sep<span class="_ _0"/>tember<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>rad<span class="_ _3"/>ing por<span class="_ _3"/>tfolio</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of ou<span class="_ _3"/>r tra<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>lio i<span class="_ _3"/>s to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>optimise<span class="_ _0"/> hedging exec<span class="_ _0"/>ution</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>c<span class="_ _3"/>ontr<span class="_ _3"/>ib<span class="_ _3"/>ute to in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d ma<span class="_ _3"/>rket i<span class="_ _3"/>ns<span class="_ _3"/>igh<span class="_ _3"/>t</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>rofi<span class="_ _3"/>t fro<span class="_ _3"/>m sho<span class="_ _3"/>r<span class="_ _3"/>t<span class="_ _0"/>-t<span class="_ _0"/>e<span class="_ _3"/>rm fl<span class="_ _3"/>uc<span class="_ _3"/>tuat<span class="_ _3"/>io<span class="_ _3"/>ns in <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>erg<span class="_ _3"/>y pr<span class="_ _3"/>ices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The energ<span class="_ _0"/>y tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio r<span class="_ _0"/>eceives<span class="_ _0"/> the<span class="_ _0"/> exposur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ou<span class="_ _3"/>r ass<span class="_ _3"/>ets a<span class="_ _3"/>nd ta<span class="_ _3"/>kes th<span class="_ _3"/>at ex<span class="_ _3"/>po<span class="_ _3"/>sure i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l ma<span class="_ _3"/>rket i<span class="_ _3"/>n the m<span class="_ _3"/>os<span class="_ _3"/>t ef<span class="_ _3"/>fi<span class="_ _3"/>cie<span class="_ _3"/>nt way p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gi<span class="_ _3"/>ven t<span class="_ _3"/>he m<span class="_ _3"/>an<span class="_ _3"/>date<span class="_ _3"/>s show<span class="_ _3"/>n to the le<span class="_ _3"/>ft<span class="_ _3"/>. Th<span class="_ _3"/>e over<span class="_ _3"/>vi<span class="_ _3"/>ew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ene<span class="_ _3"/>rgy t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o to the le<span class="_ _3"/>ft i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net of t<span class="_ _3"/>he in<span class="_ _3"/>tern<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>res re<span class="_ _3"/>cei<span class="_ _3"/>ved f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and t<span class="_ _3"/>he e<span class="_ _3"/>xte<span class="_ _3"/>rna<span class="_ _3"/>l tra<span class="_ _3"/>de<span class="_ _3"/>s in l<span class="_ _3"/>in<span class="_ _3"/>e wit<span class="_ _3"/>h inte<span class="_ _3"/>rna<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">risk<span class="_ _0"/> management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio primaril<span class="_ _0"/>y<span class="_ _0"/> consis<span class="_ _0"/>ts o<span class="_ _0"/>f posi<span class="_ _0"/>tions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in p<span class="_ _3"/>owe<span class="_ _3"/>r and g<span class="_ _3"/>as<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tra<span class="_ _3"/>di<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io co<span class="_ _3"/>ns<span class="_ _3"/>titute<span class="_ _3"/>s a sm<span class="_ _3"/>alle<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r total p<span class="_ _3"/>or<span class="_ _3"/>tfol<span class="_ _3"/>io of d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, a<span class="_ _3"/>nd t<span class="_ _3"/>he a<span class="_ _3"/>ssoc<span class="_ _3"/>ia<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk is l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ca<span class="_ _0"/>te<span class="_ _0"/>gor<span class="_ _0"/>ies<span class="_ _0"/> o<span class="_ _0"/>f fin<span class="_ _0"/>anci<span class="_ _0"/>al ins<span class="_ _0"/>trum<span class="_ _0"/>ents</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.8</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:342.203125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 155.742px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Categorie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s of financial instruments</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,251<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,775</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Securities<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 482.479px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s measured at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value via the inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 235.928px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">37,153<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>42,972</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 447.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,783<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,709</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 448.748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">795<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>275</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.201px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 411.416px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">478</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es (ass<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ets) used as hedging instrument<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 316.453px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,578<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,462</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 137.26px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 447.42px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">11,107<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,701</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 151.26px; width: 631.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ounts r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceivabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 414.81px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7,200<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,459</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 165.275px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Cash<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,626<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,649</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.789px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s measured at amortised c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 327.603px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">28,933<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>40,809</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 197.525px; width: 631.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, and inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 353.76px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,712<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 211.039px; width: 631.242px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities measured at f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue via the income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ement<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.787px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,712<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 230.682px; width: 631.377px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 444.064px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>41,237</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 244.682px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 448.748px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">481<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>697</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 258.682px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 389.82px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,073</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 272.195px; width: 631.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es (liabilities) used as hedging instrument<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 297.926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">18,500<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,007</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 290.932px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bank loans and issued bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 398.685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">79,620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>63,281</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 304.947px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ade payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 456.668px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14,915<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,641</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 318.947px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ounts payabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 424.001px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,591<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>11,310</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 332.461px; width: 631.312px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities measured at amortis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed cost<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 309.193px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">103,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>95,232</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws our financial instruments divided int<span class="_ _0"/>o c<span class="_ _0"/>ategories<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The cat<span class="_ _0"/>egories indicat<span class="_ _0"/>e ho<span class="_ _0"/>w the financial instruments ar<span class="_ _0"/>e r<span class="_ _0"/>ecognised in the financial s<span class="_ _0"/>tat<span class="_ _0"/>ement.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Financial instruments are<span class="_ _0"/> used<span class="_ _0"/> for<span class="_ _0"/> various purpos<span class="_ _0"/>es. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The purpo<span class="_ _0"/>se de<span class="_ _0"/>termines<span class="_ _0"/> the<span class="_ _0"/> cat<span class="_ _0"/>egory<span class="_ _0"/>, and<span class="_ _0"/> whether<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e valu<span class="_ _3"/>e ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent of t<span class="_ _3"/>he i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nt sh<span class="_ _3"/>ou<span class="_ _3"/>ld be </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e prof<span class="_ _3"/>it (l<span class="_ _3"/>oss) for t<span class="_ _3"/>he ye<span class="_ _3"/>ar o<span class="_ _3"/>r as pa<span class="_ _3"/>r<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g rese<span class="_ _3"/>r<span class="_ _3"/>ve in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e fai<span class="_ _3"/>r valu<span class="_ _3"/>e of f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s me<span class="_ _3"/>asu<span class="_ _3"/>red <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at a<span class="_ _3"/>mo<span class="_ _3"/>rt<span class="_ _3"/>ise<span class="_ _3"/>d cos<span class="_ _3"/>t is id<span class="_ _3"/>en<span class="_ _3"/>tica<span class="_ _3"/>l to the c<span class="_ _3"/>arr<span class="_ _3"/>yi<span class="_ _3"/>ng a<span class="_ _3"/>mo<span class="_ _3"/>unt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th the e<span class="_ _3"/>xce<span class="_ _3"/>pti<span class="_ _3"/>on of ba<span class="_ _3"/>nk l<span class="_ _3"/>oan<span class="_ _3"/>s an<span class="_ _3"/>d is<span class="_ _3"/>sue<span class="_ _3"/>d bo<span class="_ _3"/>nds </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere t<span class="_ _3"/>he ma<span class="_ _3"/>rke<span class="_ _3"/>t valu<span class="_ _3"/>e is s<span class="_ _3"/>tated i<span class="_ _3"/>n note 5.<span class="_ _3"/>1 ‘I<span class="_ _3"/>ntere<span class="_ _3"/>st<span class="_ _0"/> <span class="_ _49"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>ar<span class="_ _3"/>in<span class="_ _3"/>g net d<span class="_ _3"/>ebt a<span class="_ _3"/>nd F<span class="_ _3"/>FO’.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity ana<span class="_ _3"/>l<span class="_ _0"/>y<span class="_ _0"/>sis of fina<span class="_ _3"/>ncial ins<span class="_ _3"/>truments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.9</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.189453125px;"><span style="position: absolute; display: inline-block; left: 350.781px; top: 0.0078125px; width: 280.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31 December 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 138.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Sensitivit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sis of financial </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 55.1719px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">instruments </span><span style="position: absolute; display: inline-block; left: 226.484px; top: 31.0234px; width: 23.8418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Price <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 365.656px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 471.453px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 561.172px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.3984px; width: 30.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 215.281px; top: 43.0234px; width: 32.6836px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">change</span><span style="position: absolute; display: inline-block; left: 272.641px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 390.609px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 587.047px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 227.9px; white-space: pre; word-spacing: 0.216px; letter-spacing: -0.216px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Powe<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 227.9px; top: 61.7598px; width: 403.506px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(277)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,119)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,791)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,382)</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 75.7598px; width: 406.471px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">562<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,263<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,794<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,402</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 211.371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(588)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(127)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>177</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 103.775px; width: 406.441px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">588<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>127<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(177)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(360)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>277</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 131.775px; width: 406.652px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">360<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(158)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>608<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.791px; width: 631.236px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,430)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,727)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 159.791px; width: 406.148px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(817)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,965<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,727</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.791px; width: 631.465px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(947)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(853)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 187.791px; width: 406.664px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,070<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>947<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>853</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(386)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(743)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 215.807px; width: 406.371px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">386<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 229.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(212)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(15)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(899)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(125)</span><span style="position: absolute; display: inline-block; left: 230.125px; top: 243.822px; width: 400.729px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>899<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.822px; width: 208.699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 208.699px; top: 257.822px; width: 197.496px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 406.195px; top: 257.822px; width: 224.982px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,162)</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.822px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>920<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(332)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,224</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e se<span class="_ _3"/>nsi<span class="_ _3"/>tiv<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ys<span class="_ _3"/>is in t<span class="_ _3"/>he ta<span class="_ _3"/>ble sh<span class="_ _3"/>ows th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>es<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g a rel<span class="_ _3"/>ati<span class="_ _3"/>ve pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t on pr<span class="_ _3"/>ofi<span class="_ _3"/>t (los<span class="_ _3"/>s) befor<span class="_ _3"/>e tax com<span class="_ _3"/>p<span class="_ _3"/>ris<span class="_ _3"/>es fi<span class="_ _3"/>na<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts th<span class="_ _3"/>at re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>pe<span class="_ _3"/>n at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate, a<span class="_ _3"/>nd w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve an e<span class="_ _3"/>ffe<span class="_ _3"/>ct o<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cur<span class="_ _3"/>rent f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ef<span class="_ _3"/>fec<span class="_ _3"/>t on eq<span class="_ _3"/>ui<span class="_ _3"/>ty b<span class="_ _3"/>efore ta<span class="_ _3"/>x com<span class="_ _3"/>pri<span class="_ _3"/>ses f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts t<span class="_ _3"/>hat r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>ne<span class="_ _3"/>d ope<span class="_ _3"/>n at t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce s<span class="_ _3"/>hee<span class="_ _3"/>t date<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d wh<span class="_ _3"/>ich a<span class="_ _3"/>re va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted d<span class="_ _3"/>ire<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s in<span class="_ _3"/>clud<span class="_ _3"/>e de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>s wel<span class="_ _3"/>l as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eivabl<span class="_ _0"/>es<span class="_ _0"/> and pa<span class="_ _0"/>yabl<span class="_ _0"/>es in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> c<span class="_ _0"/>urrencie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e il<span class="_ _3"/>lust<span class="_ _3"/>rate<span class="_ _3"/>d sen<span class="_ _3"/>sit<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s on<span class="_ _3"/>l<span class="_ _0"/>y co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e the i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> our<span class="_ _0"/> financial<span class="_ _0"/> instrumen<span class="_ _0"/>ts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed e<span class="_ _3"/>xpo<span class="_ _3"/>su<span class="_ _3"/>re ha<span class="_ _3"/>d bee<span class="_ _3"/>n i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he se<span class="_ _3"/>ns<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>vity a<span class="_ _3"/>na<span class="_ _3"/>lysis<span class="_ _3"/>, th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t of a pri<span class="_ _3"/>ce ch<span class="_ _3"/>an<span class="_ _3"/>ge wo<span class="_ _3"/>uld h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en re<span class="_ _3"/>du<span class="_ _3"/>ced o<span class="_ _3"/>r of<span class="_ _3"/>fset e<span class="_ _3"/>nti<span class="_ _3"/>rely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>oci<span class="_ _3"/>ate<span class="_ _3"/>d hed<span class="_ _3"/>gi<span class="_ _3"/>ng of n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n fore<span class="_ _3"/>ig<span class="_ _3"/>n su<span class="_ _3"/>bsi<span class="_ _3"/>di<span class="_ _3"/>ari<span class="_ _3"/>es a<span class="_ _3"/>re not i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tab<span class="_ _3"/>le, a<span class="_ _3"/>s the e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s of the s<span class="_ _3"/>um of th<span class="_ _3"/>e inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red to b<span class="_ _3"/>e ne<span class="_ _3"/>utra<span class="_ _3"/>l to cha<span class="_ _3"/>ng<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _0"/>urrenc<span class="_ _0"/>ies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s wou<span class="_ _3"/>ld red<span class="_ _3"/>uc<span class="_ _3"/>e eq<span class="_ _3"/>uit<span class="_ _3"/>y by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,718 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 6<span class="_ _3"/>,257 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply he<span class="_ _3"/>dg<span class="_ _3"/>e ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng to o<span class="_ _3"/>ur e<span class="_ _3"/>ne<span class="_ _3"/>rgy, co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty, cur<span class="_ _3"/>re<span class="_ _3"/>ncy, i<span class="_ _3"/>nter<span class="_ _3"/>est<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Al<span class="_ _3"/>mos<span class="_ _3"/>t al<span class="_ _3"/>l of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s we u<span class="_ _3"/>se fu<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t ri<span class="_ _3"/>sk of th<span class="_ _3"/>e ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e we he<span class="_ _3"/>dg<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e UK p<span class="_ _3"/>owe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>, for e<span class="_ _3"/>xam<span class="_ _3"/>pl<span class="_ _3"/>e, i<span class="_ _3"/>s hed<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g UK p<span class="_ _3"/>ower s<span class="_ _3"/>wa<span class="_ _3"/>ps or f<span class="_ _3"/>utu<span class="_ _3"/>res<span class="_ _3"/>. T<span class="_ _3"/>hus<span class="_ _3"/>, th<span class="_ _3"/>e ma<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urc<span class="_ _3"/>e of in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>en<span class="_ _3"/>ess i<span class="_ _3"/>s re<span class="_ _3"/>late<span class="_ _3"/>d to the v<span class="_ _3"/>olu<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ti<span class="_ _3"/>mi<span class="_ _3"/>ng of t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ve<span class="_ _3"/>rs<span class="_ _3"/>us th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e. T<span class="_ _3"/>hi<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce i<span class="_ _3"/>n ti<span class="_ _3"/>mi<span class="_ _3"/>ng i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rr<span class="_ _3"/>ed to as v<span class="_ _3"/>olu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k an<span class="_ _3"/>d is de<span class="_ _3"/>sc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n mo<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>tai<span class="_ _3"/>l on th<span class="_ _3"/>e ne<span class="_ _3"/>xt p<span class="_ _3"/>ag<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o the e<span class="_ _3"/>xte<span class="_ _3"/>nt t<span class="_ _3"/>hat a r<span class="_ _3"/>is<span class="_ _3"/>k ne<span class="_ _3"/>eds to b<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if t<span class="_ _3"/>he<span class="_ _3"/>re is n<span class="_ _3"/>o fu<span class="_ _3"/>lly ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t <span class="_ _6"/>a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>na<span class="_ _3"/>lyse<span class="_ _3"/>s are p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rme<span class="_ _3"/>d of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ven<span class="_ _3"/>ess o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>fore t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>i<span class="_ _3"/>ng tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n is c<span class="_ _3"/>on<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d. I<span class="_ _3"/>n th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>se, t<span class="_ _3"/>he ra<span class="_ _3"/>tio b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed ri<span class="_ _3"/>sk a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t may d<span class="_ _3"/>evi<span class="_ _3"/>ate f<span class="_ _3"/>rom t<span class="_ _3"/>he on<span class="_ _3"/>e<span class="_ _3"/>-to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>e pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e rat<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h mos<span class="_ _3"/>t ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>vely he<span class="_ _3"/>dg<span class="_ _3"/>es t<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>re<span class="_ _3"/>d ris<span class="_ _3"/>k<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e con<span class="_ _3"/>clu<span class="_ _3"/>de a h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me we p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>t fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts t<span class="_ _3"/>he<span class="_ _3"/>rea<span class="_ _3"/>f<span class="_ _3"/>ter, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>e cor<span class="_ _3"/>re<span class="_ _3"/>lat<span class="_ _3"/>ion b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposure<span class="_ _0"/> and t<span class="_ _0"/>he hedging<span class="_ _0"/> instrument. The<span class="_ _0"/> effect<span class="_ _0"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s a he<span class="_ _3"/>dg<span class="_ _3"/>e of fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h flow<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>reh<span class="_ _3"/>en<span class="_ _3"/>si<span class="_ _3"/>ve in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng re<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he he<span class="_ _3"/>dg<span class="_ _3"/>ed c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s are n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be r<span class="_ _3"/>ea<span class="_ _3"/>lis<span class="_ _3"/>ed<span class="_ _3"/>, th<span class="_ _3"/>e in<span class="_ _3"/>-fu<span class="_ _3"/>ll o<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ia<span class="_ _3"/>lly acc<span class="_ _3"/>um<span class="_ _3"/>ula<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e is tr<span class="_ _3"/>ans<span class="_ _3"/>fer<span class="_ _3"/>re<span class="_ _3"/>d to prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar. In<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve he<span class="_ _3"/>dg<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to en<span class="_ _3"/>er<span class="_ _3"/>gy an<span class="_ _3"/>d com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses. Ine<span class="_ _0"/>ffectiveness<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> other<span class="_ _0"/> hedges </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l inc<span class="_ _3"/>om<span class="_ _3"/>e or e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ea<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ow, the re<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g ga<span class="_ _3"/>in<span class="_ _3"/>s or lo<span class="_ _3"/>sse<span class="_ _3"/>s ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed fr<span class="_ _3"/>om e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e sa<span class="_ _3"/>me ite<span class="_ _3"/>m as t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d item<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>Howe<span class="_ _3"/>ver, on h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng of p<span class="_ _3"/>roc<span class="_ _3"/>ee<span class="_ _3"/>ds fr<span class="_ _3"/>om f<span class="_ _3"/>utu<span class="_ _3"/>re loa<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e res<span class="_ _3"/>ulti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>n or lo<span class="_ _3"/>ss i<span class="_ _3"/>s tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red f<span class="_ _3"/>rom e<span class="_ _3"/>qu<span class="_ _3"/>ity<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the l<span class="_ _3"/>oan<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r cur<span class="_ _3"/>re<span class="_ _3"/>ncy s<span class="_ _3"/>wap<span class="_ _3"/>s, t<span class="_ _3"/>he b<span class="_ _3"/>asi<span class="_ _3"/>s sp<span class="_ _3"/>rea<span class="_ _3"/>d is a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to t<span class="_ _3"/>he co<span class="_ _3"/>st of t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng mo<span class="_ _3"/>de<span class="_ _3"/>l<span class="_ _3"/>.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply he<span class="_ _3"/>dg<span class="_ _3"/>e ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng to o<span class="_ _3"/>ur e<span class="_ _3"/>ne<span class="_ _3"/>rgy, co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty, cur<span class="_ _3"/>re<span class="_ _3"/>ncy, i<span class="_ _3"/>nter<span class="_ _3"/>est<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Al<span class="_ _3"/>mos<span class="_ _3"/>t al<span class="_ _3"/>l of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s we u<span class="_ _3"/>se fu<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t ri<span class="_ _3"/>sk of th<span class="_ _3"/>e ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e we he<span class="_ _3"/>dg<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e UK p<span class="_ _3"/>owe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>, for e<span class="_ _3"/>xam<span class="_ _3"/>pl<span class="_ _3"/>e, i<span class="_ _3"/>s hed<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g UK p<span class="_ _3"/>ower s<span class="_ _3"/>wa<span class="_ _3"/>ps or f<span class="_ _3"/>utu<span class="_ _3"/>res<span class="_ _3"/>. T<span class="_ _3"/>hus<span class="_ _3"/>, th<span class="_ _3"/>e ma<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urc<span class="_ _3"/>e of in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>en<span class="_ _3"/>ess i<span class="_ _3"/>s re<span class="_ _3"/>late<span class="_ _3"/>d to the v<span class="_ _3"/>olu<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ti<span class="_ _3"/>mi<span class="_ _3"/>ng of t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ve<span class="_ _3"/>rs<span class="_ _3"/>us th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e. T<span class="_ _3"/>hi<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce i<span class="_ _3"/>n ti<span class="_ _3"/>mi<span class="_ _3"/>ng i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rr<span class="_ _3"/>ed to as v<span class="_ _3"/>olu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k an<span class="_ _3"/>d is de<span class="_ _3"/>sc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n mo<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>tai<span class="_ _3"/>l on th<span class="_ _3"/>e ne<span class="_ _3"/>xt p<span class="_ _3"/>ag<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o the e<span class="_ _3"/>xte<span class="_ _3"/>nt t<span class="_ _3"/>hat a r<span class="_ _3"/>is<span class="_ _3"/>k ne<span class="_ _3"/>eds to b<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if t<span class="_ _3"/>he<span class="_ _3"/>re is n<span class="_ _3"/>o fu<span class="_ _3"/>lly ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t <span class="_ _6"/>a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>na<span class="_ _3"/>lyse<span class="_ _3"/>s are p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rme<span class="_ _3"/>d of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ven<span class="_ _3"/>ess o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>fore t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>i<span class="_ _3"/>ng tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n is c<span class="_ _3"/>on<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d. I<span class="_ _3"/>n th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>se, t<span class="_ _3"/>he ra<span class="_ _3"/>tio b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed ri<span class="_ _3"/>sk a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t may d<span class="_ _3"/>evi<span class="_ _3"/>ate f<span class="_ _3"/>rom t<span class="_ _3"/>he on<span class="_ _3"/>e<span class="_ _3"/>-to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>e pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e rat<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h mos<span class="_ _3"/>t ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>vely he<span class="_ _3"/>dg<span class="_ _3"/>es t<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>re<span class="_ _3"/>d ris<span class="_ _3"/>k<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e con<span class="_ _3"/>clu<span class="_ _3"/>de a h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me we p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>t fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts t<span class="_ _3"/>he<span class="_ _3"/>rea<span class="_ _3"/>f<span class="_ _3"/>ter, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>e cor<span class="_ _3"/>re<span class="_ _3"/>lat<span class="_ _3"/>ion b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposure<span class="_ _0"/> and t<span class="_ _0"/>he hedging<span class="_ _0"/> instrument. The<span class="_ _0"/> effect<span class="_ _0"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s a he<span class="_ _3"/>dg<span class="_ _3"/>e of fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h flow<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>reh<span class="_ _3"/>en<span class="_ _3"/>si<span class="_ _3"/>ve in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng re<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he he<span class="_ _3"/>dg<span class="_ _3"/>ed c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s are n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be r<span class="_ _3"/>ea<span class="_ _3"/>lis<span class="_ _3"/>ed<span class="_ _3"/>, th<span class="_ _3"/>e in<span class="_ _3"/>-fu<span class="_ _3"/>ll o<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ia<span class="_ _3"/>lly acc<span class="_ _3"/>um<span class="_ _3"/>ula<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e is tr<span class="_ _3"/>ans<span class="_ _3"/>fer<span class="_ _3"/>re<span class="_ _3"/>d to prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar. In<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve he<span class="_ _3"/>dg<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to en<span class="_ _3"/>er<span class="_ _3"/>gy an<span class="_ _3"/>d com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses. Ine<span class="_ _0"/>ffectiveness<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> other<span class="_ _0"/> hedges </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l inc<span class="_ _3"/>om<span class="_ _3"/>e or e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ea<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ow, the re<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g ga<span class="_ _3"/>in<span class="_ _3"/>s or lo<span class="_ _3"/>sse<span class="_ _3"/>s ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed fr<span class="_ _3"/>om e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e sa<span class="_ _3"/>me ite<span class="_ _3"/>m as t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d item<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>Howe<span class="_ _3"/>ver, on h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng of p<span class="_ _3"/>roc<span class="_ _3"/>ee<span class="_ _3"/>ds fr<span class="_ _3"/>om f<span class="_ _3"/>utu<span class="_ _3"/>re loa<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e res<span class="_ _3"/>ulti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>n or lo<span class="_ _3"/>ss i<span class="_ _3"/>s tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red f<span class="_ _3"/>rom e<span class="_ _3"/>qu<span class="_ _3"/>ity<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the l<span class="_ _3"/>oan<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r cur<span class="_ _3"/>re<span class="_ _3"/>ncy s<span class="_ _3"/>wap<span class="_ _3"/>s, t<span class="_ _3"/>he b<span class="_ _3"/>asi<span class="_ _3"/>s sp<span class="_ _3"/>rea<span class="_ _3"/>d is a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to t<span class="_ _3"/>he co<span class="_ _3"/>st of t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng mo<span class="_ _3"/>de<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>po<span class="_ _3"/>su<span class="_ _3"/>re is ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(or n<span class="_ _3"/>et p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se/sa<span class="_ _3"/>le) t<span class="_ _3"/>im<span class="_ _3"/>es th<span class="_ _3"/>e for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">respectiv<span class="_ _0"/>e years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> of<span class="_ _0"/> net<span class="_ _0"/> in<span class="_ _0"/>vest<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> for<span class="_ _0"/>eign<span class="_ _0"/> subsidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of cu<span class="_ _3"/>rr<span class="_ _3"/>en<span class="_ _3"/>cy de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f loa<span class="_ _3"/>ns th<span class="_ _3"/>at a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d as n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt h<span class="_ _3"/>edg<span class="_ _3"/>es i<span class="_ _3"/>n for<span class="_ _3"/>ei<span class="_ _3"/>gn su<span class="_ _3"/>bs<span class="_ _3"/>id<span class="_ _3"/>ia<span class="_ _3"/>rie<span class="_ _3"/>s or a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y wit<span class="_ _3"/>hi<span class="_ _3"/>n a se<span class="_ _3"/>pa<span class="_ _3"/>rate fo<span class="_ _3"/>rei<span class="_ _3"/>gn c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translation<span class="_ _0"/> reserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hed<span class="_ _3"/>ge accou<span class="_ _3"/>ntin<span class="_ _3"/>g</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We ap<span class="_ _3"/>ply he<span class="_ _3"/>dg<span class="_ _3"/>e ac<span class="_ _3"/>cou<span class="_ _3"/>nti<span class="_ _3"/>ng to o<span class="_ _3"/>ur e<span class="_ _3"/>ne<span class="_ _3"/>rgy, co<span class="_ _3"/>m-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty, cur<span class="_ _3"/>re<span class="_ _3"/>ncy, i<span class="_ _3"/>nter<span class="_ _3"/>est<span class="_ _3"/>, an<span class="_ _3"/>d in<span class="_ _3"/>fla<span class="_ _3"/>tio<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>es<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Al<span class="_ _3"/>mos<span class="_ _3"/>t al<span class="_ _3"/>l of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>ent<span class="_ _3"/>s we u<span class="_ _3"/>se fu<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>tch th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t ri<span class="_ _3"/>sk of th<span class="_ _3"/>e ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e we he<span class="_ _3"/>dg<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e UK p<span class="_ _3"/>owe<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>, for e<span class="_ _3"/>xam<span class="_ _3"/>pl<span class="_ _3"/>e, i<span class="_ _3"/>s hed<span class="_ _3"/>ge<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">us<span class="_ _3"/>in<span class="_ _3"/>g UK p<span class="_ _3"/>ower s<span class="_ _3"/>wa<span class="_ _3"/>ps or f<span class="_ _3"/>utu<span class="_ _3"/>res<span class="_ _3"/>. T<span class="_ _3"/>hus<span class="_ _3"/>, th<span class="_ _3"/>e ma<span class="_ _3"/>in </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urc<span class="_ _3"/>e of in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>en<span class="_ _3"/>ess i<span class="_ _3"/>s re<span class="_ _3"/>late<span class="_ _3"/>d to the v<span class="_ _3"/>olu<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d ti<span class="_ _3"/>mi<span class="_ _3"/>ng of t<span class="_ _3"/>he a<span class="_ _3"/>ctu<span class="_ _3"/>al p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on ve<span class="_ _3"/>rs<span class="_ _3"/>us th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">set<span class="_ _3"/>tle<span class="_ _3"/>me<span class="_ _3"/>nt of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>e. T<span class="_ _3"/>hi<span class="_ _3"/>s di<span class="_ _3"/>ffe<span class="_ _3"/>re<span class="_ _3"/>nce i<span class="_ _3"/>n ti<span class="_ _3"/>mi<span class="_ _3"/>ng i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">refe<span class="_ _3"/>rr<span class="_ _3"/>ed to as v<span class="_ _3"/>olu<span class="_ _3"/>me r<span class="_ _3"/>is<span class="_ _3"/>k an<span class="_ _3"/>d is de<span class="_ _3"/>sc<span class="_ _3"/>ri<span class="_ _3"/>bed i<span class="_ _3"/>n mo<span class="_ _3"/>re </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>tai<span class="_ _3"/>l on th<span class="_ _3"/>e ne<span class="_ _3"/>xt p<span class="_ _3"/>ag<span class="_ _3"/>e.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _0"/>o the e<span class="_ _3"/>xte<span class="_ _3"/>nt t<span class="_ _3"/>hat a r<span class="_ _3"/>is<span class="_ _3"/>k ne<span class="_ _3"/>eds to b<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>, an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">if t<span class="_ _3"/>he<span class="_ _3"/>re is n<span class="_ _3"/>o fu<span class="_ _3"/>lly ef<span class="_ _3"/>fec<span class="_ _3"/>tiv<span class="_ _3"/>e in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t <span class="_ _6"/>a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>na<span class="_ _3"/>lyse<span class="_ _3"/>s are p<span class="_ _3"/>er<span class="_ _3"/>fo<span class="_ _3"/>rme<span class="_ _3"/>d of th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ven<span class="_ _3"/>ess o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>fore t<span class="_ _3"/>he h<span class="_ _3"/>edg<span class="_ _3"/>i<span class="_ _3"/>ng tra<span class="_ _3"/>ns<span class="_ _3"/>ac<span class="_ _3"/>tio<span class="_ _3"/>n is c<span class="_ _3"/>on<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d. I<span class="_ _3"/>n th<span class="_ _3"/>is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>se, t<span class="_ _3"/>he ra<span class="_ _3"/>tio b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed ri<span class="_ _3"/>sk a<span class="_ _3"/>nd t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t may d<span class="_ _3"/>evi<span class="_ _3"/>ate f<span class="_ _3"/>rom t<span class="_ _3"/>he on<span class="_ _3"/>e<span class="_ _3"/>-to-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on<span class="_ _3"/>e pr<span class="_ _3"/>in<span class="_ _3"/>ci<span class="_ _3"/>ple a<span class="_ _3"/>nd w<span class="_ _3"/>ill b<span class="_ _3"/>e de<span class="_ _3"/>ter<span class="_ _3"/>mi<span class="_ _3"/>ne<span class="_ _3"/>d as th<span class="_ _3"/>e rat<span class="_ _3"/>io </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ic<span class="_ _3"/>h mos<span class="_ _3"/>t ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>vely he<span class="_ _3"/>dg<span class="_ _3"/>es t<span class="_ _3"/>he d<span class="_ _3"/>esi<span class="_ _3"/>re<span class="_ _3"/>d ris<span class="_ _3"/>k<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en w<span class="_ _3"/>e con<span class="_ _3"/>clu<span class="_ _3"/>de a h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on<span class="_ _3"/>, an<span class="_ _3"/>d ea<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>me we p<span class="_ _3"/>re<span class="_ _3"/>sen<span class="_ _3"/>t fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts t<span class="_ _3"/>he<span class="_ _3"/>rea<span class="_ _3"/>f<span class="_ _3"/>ter, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>sse<span class="_ _3"/>ss th<span class="_ _3"/>e cor<span class="_ _3"/>re<span class="_ _3"/>lat<span class="_ _3"/>ion b<span class="_ _3"/>et<span class="_ _3"/>wee<span class="_ _3"/>n th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exposure<span class="_ _0"/> and t<span class="_ _0"/>he hedging<span class="_ _0"/> instrument. The<span class="_ _0"/> effect<span class="_ _0"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge i<span class="_ _3"/>n ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e of th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g in<span class="_ _3"/>str<span class="_ _3"/>um<span class="_ _3"/>en<span class="_ _3"/>t is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed a<span class="_ _3"/>s a he<span class="_ _3"/>dg<span class="_ _3"/>e of fu<span class="_ _3"/>tur<span class="_ _3"/>e cas<span class="_ _3"/>h flow<span class="_ _3"/>s in ot<span class="_ _3"/>he<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>mp<span class="_ _3"/>reh<span class="_ _3"/>en<span class="_ _3"/>si<span class="_ _3"/>ve in<span class="_ _3"/>com<span class="_ _3"/>e in t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng re<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If t<span class="_ _3"/>he he<span class="_ _3"/>dg<span class="_ _3"/>ed c<span class="_ _3"/>ash f<span class="_ _3"/>low<span class="_ _3"/>s are n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>cte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to be r<span class="_ _3"/>ea<span class="_ _3"/>lis<span class="_ _3"/>ed<span class="_ _3"/>, th<span class="_ _3"/>e in<span class="_ _3"/>-fu<span class="_ _3"/>ll o<span class="_ _3"/>r par<span class="_ _3"/>t<span class="_ _3"/>ia<span class="_ _3"/>lly acc<span class="_ _3"/>um<span class="_ _3"/>ula<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue c<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e is tr<span class="_ _3"/>ans<span class="_ _3"/>fer<span class="_ _3"/>re<span class="_ _3"/>d to prof<span class="_ _3"/>it (<span class="_ _3"/>los<span class="_ _3"/>s) for th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ye<span class="_ _3"/>ar. In<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>ti<span class="_ _3"/>ve he<span class="_ _3"/>dg<span class="_ _3"/>es re<span class="_ _3"/>late<span class="_ _3"/>d to en<span class="_ _3"/>er<span class="_ _3"/>gy an<span class="_ _3"/>d com<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>ty ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es a<span class="_ _3"/>re re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n oth<span class="_ _3"/>er o<span class="_ _3"/>pe<span class="_ _3"/>rat<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">expenses. Ine<span class="_ _0"/>ffectiveness<span class="_ _0"/> relat<span class="_ _0"/>ed<span class="_ _0"/> to<span class="_ _0"/> other<span class="_ _0"/> hedges </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l inc<span class="_ _3"/>om<span class="_ _3"/>e or e<span class="_ _3"/>xpe<span class="_ _3"/>ns<span class="_ _3"/>es<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On r<span class="_ _3"/>ea<span class="_ _3"/>li<span class="_ _3"/>sat<span class="_ _3"/>ion o<span class="_ _3"/>f the h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d cas<span class="_ _3"/>h fl<span class="_ _3"/>ow, the re<span class="_ _3"/>su<span class="_ _3"/>lt<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g ga<span class="_ _3"/>in<span class="_ _3"/>s or lo<span class="_ _3"/>sse<span class="_ _3"/>s ar<span class="_ _3"/>e tra<span class="_ _3"/>nsfe<span class="_ _3"/>rr<span class="_ _3"/>ed fr<span class="_ _3"/>om e<span class="_ _3"/>qu<span class="_ _3"/>ity a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>sed i<span class="_ _3"/>n th<span class="_ _3"/>e sa<span class="_ _3"/>me ite<span class="_ _3"/>m as t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>ge<span class="_ _3"/>d item<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _1"/>Howe<span class="_ _3"/>ver, on h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng of p<span class="_ _3"/>roc<span class="_ _3"/>ee<span class="_ _3"/>ds fr<span class="_ _3"/>om f<span class="_ _3"/>utu<span class="_ _3"/>re loa<span class="_ _3"/>ns<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e res<span class="_ _3"/>ulti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>n or lo<span class="_ _3"/>ss i<span class="_ _3"/>s tra<span class="_ _3"/>ns<span class="_ _3"/>fer<span class="_ _3"/>red f<span class="_ _3"/>rom e<span class="_ _3"/>qu<span class="_ _3"/>ity<span class="_ _3"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ove<span class="_ _3"/>r the te<span class="_ _3"/>rm o<span class="_ _3"/>f the l<span class="_ _3"/>oan<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fo<span class="_ _3"/>r cur<span class="_ _3"/>re<span class="_ _3"/>ncy s<span class="_ _3"/>wap<span class="_ _3"/>s, t<span class="_ _3"/>he b<span class="_ _3"/>asi<span class="_ _3"/>s sp<span class="_ _3"/>rea<span class="_ _3"/>d is a<span class="_ _3"/>cco<span class="_ _3"/>unte<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for a<span class="_ _3"/>cco<span class="_ _3"/>rdi<span class="_ _3"/>ng to t<span class="_ _3"/>he co<span class="_ _3"/>st of t<span class="_ _3"/>he h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng mo<span class="_ _3"/>de<span class="_ _3"/>l<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ex<span class="_ _3"/>po<span class="_ _3"/>su<span class="_ _3"/>re is ca<span class="_ _3"/>lcu<span class="_ _3"/>late<span class="_ _3"/>d as t<span class="_ _3"/>he e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(or n<span class="_ _3"/>et p<span class="_ _3"/>urc<span class="_ _3"/>ha<span class="_ _3"/>se/sa<span class="_ _3"/>le) t<span class="_ _3"/>im<span class="_ _3"/>es th<span class="_ _3"/>e for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice fo<span class="_ _3"/>r th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">respectiv<span class="_ _0"/>e years.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> of<span class="_ _0"/> net<span class="_ _0"/> in<span class="_ _0"/>vest<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> for<span class="_ _0"/>eign<span class="_ _0"/> subsidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of cu<span class="_ _3"/>rr<span class="_ _3"/>en<span class="_ _3"/>cy de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f loa<span class="_ _3"/>ns th<span class="_ _3"/>at a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d as n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt h<span class="_ _3"/>edg<span class="_ _3"/>es i<span class="_ _3"/>n for<span class="_ _3"/>ei<span class="_ _3"/>gn su<span class="_ _3"/>bs<span class="_ _3"/>id<span class="_ _3"/>ia<span class="_ _3"/>rie<span class="_ _3"/>s or a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y wit<span class="_ _3"/>hi<span class="_ _3"/>n a se<span class="_ _3"/>pa<span class="_ _3"/>rate fo<span class="_ _3"/>rei<span class="_ _3"/>gn c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translation<span class="_ _0"/> reserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Curren<span class="_ _3"/>cy risks</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cas<span class="_ _3"/>h flow<span class="_ _3"/>s con<span class="_ _3"/>sis<span class="_ _3"/>t of mu<span class="_ _3"/>ltip<span class="_ _3"/>le di<span class="_ _3"/>f<span class="_ _3"/>fere<span class="_ _3"/>nt cur<span class="_ _3"/>re<span class="_ _3"/>nci<span class="_ _3"/>es<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich e<span class="_ _3"/>xp<span class="_ _3"/>ose u<span class="_ _3"/>s to flu<span class="_ _3"/>ctu<span class="_ _3"/>ati<span class="_ _3"/>ons i<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rates<span class="_ _3"/>. O<span class="_ _3"/>ur m<span class="_ _3"/>ai<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>cy ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>es ar<span class="_ _3"/>e GBP<span class="_ _0"/>, USD, a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NT<span class="_ _3"/>D. Whi<span class="_ _3"/>le ou<span class="_ _3"/>r ex<span class="_ _3"/>pos<span class="_ _3"/>ure to EU<span class="_ _3"/>R is a<span class="_ _3"/>l<span class="_ _3"/>so si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">do n<span class="_ _3"/>ot de<span class="_ _3"/>em E<span class="_ _3"/>UR to con<span class="_ _3"/>st<span class="_ _3"/>itute a ri<span class="_ _3"/>sk a<span class="_ _3"/>s we ex<span class="_ _3"/>pe<span class="_ _3"/>ct </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k to mai<span class="_ _3"/>ntai<span class="_ _3"/>n it<span class="_ _3"/>s fi<span class="_ _3"/>xe<span class="_ _3"/>d exc<span class="_ _3"/>han<span class="_ _3"/>ge<span class="_ _3"/>-<span class="_ _3"/>rate po<span class="_ _3"/>li<span class="_ _3"/>cy. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">For G<span class="_ _3"/>BP<span class="_ _0"/>, ou<span class="_ _3"/>r sig<span class="_ _3"/>ni<span class="_ _3"/>fi<span class="_ _3"/>cant e<span class="_ _3"/>ar<span class="_ _3"/>ni<span class="_ _3"/>ng<span class="_ _3"/>s from a<span class="_ _3"/>sse<span class="_ _3"/>ts i<span class="_ _3"/>n op<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ati<span class="_ _3"/>on a<span class="_ _3"/>nd e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>ted far<span class="_ _3"/>m-<span class="_ _3"/>dow<span class="_ _3"/>ns ar<span class="_ _3"/>e larg<span class="_ _3"/>er t<span class="_ _3"/>ha<span class="_ _3"/>n our </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pla<span class="_ _3"/>nn<span class="_ _3"/>ed C<span class="_ _3"/>AP<span class="_ _3"/>EX<span class="_ _3"/>, re<span class="_ _3"/>sulti<span class="_ _3"/>ng i<span class="_ _3"/>n a net-po<span class="_ _3"/>sit<span class="_ _3"/>ive G<span class="_ _3"/>BP e<span class="_ _3"/>xpo<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>re, b<span class="_ _3"/>oth sh<span class="_ _3"/>or<span class="_ _3"/>t<span class="_ _0"/>- an<span class="_ _3"/>d lon<span class="_ _3"/>g-ter<span class="_ _3"/>m<span class="_ _3"/>. The n<span class="_ _3"/>et ex<span class="_ _3"/>po<span class="_ _3"/>sur<span class="_ _3"/>e was </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lowe<span class="_ _3"/>red i<span class="_ _3"/>n 2023 by t<span class="_ _3"/>he in<span class="_ _3"/>clu<span class="_ _3"/>si<span class="_ _3"/>on of m<span class="_ _3"/>ore p<span class="_ _3"/>lan<span class="_ _3"/>ne<span class="_ _3"/>d GB<span class="_ _3"/>P </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">CA<span class="_ _3"/>PE<span class="_ _3"/>X follow<span class="_ _3"/>in<span class="_ _3"/>g FI<span class="_ _3"/>D for Ho<span class="_ _3"/>rn<span class="_ _3"/>sea 3<span class="_ _3"/>. A 10 <span class="_ _1"/>% i<span class="_ _3"/>nc<span class="_ _3"/>rea<span class="_ _3"/>se </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in t<span class="_ _3"/>he GB<span class="_ _3"/>P/DK<span class="_ _3"/>K exc<span class="_ _3"/>ha<span class="_ _3"/>ng<span class="_ _3"/>e rate wi<span class="_ _3"/>ll res<span class="_ _3"/>ult in a g<span class="_ _3"/>ai<span class="_ _3"/>n of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1.2 b<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on ove<span class="_ _3"/>r the p<span class="_ _3"/>er<span class="_ _3"/>iod 2<span class="_ _3"/>024<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>028, a<span class="_ _3"/>ll e<span class="_ _3"/>ls<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">remaining unchanged.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>For USD<span class="_ _0"/>,<span class="_ _0"/> our portf<span class="_ _0"/>olio o<span class="_ _0"/>f o<span class="_ _0"/>ffshore<span class="_ _0"/> and onshor<span class="_ _0"/>e de<span class="_ _0"/>velop-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nt an<span class="_ _3"/>d op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng as<span class="_ _3"/>set<span class="_ _3"/>s tra<span class="_ _3"/>nsla<span class="_ _3"/>te to a sho<span class="_ _3"/>rt- to<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>di<span class="_ _3"/>um<span class="_ _3"/>-ter<span class="_ _3"/>m neg<span class="_ _3"/>at<span class="_ _3"/>ive US<span class="_ _3"/>D ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>. Howev<span class="_ _3"/>er, on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">a lon<span class="_ _3"/>ge<span class="_ _3"/>r ti<span class="_ _3"/>me h<span class="_ _3"/>ori<span class="_ _3"/>zon<span class="_ _3"/>, reve<span class="_ _3"/>nu<span class="_ _3"/>e from a<span class="_ _3"/>sse<span class="_ _3"/>ts re<span class="_ _3"/>sult i<span class="_ _3"/>n a </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">net positive USD exposure.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>ra<span class="_ _3"/>l ap<span class="_ _3"/>proa<span class="_ _3"/>ch to m<span class="_ _3"/>an<span class="_ _3"/>ag<span class="_ _3"/>ing c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sks </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is to u<span class="_ _3"/>se str<span class="_ _3"/>uc<span class="_ _3"/>tura<span class="_ _3"/>l ri<span class="_ _3"/>sk m<span class="_ _3"/>an<span class="_ _3"/>age<span class="_ _3"/>m<span class="_ _3"/>ent too<span class="_ _3"/>l<span class="_ _3"/>s, su<span class="_ _3"/>ch a<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">loc<span class="_ _0"/>al curr<span class="_ _0"/>ency s<span class="_ _0"/>ourcing<span class="_ _0"/> cont<span class="_ _0"/>racts, ne<span class="_ _0"/>tting inc<span class="_ _0"/>ome and<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s in th<span class="_ _3"/>e sa<span class="_ _3"/>me cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y<span class="_ _0"/>, is<span class="_ _3"/>sui<span class="_ _3"/>ng lo<span class="_ _3"/>cal c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>bt to na<span class="_ _3"/>tura<span class="_ _3"/>lly bal<span class="_ _3"/>anc<span class="_ _3"/>e our p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>li<span class="_ _3"/>o, an<span class="_ _3"/>d pr<span class="_ _3"/>io<span class="_ _3"/>riti<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g loca<span class="_ _3"/>l cu<span class="_ _3"/>rre<span class="_ _3"/>ncy c<span class="_ _3"/>ost<span class="_ _3"/>s to match r<span class="_ _3"/>even<span class="_ _3"/>ue i<span class="_ _3"/>n ou<span class="_ _3"/>r ass<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>je<span class="_ _3"/>ct<span class="_ _3"/>s to min<span class="_ _3"/>im<span class="_ _3"/>is<span class="_ _3"/>e the n<span class="_ _3"/>ee<span class="_ _3"/>d for he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The c<span class="_ _0"/>urrency<span class="_ _0"/> denomination o<span class="_ _0"/>f deb<span class="_ _0"/>t issuanc<span class="_ _0"/>e is<span class="_ _0"/> aimed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">at o<span class="_ _3"/>ptim<span class="_ _3"/>is<span class="_ _3"/>in<span class="_ _3"/>g the c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy com<span class="_ _3"/>po<span class="_ _3"/>sit<span class="_ _3"/>ion of n<span class="_ _3"/>et d<span class="_ _3"/>ebt </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wi<span class="_ _3"/>th tha<span class="_ _3"/>t of fore<span class="_ _3"/>cas<span class="_ _3"/>ted FF<span class="_ _3"/>O to ens<span class="_ _3"/>ure s<span class="_ _3"/>tab<span class="_ _3"/>il<span class="_ _3"/>ity i<span class="_ _3"/>n FFO/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">NI<span class="_ _3"/>BD a<span class="_ _3"/>ga<span class="_ _3"/>in<span class="_ _3"/>st a<span class="_ _3"/>dve<span class="_ _3"/>rse m<span class="_ _3"/>ove<span class="_ _3"/>me<span class="_ _3"/>nts i<span class="_ _3"/>n exc<span class="_ _3"/>ha<span class="_ _3"/>nge r<span class="_ _3"/>ates<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">De<span class="_ _3"/>bt ca<span class="_ _3"/>n be pa<span class="_ _3"/>r<span class="_ _3"/>ticu<span class="_ _3"/>la<span class="_ _3"/>rly effe<span class="_ _3"/>ct<span class="_ _3"/>ive i<span class="_ _3"/>n new m<span class="_ _3"/>ar<span class="_ _3"/>kets </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to mi<span class="_ _3"/>tig<span class="_ _3"/>ate th<span class="_ _3"/>e tim<span class="_ _3"/>e<span class="_ _3"/>-sp<span class="_ _3"/>rea<span class="_ _3"/>d ri<span class="_ _3"/>sk si<span class="_ _3"/>nce t<span class="_ _3"/>he p<span class="_ _3"/>roce<span class="_ _3"/>ed<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m the d<span class="_ _3"/>eb<span class="_ _3"/>t iss<span class="_ _3"/>ua<span class="_ _3"/>nce ca<span class="_ _3"/>n be u<span class="_ _3"/>sed to fu<span class="_ _3"/>nd a<span class="_ _3"/>nd h<span class="_ _3"/>ed<span class="_ _3"/>ge </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>cti<span class="_ _3"/>on co<span class="_ _3"/>sts<span class="_ _3"/>, wh<span class="_ _3"/>ile t<span class="_ _3"/>he d<span class="_ _3"/>ebt re<span class="_ _3"/>pa<span class="_ _3"/>yme<span class="_ _3"/>nt pr<span class="_ _3"/>ofi<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ca<span class="_ _3"/>n be scu<span class="_ _3"/>lpte<span class="_ _3"/>d to matc<span class="_ _3"/>h futu<span class="_ _3"/>re reve<span class="_ _3"/>nu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e res<span class="_ _3"/>idu<span class="_ _3"/>al c<span class="_ _3"/>ur<span class="_ _3"/>ren<span class="_ _3"/>cy ri<span class="_ _3"/>sk af<span class="_ _3"/>te<span class="_ _3"/>r net<span class="_ _3"/>tin<span class="_ _3"/>g of ex<span class="_ _3"/>pos<span class="_ _3"/>ure<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d de<span class="_ _3"/>bt ar<span class="_ _3"/>e ma<span class="_ _3"/>nag<span class="_ _3"/>ed v<span class="_ _3"/>ia f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>ccor<span class="_ _3"/>d-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>g to ou<span class="_ _3"/>r des<span class="_ _3"/>ire<span class="_ _3"/>d ri<span class="_ _3"/>sk a<span class="_ _3"/>ppe<span class="_ _3"/>tite<span class="_ _3"/>. Ou<span class="_ _3"/>r overa<span class="_ _3"/>ll h<span class="_ _3"/>ed<span class="_ _3"/>ge ho<span class="_ _3"/>ri<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon i<span class="_ _3"/>s fi<span class="_ _3"/>ve yea<span class="_ _3"/>rs<span class="_ _3"/>, cove<span class="_ _3"/>ri<span class="_ _3"/>ng on<span class="_ _3"/>ly hig<span class="_ _3"/>hly cer<span class="_ _3"/>ta<span class="_ _3"/>in ca<span class="_ _3"/>sh f<span class="_ _3"/>lows </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to avo<span class="_ _3"/>id he<span class="_ _3"/>dg<span class="_ _3"/>e in<span class="_ _3"/>ef<span class="_ _3"/>fec<span class="_ _3"/>tive<span class="_ _3"/>ne<span class="_ _3"/>ss<span class="_ _3"/>. For e<span class="_ _3"/>ne<span class="_ _3"/>rgy p<span class="_ _3"/>ri<span class="_ _3"/>ce ri<span class="_ _3"/>sks i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fore<span class="_ _3"/>ig<span class="_ _3"/>n cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es<span class="_ _3"/>, we do n<span class="_ _3"/>ot he<span class="_ _3"/>dge t<span class="_ _3"/>he e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk u<span class="_ _3"/>ntil t<span class="_ _3"/>he e<span class="_ _3"/>ne<span class="_ _3"/>rgy ex<span class="_ _3"/>po<span class="_ _3"/>sure h<span class="_ _3"/>as b<span class="_ _3"/>ee<span class="_ _3"/>n he<span class="_ _3"/>dg<span class="_ _3"/>ed<span class="_ _3"/>. For </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cas<span class="_ _3"/>h flow<span class="_ _3"/>s tha<span class="_ _3"/>t rela<span class="_ _3"/>te to sub<span class="_ _3"/>sid<span class="_ _3"/>ise<span class="_ _3"/>d GB<span class="_ _3"/>P in<span class="_ _3"/>com<span class="_ _3"/>e fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r UK of<span class="_ _3"/>fs<span class="_ _3"/>ho<span class="_ _3"/>re wi<span class="_ _3"/>nd far<span class="_ _3"/>ms le<span class="_ _3"/>ss op<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng ex<span class="_ _3"/>pe<span class="_ _3"/>nse<span class="_ _3"/>s, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">he<span class="_ _3"/>dg<span class="_ _3"/>e on a d<span class="_ _3"/>ecl<span class="_ _3"/>in<span class="_ _3"/>in<span class="_ _3"/>g leve<span class="_ _3"/>l over a f<span class="_ _3"/>ive<span class="_ _3"/>-ye<span class="_ _3"/>ar ro<span class="_ _3"/>lli<span class="_ _3"/>ng h<span class="_ _3"/>or<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">zon<span class="_ _3"/>. Th<span class="_ _3"/>e targ<span class="_ _3"/>et is to h<span class="_ _3"/>ed<span class="_ _3"/>ge 10<span class="_ _3"/>0 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 1, d<span class="_ _3"/>ec<span class="_ _3"/>li<span class="_ _3"/>ni<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by 20 pe<span class="_ _3"/>rce<span class="_ _3"/>ntag<span class="_ _3"/>e poi<span class="_ _3"/>nts e<span class="_ _3"/>ac<span class="_ _3"/>h yea<span class="_ _3"/>r to 20 <span class="_ _15c"/>% i<span class="_ _3"/>n yea<span class="_ _3"/>r 5. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r cu<span class="_ _3"/>rre<span class="_ _3"/>ncy e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re fro<span class="_ _3"/>m pro<span class="_ _3"/>du<span class="_ _3"/>cti<span class="_ _3"/>on<span class="_ _3"/>, sa<span class="_ _3"/>les<span class="_ _3"/>, inve<span class="_ _3"/>st<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ments, and<span class="_ _0"/> divest<span class="_ _0"/>ments aft<span class="_ _0"/>er hedging<span class="_ _0"/> for<span class="_ _0"/> the<span class="_ _0"/> years<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">202<span class="_ _3"/>4-<span class="_ _0"/>2028 ca<span class="_ _3"/>n be su<span class="_ _3"/>mm<span class="_ _3"/>ar<span class="_ _3"/>ise<span class="_ _3"/>d as s<span class="_ _3"/>hown i<span class="_ _3"/>n th<span class="_ _3"/>e tab<span class="_ _3"/>le.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:77.908203125px;"><span style="position: absolute; display: inline-block; left: 194.266px; top: 0.0078125px; width: 96.7793px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f price change</span><span style="position: absolute; display: inline-block; left: 0px; top: 9.78906px; width: 80.7891px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Risk after hedging</span><span style="position: absolute; display: inline-block; left: 0px; top: 22.2754px; width: 30.9551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKbn</span><span style="position: absolute; display: inline-block; left: 189.766px; top: 22.2754px; width: 102.434px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-10 %</span><span style="position: absolute; display: inline-block; left: 0px; top: 40.5254px; width: 291.375px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP: 11.6 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.633px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+1.2<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-1.2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.5254px; width: 291.398px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD: 4.8 buy position <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-0.5<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 57.8498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>+0.5</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 68.541px; width: 291.146px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD: 3.2 sell position<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">+0.3<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-0.3</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:229.486328125px;"><span style="position: absolute; display: inline-block; left: 538.484px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 1118.09px; top: 0.0078125px; width: 177.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Expected tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ers t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o income st<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>atement</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 902.109px; top: 31.0234px; width: 62.1797px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ognised in <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 370.328px; top: 43.0234px; width: 195.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 566.166px; top: 43.0234px; width: 48.5098px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025</span><span style="position: absolute; display: inline-block; left: 614.676px; top: 43.0234px; width: 193.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 808.164px; top: 43.0234px; width: 36.1816px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span><span style="position: absolute; display: inline-block; left: 844.346px; top: 43.0234px; width: 206.062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 861.797px; top: 43.0234px; width: 100.922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">compr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ehensive inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ome</span><span style="position: absolute; display: inline-block; left: 0px; top: 64.4766px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 78.9629px; width: 1294.92px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,191<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,961<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,115<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(481)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.8145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(331)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(218)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(33)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(80)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 92.9785px; width: 1294.36px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 121.367px; width: 118.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ash flo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w hedge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 133.367px; width: 74.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounting 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 145.742px; width: 370.207px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 341.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.207px; top: 145.367px; width: 924.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 435.821px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span>After 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 163.617px; width: 66.6738px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">EBITD<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> impact</span><span style="position: absolute; display: inline-block; left: 0px; top: 178.104px; width: 1294.48px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.9784px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,199<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,416<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13,830<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>151<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 102.199px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">182<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(109)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>262</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 192.104px; width: 1294.46px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(21)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 205.633px; width: 115.816px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Impact on other line it<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ems</span><span style="position: absolute; display: inline-block; left: 0px; top: 220.119px; width: 1294.52px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds (Int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est payments)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 119.789px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">32<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The GBP exchange r<span class="_ _0"/>at<span class="_ _0"/>e f<span class="_ _0"/>or hedges impacting EBITD<span class="_ _0"/>A<span class="_ _0"/> in 2024 and 2025 is hedged at an aver<span class="_ _0"/>age of GBP<span class="_ _15c"/>/DKK 8.3 and 8.2, respectiv<span class="_ _0"/>el<span class="_ _0"/>y<span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from curr<span class="_ _0"/>ency c<span class="_ _0"/>ash flo<span class="_ _0"/>w hedges in 2023 amounts t<span class="_ _0"/>o a l<span class="_ _0"/>oss of DKK -134 million (2022: DKK 189 mil<span class="_ _0"/>lion) rec<span class="_ _0"/>ognised in <span class="_ _6"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial items<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:85.126953125px;"><span style="position: absolute; display: inline-block; left: 370.328px; top: 0.0078125px; width: 243.979px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 197.889px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 7.03906px; width: 112.195px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s acc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ounted f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 132.363px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">at fair v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue through pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit or </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 89.5898px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss (financial items)</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 362.109px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 449.172px; top: 31.0234px; width: 54.1934px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual</span><span style="position: absolute; display: inline-block; left: 582.062px; top: 31.0234px; width: 31.5762px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.5098px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 206.766px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 428.328px; top: 43.0234px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 590.219px; top: 43.0234px; width: 24.9961px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">value</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.2734px; width: 40.793px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency</span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 614.238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Forw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ard e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>xchange contr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>act<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.174px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">24,504<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30,549<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"><span><span style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws cash management positions which ar<span class="_ _0"/>e no<span class="_ _0"/>t hedge account<span class="_ _0"/>ed. <span class="_ _0"/>The positions c<span class="_ _0"/>onsist of EUR and, t<span class="_ _0"/>o a l<span class="_ _0"/>esser ext<span class="_ _0"/>ent, GBP and USD</span></span><span class="_ _0"/>.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 218.244px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedging of net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ve<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>stments in f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>oreign subsidiarie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 461.75px; top: 5.99219px; width: 43.9746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Of which,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 582.062px; top: 5.99219px; width: 37.0664px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Hedged <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 739.828px; top: 5.97656px; width: 105.727px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ccumul<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ated e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>x<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>change </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 30.5918px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm </span><span style="position: absolute; display: inline-block; left: 377.016px; top: 18.0078px; width: 18.2402px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net <span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 435.703px; top: 17.9922px; width: 70.8398px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">non-contr<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olling </span><span style="position: absolute; display: inline-block; left: 580.672px; top: 17.9922px; width: 37.2539px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">amount <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 767.453px; top: 17.9766px; width: 77.6777px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e adjustments <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2023</span><span style="position: absolute; display: inline-block; left: 343.594px; top: 30.0078px; width: 49.9805px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inv<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>estment</span><span style="position: absolute; display: inline-block; left: 465.062px; top: 29.9922px; width: 38.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ests</span><span style="position: absolute; display: inline-block; left: 567.656px; top: 29.9766px; width: 165.674px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in currency<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.4199px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Net position</span><span style="position: absolute; display: inline-block; left: 805.125px; top: 29.9766px; width: 38.4492px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">in equity</span><span style="position: absolute; display: inline-block; left: 0px; top: 48.7129px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70,682<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(31,197)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,609<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,075)</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.7129px; width: 843.955px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>37,602<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 104.566px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.7129px; width: 844.295px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,809<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(20,045)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(301)</span><span style="position: absolute; display: inline-block; left: 0px; top: 90.7285px; width: 844.178px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>25,778<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(5,937)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>19,841<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.6795px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>131</span><span style="position: absolute; display: inline-block; left: 0px; top: 104.729px; width: 844.277px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>3,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>90</span><span style="position: absolute; display: inline-block; left: 0px; top: 118.242px; width: 843.943px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">160,724<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(1,876)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(57,179)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>101,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,146)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:98.03125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 65.9824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Currency 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>54,674<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(34,536)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>18,006<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,806)</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 844.072px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 344.244px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.5897px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>35,004<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(49)</span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7598px; width: 844.014px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 343.342px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>29,881<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.7248px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,839)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(21,916)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>6,126<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>617</span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 844.143px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,884<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(6,122)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,762<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>288</span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 843.838px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 109.676px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 92.3029px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>1,892<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.1543px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(104)</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.2891px; width: 843.914px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">136,335<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,971)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(62,574)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69,790<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(3,054)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.126953125px;"><span style="position: absolute; display: inline-block; left: 537.188px; top: 0.0078125px; width: 305.83px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Maturit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ysis<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 170.684px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Market v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>alue</span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2023</span><span style="position: absolute; display: inline-block; left: 228.516px; top: 31.0078px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 205.703px; top: 43.0078px; width: 76.0781px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">principal amount</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 43.0078px; width: 474.018px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2025<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2025<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.0957px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">As<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 74.6543px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liability</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">26,669<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 842.783px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,528<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>774<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,131<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,623<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 113.478px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">7<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 842.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">18,713 <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,926<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,934<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,853<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 101.683px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>657<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.76px; width: 843.041px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 150.258px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 86.0272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,937<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.486328125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.395px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ves<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tment hedges 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 368.578px; top: 12.0078px; width: 244.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2024<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 62.0392px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Aft<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er 2024</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 842.824px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP issued senior bonds<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25,983<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 843.07px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">8,553<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,895<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,658<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>92<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 842.953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD bank loans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.225px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,194<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 73.1191px; width: 842.836px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orwar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ds and cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss-curr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ency sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.6366px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">16,722<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,114<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,919<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,689<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 115.787px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(676)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 87.1191px; width: 842.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD issued senior bonds and f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>orw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ards<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 107.935px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">6,122<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 116.344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 107.444px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ineff<span class="_ _0"/>ectiv<span class="_ _0"/>eness from ne<span class="_ _0"/>t inv<span class="_ _0"/>estment hedges in 2023 amounts t<span class="_ _0"/>o a <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gain of DKK 236 million (2022: DKK 0 mil<span class="_ _0"/>lion), r<span class="_ _0"/>ecognised in financial </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">items<span class="_ _0"/>. <span class="_ _0"/>The ineff<span class="_ _4"/>ectiveness is caused b<span class="_ _0"/>y the impairments on our US<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">activities.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The net position expr<span class="_ _0"/>ess<span class="_ _0"/>es the accounting e<span class="_ _0"/>xposur<span class="_ _0"/>e. If<span class="_ _4"/>, for e<span class="_ _0"/>xampl<span class="_ _0"/>e,<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the GBP<span class="_ _4"/>/DKK exchange r<span class="_ _0"/>ate incr<span class="_ _0"/>eased b<span class="_ _0"/>y 10 <span class="_ _15c"/>% on 31 December 2023, <span class="_ _15c"/><span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">equity w<span class="_ _0"/>ould hav<span class="_ _0"/>e incr<span class="_ _0"/>eased b<span class="_ _0"/>y DKK 3,761 million, corr<span class="_ _0"/>esponding t<span class="_ _0"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">10 <span class="_ _4"/>% of DKK 37,609 million.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> o<span class="_ _0"/>f n<span class="_ _0"/>et<span class="_ _0"/> inv<span class="_ _0"/>est<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> sub<span class="_ _0"/>sidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ou<span class="_ _3"/>r fore<span class="_ _3"/>ig<span class="_ _3"/>n sub<span class="_ _3"/>si<span class="_ _3"/>dia<span class="_ _3"/>ri<span class="_ _3"/>es e<span class="_ _3"/>ntai<span class="_ _3"/>l cur<span class="_ _3"/>ren<span class="_ _3"/>cy r<span class="_ _3"/>isk<span class="_ _3"/>s. We h<span class="_ _3"/>edg<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ese cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ris<span class="_ _3"/>ks by ra<span class="_ _3"/>isi<span class="_ _3"/>ng lo<span class="_ _3"/>an<span class="_ _3"/>s in for<span class="_ _3"/>eig<span class="_ _3"/>n cu<span class="_ _3"/>rre<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>es an<span class="_ _3"/>d by ente<span class="_ _3"/>ri<span class="_ _3"/>ng i<span class="_ _3"/>nto for<span class="_ _3"/>ward e<span class="_ _3"/>xch<span class="_ _3"/>an<span class="_ _3"/>ge co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">currenc<span class="_ _0"/>y sw<span class="_ _0"/>aps, and<span class="_ _0"/> options.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">On 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er 20<span class="_ _3"/>23, t<span class="_ _3"/>he ac<span class="_ _3"/>cum<span class="_ _3"/>ula<span class="_ _3"/>ted ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rate a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts total<span class="_ _3"/>led D<span class="_ _3"/>KK -3,<span class="_ _3"/>14<span class="_ _3"/>6 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -3,0<span class="_ _3"/>54 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n), d<span class="_ _3"/>iv<span class="_ _3"/>id<span class="_ _3"/>ed be<span class="_ _3"/>twe<span class="_ _3"/>en th<span class="_ _3"/>e ex<span class="_ _3"/>cha<span class="_ _3"/>ng<span class="_ _3"/>e rate </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>ju<span class="_ _3"/>stm<span class="_ _3"/>ent o<span class="_ _3"/>f the n<span class="_ _3"/>et inve<span class="_ _3"/>stm<span class="_ _3"/>e<span class="_ _3"/>nt of DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>093 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(2022<span class="_ _3"/>: DK<span class="_ _3"/>K -<span class="_ _4"/>1,<span class="_ _3"/>5<span class="_ _3"/>44 m<span class="_ _3"/>il<span class="_ _3"/>li<span class="_ _3"/>on) a<span class="_ _3"/>nd th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>in<span class="_ _3"/>g the<span class="_ _3"/>reo<span class="_ _3"/>f of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K -<span class="_ _4"/>2<span class="_ _3"/>,05<span class="_ _3"/>3 mi<span class="_ _3"/>lli<span class="_ _3"/>on (2<span class="_ _3"/>022: D<span class="_ _3"/>KK -<span class="_ _0"/>1,510 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n).</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Hedging<span class="_ _0"/> of<span class="_ _0"/> net<span class="_ _0"/> in<span class="_ _0"/>vest<span class="_ _0"/>ments<span class="_ _0"/> in<span class="_ _0"/> for<span class="_ _0"/>eign<span class="_ _0"/> subsidiar<span class="_ _0"/>ies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ch<span class="_ _3"/>an<span class="_ _3"/>ge<span class="_ _3"/>s in th<span class="_ _3"/>e ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue of cu<span class="_ _3"/>rr<span class="_ _3"/>en<span class="_ _3"/>cy de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ive<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">cu<span class="_ _3"/>rre<span class="_ _3"/>nc<span class="_ _3"/>y ad<span class="_ _3"/>jus<span class="_ _3"/>tm<span class="_ _3"/>ent o<span class="_ _3"/>f loa<span class="_ _3"/>ns th<span class="_ _3"/>at a<span class="_ _3"/>re cl<span class="_ _3"/>ass<span class="_ _3"/>if<span class="_ _3"/>ie<span class="_ _3"/>d as n<span class="_ _3"/>et </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inv<span class="_ _3"/>es<span class="_ _3"/>tme<span class="_ _3"/>nt h<span class="_ _3"/>edg<span class="_ _3"/>es i<span class="_ _3"/>n for<span class="_ _3"/>ei<span class="_ _3"/>gn su<span class="_ _3"/>bs<span class="_ _3"/>id<span class="_ _3"/>ia<span class="_ _3"/>rie<span class="_ _3"/>s or a<span class="_ _3"/>sso<span class="_ _3"/>ci<span class="_ _3"/>ates </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ar<span class="_ _3"/>e rec<span class="_ _3"/>ogn<span class="_ _3"/>is<span class="_ _3"/>ed i<span class="_ _3"/>n the c<span class="_ _3"/>on<span class="_ _3"/>sol<span class="_ _3"/>id<span class="_ _3"/>ate<span class="_ _3"/>d fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tate<span class="_ _3"/>me<span class="_ _3"/>nts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">di<span class="_ _3"/>re<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>it<span class="_ _3"/>y wit<span class="_ _3"/>hi<span class="_ _3"/>n a se<span class="_ _3"/>pa<span class="_ _3"/>rate fo<span class="_ _3"/>rei<span class="_ _3"/>gn c<span class="_ _3"/>urr<span class="_ _3"/>en<span class="_ _3"/>cy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">translation<span class="_ _0"/> reserve.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sensitivity ana<span class="_ _3"/>l<span class="_ _0"/>y<span class="_ _0"/>sis of fina<span class="_ _3"/>ncial ins<span class="_ _3"/>truments</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.9</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:281.189453125px;"><span style="position: absolute; display: inline-block; left: 350.781px; top: 0.0078125px; width: 280.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">31 December 2023<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 111px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31 December 2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0234px; width: 138.182px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Sensitivit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y anal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sis of financial </span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0234px; width: 55.1719px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">instruments </span><span style="position: absolute; display: inline-block; left: 226.484px; top: 31.0234px; width: 23.8418px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Price <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 365.656px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 471.453px; top: 31.0234px; width: 68.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ofit <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 561.172px; top: 31.0234px; width: 72.082px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Effect on equit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -2.526px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 43.3984px; width: 30.1113px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 215.281px; top: 43.0234px; width: 32.6836px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">change</span><span style="position: absolute; display: inline-block; left: 272.641px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 390.609px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 43.0234px; width: 69.7148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss) befor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 587.047px; top: 43.0234px; width: 45.3926px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">bef<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ore t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ax</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 227.9px; white-space: pre; word-spacing: 0.216px; letter-spacing: -0.216px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Powe<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0.216px; letter-spacing: -0.216px; display: inline-block; margin-left: 0px; width: 200.648px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 227.9px; top: 61.7598px; width: 403.506px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(277)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(8,119)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.0116px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,791)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.2716px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(14,382)</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 75.7598px; width: 406.471px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">562<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,263<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,794<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,402</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7754px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 211.371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 70.3125px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(588)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(127)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(764)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>177</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 103.775px; width: 406.441px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.1114px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">588<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>127<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>764<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(177)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(360)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>260<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(533)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>277</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 131.775px; width: 406.652px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-25 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">360<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(158)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>608<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 145.791px; width: 631.236px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">GBP<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 75.7324px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>817<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,965)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,430)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,727)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 159.791px; width: 406.148px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(817)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,965<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,430<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,727</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 173.791px; width: 631.465px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">USD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 209.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,070)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(662)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(947)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(853)</span><span style="position: absolute; display: inline-block; left: 224.609px; top: 187.791px; width: 406.664px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,070<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>662<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>947<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.6346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>853</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 201.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">NTD<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 207.832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(386)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 82.8866px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(743)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 224.609px; top: 215.807px; width: 406.371px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-10 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">386<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 87.7091px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 229.807px; width: 631.324px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">EUR<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 215.326px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.5721px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(212)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(15)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(899)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 71.133px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(125)</span><span style="position: absolute; display: inline-block; left: 230.125px; top: 243.822px; width: 400.729px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-1 %<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 81.8846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>899<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>125</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 257.822px; width: 208.699px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inflation<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 208.699px; top: 257.822px; width: 197.496px; white-space: pre; word-spacing: -1.062px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.9142px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span></span><span style="position: absolute; display: inline-block; left: 406.195px; top: 257.822px; width: 224.982px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,059)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 63.5096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>(2,162)</span><span style="position: absolute; display: inline-block; left: 0px; top: 271.822px; width: 631.348px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 175.482px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1 % <span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>point<span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>620<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 76.1134px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>920<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(332)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,224</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e se<span class="_ _3"/>nsi<span class="_ _3"/>tiv<span class="_ _3"/>ity a<span class="_ _3"/>na<span class="_ _3"/>l<span class="_ _0"/>ys<span class="_ _3"/>is in t<span class="_ _3"/>he ta<span class="_ _3"/>ble sh<span class="_ _3"/>ows th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>e ch<span class="_ _3"/>ang<span class="_ _3"/>es<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g a rel<span class="_ _3"/>ati<span class="_ _3"/>ve pr<span class="_ _3"/>ice </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ch<span class="_ _3"/>an<span class="_ _3"/>ge at 31 De<span class="_ _3"/>ce<span class="_ _3"/>mb<span class="_ _3"/>er. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t on pr<span class="_ _3"/>ofi<span class="_ _3"/>t (los<span class="_ _3"/>s) befor<span class="_ _3"/>e tax com<span class="_ _3"/>p<span class="_ _3"/>ris<span class="_ _3"/>es fi<span class="_ _3"/>na<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ci<span class="_ _3"/>al i<span class="_ _3"/>nst<span class="_ _3"/>ru<span class="_ _3"/>me<span class="_ _3"/>nts th<span class="_ _3"/>at re<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>ed o<span class="_ _3"/>pe<span class="_ _3"/>n at th<span class="_ _3"/>e ba<span class="_ _3"/>lan<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>eet d<span class="_ _3"/>ate, a<span class="_ _3"/>nd w<span class="_ _3"/>hi<span class="_ _3"/>ch ha<span class="_ _3"/>ve an e<span class="_ _3"/>ffe<span class="_ _3"/>ct o<span class="_ _3"/>n prof<span class="_ _3"/>it (<span class="_ _3"/>loss) i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cur<span class="_ _3"/>rent f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>ci<span class="_ _3"/>al ye<span class="_ _3"/>ar. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ef<span class="_ _3"/>fec<span class="_ _3"/>t on eq<span class="_ _3"/>ui<span class="_ _3"/>ty b<span class="_ _3"/>efore ta<span class="_ _3"/>x com<span class="_ _3"/>pri<span class="_ _3"/>ses f<span class="_ _3"/>i<span class="_ _3"/>nan<span class="_ _3"/>ci<span class="_ _3"/>al i<span class="_ _3"/>ns<span class="_ _3"/>tru<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts t<span class="_ _3"/>hat r<span class="_ _3"/>em<span class="_ _3"/>ai<span class="_ _3"/>ne<span class="_ _3"/>d ope<span class="_ _3"/>n at t<span class="_ _3"/>he ba<span class="_ _3"/>la<span class="_ _3"/>nce s<span class="_ _3"/>hee<span class="_ _3"/>t date<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d wh<span class="_ _3"/>ich a<span class="_ _3"/>re va<span class="_ _3"/>lue<span class="_ _3"/>-<span class="_ _3"/>ad<span class="_ _3"/>jus<span class="_ _3"/>ted d<span class="_ _3"/>ire<span class="_ _3"/>ctly in e<span class="_ _3"/>qu<span class="_ _3"/>ity. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fi<span class="_ _3"/>na<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l ins<span class="_ _3"/>tru<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s in<span class="_ _3"/>clud<span class="_ _3"/>e de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>s wel<span class="_ _3"/>l as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">rec<span class="_ _0"/>eivabl<span class="_ _0"/>es<span class="_ _0"/> and pa<span class="_ _0"/>yabl<span class="_ _0"/>es in<span class="_ _0"/> f<span class="_ _0"/>oreign<span class="_ _0"/> c<span class="_ _0"/>urrencie<span class="_ _0"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e il<span class="_ _3"/>lust<span class="_ _3"/>rate<span class="_ _3"/>d sen<span class="_ _3"/>sit<span class="_ _3"/>ivi<span class="_ _3"/>tie<span class="_ _3"/>s on<span class="_ _3"/>l<span class="_ _0"/>y co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e the i<span class="_ _3"/>mp<span class="_ _3"/>ac<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of<span class="_ _0"/> our<span class="_ _0"/> financial<span class="_ _0"/> instrumen<span class="_ _0"/>ts. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If th<span class="_ _3"/>e he<span class="_ _3"/>dg<span class="_ _3"/>ed e<span class="_ _3"/>xpo<span class="_ _3"/>su<span class="_ _3"/>re ha<span class="_ _3"/>d bee<span class="_ _3"/>n i<span class="_ _3"/>nclu<span class="_ _3"/>de<span class="_ _3"/>d in t<span class="_ _3"/>he se<span class="_ _3"/>ns<span class="_ _3"/>i<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>vity a<span class="_ _3"/>na<span class="_ _3"/>lysis<span class="_ _3"/>, th<span class="_ _3"/>e ef<span class="_ _3"/>fec<span class="_ _3"/>t of a pri<span class="_ _3"/>ce ch<span class="_ _3"/>an<span class="_ _3"/>ge wo<span class="_ _3"/>uld h<span class="_ _3"/>ave </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">be<span class="_ _3"/>en re<span class="_ _3"/>du<span class="_ _3"/>ced o<span class="_ _3"/>r of<span class="_ _3"/>fset e<span class="_ _3"/>nti<span class="_ _3"/>rely.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s an<span class="_ _3"/>d ass<span class="_ _3"/>oci<span class="_ _3"/>ate<span class="_ _3"/>d hed<span class="_ _3"/>gi<span class="_ _3"/>ng of n<span class="_ _3"/>et i<span class="_ _3"/>nvest<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>nts i<span class="_ _3"/>n fore<span class="_ _3"/>ig<span class="_ _3"/>n su<span class="_ _3"/>bsi<span class="_ _3"/>di<span class="_ _3"/>ari<span class="_ _3"/>es a<span class="_ _3"/>re not i<span class="_ _3"/>nc<span class="_ _3"/>lud<span class="_ _3"/>ed i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tab<span class="_ _3"/>le, a<span class="_ _3"/>s the e<span class="_ _3"/>ffe<span class="_ _3"/>ct<span class="_ _3"/>s of the s<span class="_ _3"/>um of th<span class="_ _3"/>e inve<span class="_ _3"/>st<span class="_ _3"/>me<span class="_ _3"/>nts a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e hed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>re co<span class="_ _3"/>nsi<span class="_ _3"/>de<span class="_ _3"/>red to b<span class="_ _3"/>e ne<span class="_ _3"/>utra<span class="_ _3"/>l to cha<span class="_ _3"/>ng<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in c<span class="_ _0"/>urrenc<span class="_ _0"/>ies.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A 10 <span class="_ _15c"/>% i<span class="_ _3"/>ncre<span class="_ _3"/>as<span class="_ _3"/>e in th<span class="_ _3"/>e cur<span class="_ _3"/>ren<span class="_ _3"/>ci<span class="_ _3"/>es he<span class="_ _3"/>dg<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>c<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on wi<span class="_ _3"/>th ne<span class="_ _3"/>t inve<span class="_ _3"/>stm<span class="_ _3"/>ent<span class="_ _3"/>s wou<span class="_ _3"/>ld red<span class="_ _3"/>uc<span class="_ _3"/>e eq<span class="_ _3"/>uit<span class="_ _3"/>y by </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 5,718 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 6<span class="_ _3"/>,257 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n).</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Cre<span class="_ _3"/>dit r<span class="_ _3"/>isk<span class="_ _3"/>s</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:126.140625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts</span><span style="position: absolute; display: inline-block; left: 299.344px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 529.5px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 249.047px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivatives</span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 12.0078px; width: 203.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 26.0332px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Derivatives</span><span style="position: absolute; display: inline-block; left: 504px; top: 12.0078px; width: 126.404px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 149.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39,503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>165,200</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s in the balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,879<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>21,275<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.8691px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.8848px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Liabilities with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.885px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,515)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,515)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.398px; width: 223.412px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 223.412px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,867</span><span style="position: absolute; display: inline-block; left: 248.795px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 299.789px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,879</span><span style="position: absolute; display: inline-block; left: 325.172px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.822px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,746</span><span style="position: absolute; display: inline-block; left: 401.965px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 452.959px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">9,666</span><span style="position: absolute; display: inline-block; left: 478.342px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 529.336px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,255</span><span style="position: absolute; display: inline-block; left: 554.719px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 600.369px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,921</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 140.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.965px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,981<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,845<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>60,891<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>182,552</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 121.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.7988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,085<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>38,659<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,882</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vided<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,744)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.512px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,342<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>36,044</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A l<span class="_ _0"/>ar<span class="_ _0"/>ge part of the gr<span class="_ _0"/>oss asse<span class="_ _0"/>ts and liabilities can be o<span class="_ _0"/>ffs<span class="_ _0"/>et due t<span class="_ _0"/>o the natur<span class="_ _0"/>e in tr<span class="_ _0"/>ading activities where ener<span class="_ _0"/>gy is both pur<span class="_ _0"/>chased and s<span class="_ _0"/>old<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a limited number o<span class="_ _0"/>f participants in the ener<span class="_ _0"/>gy mark<span class="_ _0"/>ets<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In addition, the high ener<span class="_ _0"/>gy prices incr<span class="_ _0"/>ease the gr<span class="_ _0"/>oss val<span class="_ _0"/>ues to be ne<span class="_ _0"/>tt<span class="_ _0"/>ed, especial<span class="_ _0"/>l<span class="_ _0"/>y in 2022.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:110.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 191.268px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>edit quality o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s counterpartie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 190.766px; top: 1.05078px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 1</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.564px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 349.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.935px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.746px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">AAA/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Aaa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 330.732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>27,301<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23,351</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.447px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">AA/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Aa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 348.984px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,518<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>2,568</span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.57px; white-space: pre; word-spacing: 0.9px; letter-spacing: -0.9px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">A<span style="word-spacing: 0.9px; letter-spacing: -0.9px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/A<span style="word-spacing: 0.9px; letter-spacing: -0.9px; display: inline-block; margin-left: 0px; width: 356.156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">10,501<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>23,551</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.412px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">BBB/Baa<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 337.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,020<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,665</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.459px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 350.859px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>9,198<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 199.102px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>16,649</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal cr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>edit e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>xposure<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 277.588px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">63,538<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 198.621px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>81,784</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The figure<span class="_ _0"/>s do not r<span class="_ _0"/>eflect our act<span class="_ _0"/>ual cr<span class="_ _0"/>edit <span class="_ _6"/>exposure<span class="_ _0"/>, as the positions ar<span class="_ _0"/>e cal<span class="_ _0"/>culat<span class="_ _0"/>ed be<span class="_ _0"/>f<span class="_ _0"/>ore o<span class="_ _0"/>ffs<span class="_ _0"/>et<span class="_ _0"/>ting our debt t<span class="_ _0"/>o such count<span class="_ _0"/>erparties.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We are e<span class="_ _3"/>xp<span class="_ _3"/>ose<span class="_ _3"/>d to cred<span class="_ _3"/>it r<span class="_ _3"/>isk<span class="_ _3"/>s fro<span class="_ _3"/>m our h<span class="_ _3"/>ed<span class="_ _3"/>gi<span class="_ _3"/>ng a<span class="_ _3"/>ct<span class="_ _3"/>ivi<span class="_ _3"/>-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ties, constru<span class="_ _3"/>ction acti<span class="_ _3"/>vities, and all other ac<span class="_ _3"/>tivities </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ere a co<span class="_ _3"/>unte<span class="_ _3"/>rp<span class="_ _3"/>ar<span class="_ _3"/>ty'<span class="_ _3"/>s fai<span class="_ _3"/>lure to m<span class="_ _3"/>eet t<span class="_ _3"/>he<span class="_ _3"/>ir ob<span class="_ _3"/>li<span class="_ _3"/>ga<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>ons m<span class="_ _3"/>ay ca<span class="_ _3"/>use a lo<span class="_ _3"/>ss<span class="_ _3"/>. A larg<span class="_ _3"/>e pa<span class="_ _3"/>r<span class="_ _3"/>t of ou<span class="_ _3"/>r cred<span class="_ _3"/>it r<span class="_ _3"/>isk i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to<span class="_ _0"/>war<span class="_ _0"/>ds major<span class="_ _0"/> int<span class="_ _0"/>ernational<span class="_ _0"/> energy<span class="_ _0"/> companies, s<span class="_ _0"/>up<span class="ls0 ws0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs<span class="_ _3"/>, an<span class="_ _3"/>d ba<span class="_ _3"/>nk<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>re pos<span class="_ _3"/>si<span class="_ _3"/>ble<span class="_ _3"/>, the u<span class="_ _3"/>nd<span class="_ _3"/>er<span class="_ _3"/>l<span class="_ _0"/>yi<span class="_ _3"/>ng co<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">tra<span class="_ _3"/>ct<span class="_ _3"/>s in<span class="_ _3"/>clu<span class="_ _3"/>de m<span class="_ _3"/>in<span class="_ _3"/>im<span class="_ _3"/>um cre<span class="_ _3"/>di<span class="_ _3"/>t rat<span class="_ _3"/>ing c<span class="_ _3"/>lau<span class="_ _3"/>ses<span class="_ _3"/>, ne<span class="_ _3"/>tti<span class="_ _3"/>ng </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _0"/>visions, and o<span class="_ _0"/>ther risk<span class="_ _0"/>-mitigating<span class="_ _0"/> clauses.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We mit<span class="_ _3"/>ig<span class="_ _3"/>ate ou<span class="_ _3"/>r cre<span class="_ _3"/>di<span class="_ _3"/>t ris<span class="_ _3"/>ks m<span class="_ _3"/>ai<span class="_ _3"/>nly by: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span>having minimum r<span class="_ _0"/>ating<span class="_ _0"/> requirements<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span> <span class="_ _49"/>monitoring<span class="_ _0"/> the c<span class="_ _0"/>redit w<span class="_ _0"/>orthiness on<span class="_ _0"/> the<span class="_ _0"/> ongoing </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>sis to b<span class="_ _3"/>e ab<span class="_ _3"/>le to rea<span class="_ _3"/>ct i<span class="_ _3"/>n du<span class="_ _3"/>e ti<span class="_ _3"/>me </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">· <span class="_ _16"> </span> <span class="_ _6"/>req<span class="_ _3"/>ui<span class="_ _3"/>ri<span class="_ _3"/>ng t<span class="_ _3"/>hat co<span class="_ _3"/>lla<span class="_ _3"/>tera<span class="_ _3"/>l be f<span class="_ _3"/>urn<span class="_ _3"/>is<span class="_ _3"/>he<span class="_ _3"/>d or cre<span class="_ _3"/>di<span class="_ _3"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>se<span class="_ _3"/>cu<span class="_ _3"/>rity p<span class="_ _3"/>ut i<span class="_ _3"/>n pla<span class="_ _3"/>ce. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Mi<span class="_ _3"/>tig<span class="_ _3"/>at<span class="_ _3"/>ing o<span class="_ _3"/>ur c<span class="_ _3"/>red<span class="_ _3"/>it r<span class="_ _3"/>isk<span class="_ _3"/>s is n<span class="_ _3"/>ot always c<span class="_ _3"/>om<span class="_ _3"/>me<span class="_ _3"/>rcia<span class="_ _3"/>lly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">po<span class="_ _3"/>ssi<span class="_ _3"/>ble a<span class="_ _3"/>nd ca<span class="_ _3"/>n be o<span class="_ _3"/>mi<span class="_ _3"/>tted i<span class="_ _3"/>f de<span class="_ _3"/>em<span class="_ _3"/>ed ne<span class="_ _3"/>ces<span class="_ _3"/>sa<span class="_ _3"/>ry a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">balanced. For<span class="_ _0"/> the<span class="_ _0"/> most significant<span class="_ _0"/> count<span class="_ _0"/>erparties, an<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inte<span class="_ _3"/>rn<span class="_ _3"/>al ra<span class="_ _3"/>tin<span class="_ _3"/>g is a<span class="_ _3"/>ssi<span class="_ _3"/>gn<span class="_ _3"/>ed i<span class="_ _3"/>n con<span class="_ _3"/>ne<span class="_ _3"/>ct<span class="_ _3"/>ion w<span class="_ _3"/>ith e<span class="_ _3"/>stab<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>sh<span class="_ _3"/>in<span class="_ _3"/>g cred<span class="_ _3"/>it l<span class="_ _3"/>im<span class="_ _3"/>it<span class="_ _3"/>s. T<span class="_ _3"/>he ra<span class="_ _3"/>tin<span class="_ _3"/>g is b<span class="_ _3"/>ase<span class="_ _3"/>d on i<span class="_ _3"/>nfor<span class="_ _3"/>mat<span class="_ _3"/>ion </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l cred<span class="_ _3"/>it ra<span class="_ _3"/>ti<span class="_ _3"/>ng ag<span class="_ _3"/>en<span class="_ _3"/>ci<span class="_ _3"/>es<span class="_ _3"/>, pu<span class="_ _3"/>bl<span class="_ _3"/>icly ava<span class="_ _3"/>ila<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>form<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>, cre<span class="_ _3"/>di<span class="_ _3"/>t ris<span class="_ _3"/>k info<span class="_ _3"/>rma<span class="_ _3"/>ti<span class="_ _3"/>on sys<span class="_ _3"/>tem<span class="_ _3"/>s, a<span class="_ _3"/>nd ou<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">own analyses.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e exp<span class="_ _3"/>en<span class="_ _3"/>sed a l<span class="_ _3"/>oan g<span class="_ _3"/>iv<span class="_ _3"/>en to ou<span class="_ _3"/>r US su<span class="_ _3"/>p<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _3"/>ie<span class="_ _3"/>rs i<span class="_ _3"/>n the a<span class="_ _3"/>mo<span class="_ _3"/>unt of D<span class="_ _3"/>KK 571 m<span class="_ _3"/>il<span class="_ _3"/>lio<span class="_ _3"/>n<span class="_ _3"/>, whi<span class="_ _3"/>ch we d<span class="_ _3"/>o </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not e<span class="_ _3"/>xp<span class="_ _3"/>ec<span class="_ _3"/>t to recove<span class="_ _3"/>r af<span class="_ _3"/>ter t<span class="_ _3"/>he ter<span class="_ _3"/>mi<span class="_ _3"/>na<span class="_ _3"/>tio<span class="_ _3"/>n of Oce<span class="_ _3"/>an </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wi<span class="_ _3"/>nd 1 a<span class="_ _3"/>nd 2<span class="_ _3"/>. Ap<span class="_ _3"/>ar<span class="_ _3"/>t fro<span class="_ _3"/>m th<span class="_ _3"/>is<span class="_ _3"/>, we ha<span class="_ _3"/>ve not m<span class="_ _3"/>ad<span class="_ _3"/>e any </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">si<span class="_ _3"/>gn<span class="_ _3"/>if<span class="_ _3"/>ica<span class="_ _3"/>nt im<span class="_ _3"/>pa<span class="_ _3"/>ir<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>n rece<span class="_ _3"/>iva<span class="_ _3"/>ble<span class="_ _3"/>s in 2<span class="_ _3"/>022 or 20<span class="_ _3"/>23.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:126.140625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts</span><span style="position: absolute; display: inline-block; left: 299.344px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 529.5px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 249.047px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivatives</span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 12.0078px; width: 203.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 26.0332px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Derivatives</span><span style="position: absolute; display: inline-block; left: 504px; top: 12.0078px; width: 126.404px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 149.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39,503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>165,200</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s in the balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,879<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>21,275<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.8691px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.8848px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Liabilities with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.885px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,515)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,515)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.398px; width: 223.412px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 223.412px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,867</span><span style="position: absolute; display: inline-block; left: 248.795px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 299.789px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,879</span><span style="position: absolute; display: inline-block; left: 325.172px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.822px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,746</span><span style="position: absolute; display: inline-block; left: 401.965px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 452.959px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">9,666</span><span style="position: absolute; display: inline-block; left: 478.342px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 529.336px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,255</span><span style="position: absolute; display: inline-block; left: 554.719px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 600.369px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,921</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 140.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.965px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,981<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,845<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>60,891<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>182,552</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 121.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.7988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,085<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>38,659<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,882</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vided<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,744)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.512px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,342<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>36,044</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A l<span class="_ _0"/>ar<span class="_ _0"/>ge part of the gr<span class="_ _0"/>oss asse<span class="_ _0"/>ts and liabilities can be o<span class="_ _0"/>ffs<span class="_ _0"/>et due t<span class="_ _0"/>o the natur<span class="_ _0"/>e in tr<span class="_ _0"/>ading activities where ener<span class="_ _0"/>gy is both pur<span class="_ _0"/>chased and s<span class="_ _0"/>old<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a limited number o<span class="_ _0"/>f participants in the ener<span class="_ _0"/>gy mark<span class="_ _0"/>ets<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In addition, the high ener<span class="_ _0"/>gy prices incr<span class="_ _0"/>ease the gr<span class="_ _0"/>oss val<span class="_ _0"/>ues to be ne<span class="_ _0"/>tt<span class="_ _0"/>ed, especial<span class="_ _0"/>l<span class="_ _0"/>y in 2022.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:126.140625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 127.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts</span><span style="position: absolute; display: inline-block; left: 299.344px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 529.5px; top: 0.0078125px; width: 25.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rade</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 249.047px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivatives</span></span><span style="position: absolute; display: inline-block; left: 275.625px; top: 12.0078px; width: 203.326px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 26.0332px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Derivatives</span><span style="position: absolute; display: inline-block; left: 504px; top: 12.0078px; width: 126.404px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 149.801px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,775<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>21,728<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>39,503<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>43,507<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,693<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>165,200</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.811px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 110.285px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.6582px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s in the balanc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 56.3554px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,879<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,743<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>21,275<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,255<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,530</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.8691px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 88.8848px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Liabilities with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.885px; width: 631.482px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eceiv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 54.8554px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(468)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(4,515)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,515)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.398px; width: 223.412px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 223.412px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,867</span><span style="position: absolute; display: inline-block; left: 248.795px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 299.789px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,879</span><span style="position: absolute; display: inline-block; left: 325.172px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 370.822px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">12,746</span><span style="position: absolute; display: inline-block; left: 401.965px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 452.959px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">9,666</span><span style="position: absolute; display: inline-block; left: 478.342px; top: 116.398px; width: 50.9941px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 529.336px; top: 116.398px; width: 25.3828px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">7,255</span><span style="position: absolute; display: inline-block; left: 554.719px; top: 116.398px; width: 45.6504px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 600.369px; top: 116.398px; width: 31.1426px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">16,921</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A l<span class="_ _0"/>ar<span class="_ _0"/>ge part of the gr<span class="_ _0"/>oss asse<span class="_ _0"/>ts and liabilities can be o<span class="_ _0"/>ffs<span class="_ _0"/>et due t<span class="_ _0"/>o the natur<span class="_ _0"/>e in tr<span class="_ _0"/>ading activities where ener<span class="_ _0"/>gy is both pur<span class="_ _0"/>chased and s<span class="_ _0"/>old<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a limited number o<span class="_ _0"/>f participants in the ener<span class="_ _0"/>gy mark<span class="_ _0"/>ets<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In addition, the high ener<span class="_ _0"/>gy prices incr<span class="_ _0"/>ease the gr<span class="_ _0"/>oss val<span class="_ _0"/>ues to be ne<span class="_ _0"/>tt<span class="_ _0"/>ed, especial<span class="_ _0"/>l<span class="_ _0"/>y in 2022.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.265625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 140.232px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>se<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>tting of financial liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.371px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.965px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">17,864<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>20,981<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>38,845<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>60,891<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>121,661<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>182,552</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Financial asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s, o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 121.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(6,911)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(16,849)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(23,760)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 41.0565px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(22,232)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 35.5371px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(114,438)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 34.7988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(136,670)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.2578px; width: 631.148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Financial liabilities in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ance sheet<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 43.6114px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">10,953<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,085<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>38,659<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>45,882</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 77.0098px; width: 176.561px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Amounts not o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ffs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et in the bal<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ance sheet:</span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.359px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s with off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>set<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ting rights<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 98.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,529)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,094)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(7,094)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.746px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Coll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>at<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eral pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>vided<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(4,214)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,744)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 47.3846px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(2,744)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 118.523px; width: 631.512px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Net<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 207.381px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,210<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>4,132<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,342<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>28,821<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>7,223<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>36,044</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A l<span class="_ _0"/>ar<span class="_ _0"/>ge part of the gr<span class="_ _0"/>oss asse<span class="_ _0"/>ts and liabilities can be o<span class="_ _0"/>ffs<span class="_ _0"/>et due t<span class="_ _0"/>o the natur<span class="_ _0"/>e in tr<span class="_ _0"/>ading activities where ener<span class="_ _0"/>gy is both pur<span class="_ _0"/>chased and s<span class="_ _0"/>old<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">with a limited number o<span class="_ _0"/>f participants in the ener<span class="_ _0"/>gy mark<span class="_ _0"/>ets<span class="_ _0"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In addition, the high ener<span class="_ _0"/>gy prices incr<span class="_ _0"/>ease the gr<span class="_ _0"/>oss val<span class="_ _0"/>ues to be ne<span class="_ _0"/>tt<span class="_ _0"/>ed, especial<span class="_ _0"/>l<span class="_ _0"/>y in 2022.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We on<span class="_ _3"/>ly off<span class="_ _3"/>set p<span class="_ _3"/>osi<span class="_ _3"/>tiv<span class="_ _3"/>e an<span class="_ _3"/>d ne<span class="_ _3"/>gat<span class="_ _3"/>ive v<span class="_ _3"/>alu<span class="_ _3"/>es i<span class="_ _3"/>f </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we a<span class="_ _3"/>re en<span class="_ _3"/>titl<span class="_ _3"/>ed to a<span class="_ _3"/>nd i<span class="_ _3"/>nten<span class="_ _3"/>d to set<span class="_ _3"/>tle se<span class="_ _3"/>ver<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">financial instruments<span class="_ _0"/> net.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">F<span class="_ _0"/>air v<span class="_ _0"/>alue measurement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:255.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 194.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value hier<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arch<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y of financial instruments</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 5.99219px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 509.594px; top: 5.99219px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 758.906px; top: 5.97656px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 816.375px; top: 5.97656px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 365.656px; top: 18.0078px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 479.891px; top: 17.9922px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 557.625px; top: 17.9922px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 672.016px; top: 17.9922px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 787.453px; top: 17.9766px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 863.672px; top: 17.9609px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 28.834px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 392.062px; top: 30.0078px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 29.9922px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 545.953px; top: 29.9766px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023</span></span><span style="position: absolute; display: inline-block; left: 698.359px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 774.922px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 851.516px; top: 29.9609px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.6973px; width: 962.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 62.2266px; width: 963.152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>entory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 334.594px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 80.9629px; width: 962.994px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bonds<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 397.26px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.4766px; width: 963.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 357.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.447px; width: 962.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,701<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,744<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,241<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,278</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.447px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 141.447px; width: 962.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.961px; width: 963.311px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 302.443px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,786<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,829<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,200<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,237</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.977px; width: 42.4922px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 204.713px; width: 962.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,424<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,660<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,592<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,713</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 218.729px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.729px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 246.242px; width: 963.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 289.266px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,976<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>57,559</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All asse<span class="_ _0"/>ts and liabilities measur<span class="_ _0"/>ed at mark<span class="_ _0"/>et v<span class="_ _0"/>alue are measur<span class="_ _0"/>ed on a r<span class="_ _0"/>ecurring basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>t fai<span class="_ _3"/>r valu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A nu<span class="_ _3"/>mb<span class="_ _3"/>er of o<span class="_ _3"/>ur d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s, m<span class="_ _3"/>ai<span class="_ _3"/>nly powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s, a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>red b<span class="_ _3"/>as<span class="_ _3"/>ed on u<span class="_ _3"/>no<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inputs due<span class="_ _0"/> to<span class="_ _0"/> the<span class="_ _0"/> long<span class="_ _0"/> duration<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> con<span class="_ _0"/>tracts.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm US p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces (m<span class="_ _3"/>ai<span class="_ _3"/>nly ERCOT) a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>rm<span class="_ _3"/>an p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation<span class="_ _0"/> principl<span class="_ _0"/>es<span class="_ _0"/> and pro<span class="_ _0"/>cess</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In o<span class="_ _3"/>rde<span class="_ _3"/>r to mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>se th<span class="_ _3"/>e use of s<span class="_ _3"/>ubj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve est<span class="_ _3"/>im<span class="_ _3"/>ates o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>cati<span class="_ _3"/>on<span class="_ _3"/>s of pa<span class="_ _3"/>ram<span class="_ _3"/>eter<span class="_ _3"/>s an<span class="_ _3"/>d calcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n mod<span class="_ _3"/>el<span class="_ _3"/>s<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">it i<span class="_ _3"/>s ou<span class="_ _3"/>r pol<span class="_ _3"/>ic<span class="_ _3"/>y to deter<span class="_ _3"/>mi<span class="_ _3"/>ne fa<span class="_ _3"/>ir va<span class="_ _3"/>lue b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l info<span class="_ _3"/>rma<span class="_ _3"/>tio<span class="_ _3"/>n th<span class="_ _3"/>at mo<span class="_ _3"/>st a<span class="_ _3"/>ccur<span class="_ _3"/>ately ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es<span class="_ _3"/>. We use p<span class="_ _3"/>ric<span class="_ _3"/>in<span class="_ _3"/>g ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s and b<span class="_ _3"/>en<span class="_ _3"/>ch<span class="_ _3"/>ma<span class="_ _3"/>rk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vice<span class="_ _3"/>s to in<span class="_ _3"/>crea<span class="_ _3"/>se th<span class="_ _3"/>e da<span class="_ _3"/>ta qua<span class="_ _3"/>li<span class="_ _3"/>ty. Ma<span class="_ _3"/>rket va<span class="_ _3"/>lu<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are d<span class="_ _3"/>ete<span class="_ _3"/>rmi<span class="_ _3"/>ne<span class="_ _3"/>d by the R<span class="_ _3"/>is<span class="_ _3"/>k Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt fu<span class="_ _3"/>nc<span class="_ _3"/>tio<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al p<span class="_ _3"/>ric<span class="_ _3"/>e provi<span class="_ _3"/>de<span class="_ _3"/>rs to e<span class="_ _3"/>nsu<span class="_ _3"/>re a hi<span class="_ _3"/>gh q<span class="_ _3"/>ua<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity i<span class="_ _3"/>n ou<span class="_ _3"/>r pr<span class="_ _3"/>ice cu<span class="_ _3"/>r<span class="_ _3"/>ves<span class="_ _3"/>. Wh<span class="_ _3"/>ere p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we mo<span class="_ _3"/>de<span class="_ _3"/>l th<span class="_ _3"/>e pri<span class="_ _3"/>ces b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>ur p<span class="_ _3"/>rio<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>ri<span class="_ _3"/>en<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>re rele<span class="_ _3"/>vant a<span class="_ _3"/>nd p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>va<span class="_ _3"/>li<span class="_ _3"/>da<span class="_ _3"/>te our p<span class="_ _3"/>ri<span class="_ _3"/>ce cur<span class="_ _3"/>ve<span class="_ _3"/>s ag<span class="_ _3"/>ai<span class="_ _3"/>nst t<span class="_ _3"/>hi<span class="_ _3"/>rd-<span class="_ _3"/>pa<span class="_ _3"/>r<span class="_ _3"/>ty da<span class="_ _3"/>ta.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fai<span class="_ _3"/>r va<span class="_ _3"/>lu<span class="_ _3"/>e hi<span class="_ _3"/>era<span class="_ _3"/>rc<span class="_ _3"/>hy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on q<span class="_ _3"/>uoted p<span class="_ _3"/>ri<span class="_ _3"/>ces co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e <span class="_ _49"/>q<span class="_ _3"/>uote<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ives t<span class="_ _3"/>hat a<span class="_ _3"/>re tra<span class="_ _3"/>de<span class="_ _3"/>d in a<span class="_ _3"/>ct<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket<span class="_ _3"/>s<span class="_ _3"/>. The m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue<span class="_ _3"/>s of de<span class="_ _3"/>riv<span class="_ _3"/>ati<span class="_ _3"/>ves tra<span class="_ _3"/>de<span class="_ _3"/>d in <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>ct<span class="_ _3"/>ive m<span class="_ _3"/>ar<span class="_ _3"/>ket is of<span class="_ _3"/>ten s<span class="_ _3"/>ettle<span class="_ _3"/>d on a d<span class="_ _3"/>ai<span class="_ _3"/>l<span class="_ _0"/>y ba<span class="_ _3"/>si<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ere<span class="_ _3"/>by mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>sin<span class="_ _3"/>g th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue p<span class="_ _3"/>res<span class="_ _3"/>ente<span class="_ _3"/>d on <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the b<span class="_ _0"/>alance<span class="_ _0"/> sheet.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves w<span class="_ _3"/>he<span class="_ _3"/>re val<span class="_ _3"/>uat<span class="_ _3"/>ion m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s wi<span class="_ _3"/>th ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>ts a<span class="_ _3"/>re use<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on no<span class="_ _3"/>n-<span class="_ _3"/>o<span class="_ _3"/>bse<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s ma<span class="_ _3"/>in<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">comprise<span class="_ _0"/> long-<span class="_ _0"/>t<span class="_ _0"/>erm po<span class="_ _0"/>wer pur<span class="_ _0"/>chase<span class="_ _0"/> agreements<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(CPPAs) th<span class="_ _3"/>at loc<span class="_ _3"/>k th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce of th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion ov<span class="_ _3"/>er a p<span class="_ _3"/>eri<span class="_ _3"/>od of u<span class="_ _3"/>p to 10<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>0 yea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to the lo<span class="_ _3"/>ng d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>ese C<span class="_ _3"/>PP<span class="_ _0"/>As<span class="_ _3"/>, powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are n<span class="_ _3"/>ot ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>bl<span class="_ _3"/>e for a lar<span class="_ _3"/>ge pa<span class="_ _3"/>r<span class="_ _3"/>t of the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are b<span class="_ _0"/>ased<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on U<span class="_ _3"/>S powe<span class="_ _3"/>r pr<span class="_ _3"/>ices (<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y ERCOT) a<span class="_ _3"/>nd G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">power p<span class="_ _3"/>rices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Estima<span class="_ _3"/>ting as-produced pow<span class="_ _0"/>er prices</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Si<span class="_ _3"/>nce o<span class="_ _3"/>ur C<span class="_ _3"/>PP<span class="_ _0"/>As a<span class="_ _3"/>re no<span class="_ _3"/>rm<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y set<span class="_ _3"/>tled o<span class="_ _3"/>n the a<span class="_ _3"/>ctu<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s ava<span class="_ _3"/>ila<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e mar<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ket a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n a con<span class="_ _3"/>stant p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on (f<span class="_ _3"/>lat p<span class="_ _3"/>rofi<span class="_ _3"/>le)<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we take i<span class="_ _3"/>nto acc<span class="_ _3"/>oun<span class="_ _3"/>t tha<span class="_ _3"/>t ou<span class="_ _3"/>r exp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not co<span class="_ _3"/>ns<span class="_ _3"/>tant<span class="_ _3"/>, an<span class="_ _3"/>d thu<span class="_ _3"/>s ou<span class="_ _3"/>r CPP<span class="_ _0"/>A<span class="_ _3"/>s wil<span class="_ _3"/>l not b<span class="_ _3"/>e sett<span class="_ _3"/>led </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t a fla<span class="_ _3"/>t prof<span class="_ _3"/>ile p<span class="_ _3"/>ri<span class="_ _3"/>ce (see d<span class="_ _3"/>es<span class="_ _3"/>cri<span class="_ _3"/>pti<span class="_ _3"/>on of vo<span class="_ _3"/>lum<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk i<span class="_ _3"/>n note 6.<span class="_ _3"/>2). Fo<span class="_ _3"/>r the m<span class="_ _3"/>aj<span class="_ _3"/>ori<span class="_ _3"/>ty of ou<span class="_ _3"/>r ma<span class="_ _3"/>rke<span class="_ _3"/>ts<span class="_ _3"/>, the f<span class="_ _3"/>lat </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>i<span class="_ _3"/>le powe<span class="_ _3"/>r pr<span class="_ _3"/>ice ca<span class="_ _3"/>n be o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>ved for a m<span class="_ _3"/>ax<span class="_ _3"/>im<span class="_ _3"/>um </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of fou<span class="_ _3"/>r to six y<span class="_ _3"/>ea<span class="_ _3"/>rs i<span class="_ _3"/>n the m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>fte<span class="_ _3"/>r whi<span class="_ _3"/>ch a<span class="_ _3"/>n ac<span class="_ _3"/>tiv<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>ist<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:138.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 236.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es valued on the basis o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f unobservabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e input</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.629px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value at 1 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.581px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(14,687)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,448)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ofit or l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 364.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(31)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(322)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough other c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ompr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ehensive income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,766<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,476)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sales/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>redemp<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 449.19px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,366<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,190</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.57px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Purchas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es/issues<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 465.439px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(497)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 324.826px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,773)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 311.947px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> 308<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">639</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.273px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value at 31 D<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 392.051px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:110.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 180.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able input per c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ommodity pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 422.272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,261)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,580)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,642)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(737)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,263)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 455.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(37)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 499.406px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(70)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 631.312px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The main unobserv<span class="_ _0"/>able inputs ar<span class="_ _0"/>e US po<span class="_ _0"/>wer pric<span class="_ _0"/>es and German pow<span class="_ _0"/>er prices<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.376953125px;"><span style="position: absolute; display: inline-block; left: 363.172px; top: 0.0078125px; width: 268.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er price (DKK/MWh)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Sensitivity (DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 215.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of signific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able inputs and<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 274.047px; top: 18.2578px; width: 43.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eight<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 51.8438px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">sensitivities</span><span style="position: absolute; display: inline-block; left: 280.453px; top: 30.2578px; width: 36.5098px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">aver<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>age</span><span style="position: absolute; display: inline-block; left: 352.219px; top: 30.2578px; width: 41.1797px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">minimum</span><span style="position: absolute; display: inline-block; left: 424.906px; top: 30.2578px; width: 205.395px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">maximum<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">+25 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-25 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.5078px; width: 156.258px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intermit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ency-adjust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>wer pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.9941px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 198.621px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">297<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>81<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>971<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,303)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,634</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany (2025-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 202.781px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">440<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>654<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,256)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,256</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">302<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>422<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(530)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>520</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US SPP (2024-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 212.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">189<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>128<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(436)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>583</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Irel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and (2024-2042)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>389<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>808<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>69</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws the significant unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e inputs used in the f<span class="_ _4"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value measur<span class="_ _0"/>ements c<span class="_ _0"/>ategoris<span class="_ _0"/>ed as le<span class="_ _0"/>vel 3 o<span class="_ _0"/>f the f<span class="_ _0"/>air val<span class="_ _0"/>ue hierar<span class="_ _0"/>ch<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toge<span class="_ _0"/>ther with a sensitivit<span class="_ _0"/>y anal<span class="_ _0"/>ysis as at 31 Dec<span class="_ _0"/>ember 2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If intermit<span class="_ _0"/>t<span class="_ _0"/>ency-adjus<span class="_ _0"/>ted po<span class="_ _0"/>wer pric<span class="_ _0"/>es in German<span class="_ _0"/>y as of 31 December<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 increas<span class="_ _0"/>ed/<span class="_ _0"/>decr<span class="_ _0"/>eased b<span class="_ _0"/>y 25 <span class="_ _4"/>%, the mark<span class="_ _0"/>et value w<span class="_ _0"/>ould decr<span class="_ _0"/>ease<span class="_ _0"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">increas<span class="_ _0"/>e by DKK 1,256 mil<span class="_ _0"/>lion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation techniques and significant<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e<span class="_ _0"/> inputs<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use a d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>ted cas<span class="_ _3"/>h flow m<span class="_ _3"/>od<span class="_ _3"/>el fo<span class="_ _3"/>r the va<span class="_ _3"/>lu<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of pow<span class="_ _3"/>er d<span class="_ _3"/>er<span class="_ _3"/>ivat<span class="_ _3"/>ive<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e US pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>has<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts g<span class="_ _3"/>ive e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e lon<span class="_ _3"/>g-ter<span class="_ _3"/>m US pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>es, m<span class="_ _3"/>ai<span class="_ _3"/>nly in t<span class="_ _3"/>he ERCOT<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">SPP<span class="_ _0"/>, an<span class="_ _3"/>d MI<span class="_ _3"/>SO re<span class="_ _3"/>gio<span class="_ _3"/>ns<span class="_ _3"/>. Th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t four to s<span class="_ _3"/>ix ye<span class="_ _3"/>ar<span class="_ _3"/>s. F<span class="_ _3"/>or th<span class="_ _3"/>e follow<span class="_ _3"/>in<span class="_ _3"/>g four </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to si<span class="_ _3"/>x yea<span class="_ _3"/>rs<span class="_ _3"/>, the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce is e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted ba<span class="_ _3"/>sed o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>np<span class="_ _3"/>ut<span class="_ _3"/>s (gas p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>nd h<span class="_ _3"/>eat r<span class="_ _3"/>ates). F<span class="_ _3"/>or th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s non<span class="_ _3"/>-<span class="_ _3"/> <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>ated by e<span class="_ _3"/>xt<span class="_ _3"/>rap<span class="_ _3"/>ola<span class="_ _3"/>tin<span class="_ _3"/>g the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toward<span class="_ _3"/>s th<span class="_ _3"/>e U.S<span class="_ _3"/>. En<span class="_ _3"/>er<span class="_ _3"/>gy Info<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on Ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>stra<span class="_ _3"/>tio<span class="_ _3"/>n's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>e forec<span class="_ _3"/>ast<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g si<span class="_ _3"/>mi<span class="_ _3"/>lar s<span class="_ _3"/>ea<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>lit<span class="_ _3"/>y as i<span class="_ _3"/>n prev<span class="_ _3"/>iou<span class="_ _3"/>s pe<span class="_ _3"/>ri<span class="_ _3"/>ods<span class="_ _3"/>. A<span class="_ _3"/>s only a mi<span class="_ _3"/>no<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>d is w<span class="_ _3"/>ith<span class="_ _3"/>in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s are n<span class="_ _3"/>on<span class="_ _3"/>-o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le, we c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>y th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le in<span class="_ _3"/>pu<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>ny and o<span class="_ _3"/>the<span class="_ _3"/>r cou<span class="_ _3"/>ntr<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>re we ha<span class="_ _3"/>ve lon<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m PP<span class="_ _0"/>A cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce is o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for u<span class="_ _3"/>p to fiv<span class="_ _3"/>e yea<span class="_ _3"/>rs<span class="_ _3"/>. Wh<span class="_ _3"/>en p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re no lo<span class="_ _3"/>nge<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e ma<span class="_ _3"/>rket<span class="_ _3"/>, we ha<span class="_ _3"/>ve es<span class="_ _3"/>tim<span class="_ _3"/>ated t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r pr<span class="_ _3"/>ice by ex<span class="_ _3"/>tr<span class="_ _3"/>apo<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g the la<span class="_ _3"/>st ye<span class="_ _3"/>ar w<span class="_ _3"/>ith a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">observabl<span class="_ _0"/>e p<span class="_ _0"/>ow<span class="_ _0"/>er pri<span class="_ _0"/>ce,<span class="_ _0"/> t<span class="_ _0"/>aking exp<span class="_ _0"/>ected<span class="_ _0"/> in<span class="_ _0"/>flati<span class="_ _0"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d se<span class="_ _3"/>aso<span class="_ _3"/>na<span class="_ _3"/>li<span class="_ _3"/>ty into a<span class="_ _3"/>ccou<span class="_ _3"/>nt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquired CPP<span class="_ _0"/>As</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m lon<span class="_ _3"/>g-te<span class="_ _3"/>rm CP<span class="_ _3"/>P<span class="_ _0"/>As </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acq<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d in a b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss co<span class="_ _3"/>mb<span class="_ _3"/>ina<span class="_ _3"/>ti<span class="_ _3"/>on is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>nu<span class="_ _3"/>e in p<span class="_ _3"/>rofi<span class="_ _3"/>t or los<span class="_ _3"/>s in t<span class="_ _3"/>he fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod to w<span class="_ _3"/>hi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue re<span class="_ _3"/>late<span class="_ _3"/>s. T<span class="_ _3"/>hi<span class="_ _3"/>s ef<span class="_ _3"/>fect<span class="_ _3"/>ive<span class="_ _3"/>ly inc<span class="_ _3"/>rea<span class="_ _3"/>ses o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>s the r<span class="_ _3"/>even<span class="_ _3"/>ue f<span class="_ _3"/>rom th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pr<span class="_ _3"/>ice to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice a<span class="_ _3"/>t the c<span class="_ _3"/>losi<span class="_ _3"/>ng d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d an i<span class="_ _3"/>nco<span class="_ _3"/>me of D<span class="_ _3"/>KK 1<span class="_ _0"/>97 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 228 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n) re<span class="_ _3"/>lated to th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m CPPAs<span class="_ _3"/>. Th<span class="_ _3"/>e total am<span class="_ _3"/>ou<span class="_ _3"/>nt of in<span class="_ _3"/>it<span class="_ _3"/>ia<span class="_ _3"/>l fair </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue a<span class="_ _3"/>s of 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s to a loss of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1,24<span class="_ _3"/>3 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: lo<span class="_ _3"/>ss of D<span class="_ _3"/>KK 1,<span class="_ _3"/>497 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>il<span class="_ _3"/>l be re<span class="_ _3"/>cog<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>s reven<span class="_ _3"/>ue i<span class="_ _3"/>n a fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">F<span class="_ _0"/>air v<span class="_ _0"/>alue measurement</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.6</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:255.984375px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 194.385px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>air value hier<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>arch<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y of financial instruments</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 5.99219px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 509.594px; top: 5.99219px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 758.906px; top: 5.97656px; width: 53.4551px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Observ<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 816.375px; top: 5.97656px; width: 72.4277px; white-space: pre; word-spacing: -0.036px; letter-spacing: 0.036px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-observ<span style="word-spacing: -0.036px; letter-spacing: 0.036px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able </span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 365.656px; top: 18.0078px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 479.891px; top: 17.9922px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 557.625px; top: 17.9922px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 672.016px; top: 17.9922px; width: 63.5918px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 787.453px; top: 17.9766px; width: 25.1953px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 863.672px; top: 17.9609px; width: 24.9668px; white-space: pre; word-spacing: -0.045px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">input </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.0078px; width: 28.834px; white-space: pre; word-spacing: 0.081px; letter-spacing: -0.081px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Asset<span style="word-spacing: 0.081px; letter-spacing: -0.081px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 392.062px; top: 30.0078px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 469.094px; top: 29.9922px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 545.953px; top: 29.9766px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023</span></span><span style="position: absolute; display: inline-block; left: 698.359px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 1)</span><span style="position: absolute; display: inline-block; left: 774.922px; top: 29.9766px; width: 34.9805px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 2)</span><span style="position: absolute; display: inline-block; left: 851.516px; top: 29.9609px; width: 110.432px; white-space: pre; word-spacing: 0px; letter-spacing: 0.045px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(le<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>vel 3)<span style="word-spacing: 0px; letter-spacing: 0.045px; display: inline-block; margin-left: 0px; width: 52.8105px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.6973px; width: 962.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas inv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 342.609px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 74.0096px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 62.2266px; width: 963.152px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal in<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>v<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>entory<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 334.594px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">1,513<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>3,442<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">3,442</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 80.9629px; width: 962.994px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bonds<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 397.26px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span>25,197</span><span style="position: absolute; display: inline-block; left: 0px; top: 94.4766px; width: 963.199px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecurities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 357.053px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">29,902<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">25,197</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 113.447px; width: 962.818px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>5,701<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>10,744<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>7,241<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>22,278</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 127.447px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">749<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,378</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 141.447px; width: 962.877px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">336<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,581</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 154.961px; width: 963.311px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative asse<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ts<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 302.443px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">4,484<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>6,786<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>559<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>11,829<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>14,474<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>10,200<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>563<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>25,237</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 185.977px; width: 42.4922px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Liabilities</span><span style="position: absolute; display: inline-block; left: 0px; top: 204.713px; width: 962.865px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Energy deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>atives<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 322.594px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,424<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>17,660<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>24,592<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.0252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>52,713</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 218.729px; width: 962.906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Currenc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 335.098px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">489<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">1,773</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 232.729px; width: 962.965px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Inter<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est and infl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ation derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 284.367px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4,063<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,073</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 246.242px; width: 963.434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal deriv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ative liabilities<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 289.266px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">5,149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,976<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 50.994px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>8,087<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>22,212<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>12,871<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 44.9355px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>29,438<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>15,250<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 45.6502px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>57,559</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">All asse<span class="_ _0"/>ts and liabilities measur<span class="_ _0"/>ed at mark<span class="_ _0"/>et v<span class="_ _0"/>alue are measur<span class="_ _0"/>ed on a r<span class="_ _0"/>ecurring basis.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We me<span class="_ _3"/>asu<span class="_ _3"/>re ou<span class="_ _3"/>r se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es an<span class="_ _3"/>d de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves a<span class="_ _3"/>t fai<span class="_ _3"/>r valu<span class="_ _3"/>e. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A nu<span class="_ _3"/>mb<span class="_ _3"/>er of o<span class="_ _3"/>ur d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tive<span class="_ _3"/>s, m<span class="_ _3"/>ai<span class="_ _3"/>nly powe<span class="_ _3"/>r pu<span class="_ _3"/>rch<span class="_ _3"/>ase </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt<span class="_ _3"/>s, a<span class="_ _3"/>re me<span class="_ _3"/>asu<span class="_ _3"/>red b<span class="_ _3"/>as<span class="_ _3"/>ed on u<span class="_ _3"/>no<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">inputs due<span class="_ _0"/> to<span class="_ _0"/> the<span class="_ _0"/> long<span class="_ _0"/> duration<span class="_ _0"/> of<span class="_ _0"/> the<span class="_ _0"/> con<span class="_ _0"/>tracts.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are t<span class="_ _0"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm US p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces (m<span class="_ _3"/>ai<span class="_ _3"/>nly ERCOT) a<span class="_ _3"/>nd th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ge<span class="_ _3"/>rm<span class="_ _3"/>an p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation<span class="_ _0"/> principl<span class="_ _0"/>es<span class="_ _0"/> and pro<span class="_ _0"/>cess</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In o<span class="_ _3"/>rde<span class="_ _3"/>r to mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>se th<span class="_ _3"/>e use of s<span class="_ _3"/>ubj<span class="_ _3"/>ec<span class="_ _3"/>ti<span class="_ _3"/>ve est<span class="_ _3"/>im<span class="_ _3"/>ates o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mo<span class="_ _3"/>di<span class="_ _3"/>fi<span class="_ _3"/>cati<span class="_ _3"/>on<span class="_ _3"/>s of pa<span class="_ _3"/>ram<span class="_ _3"/>eter<span class="_ _3"/>s an<span class="_ _3"/>d calcu<span class="_ _3"/>lat<span class="_ _3"/>io<span class="_ _3"/>n mod<span class="_ _3"/>el<span class="_ _3"/>s<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">it i<span class="_ _3"/>s ou<span class="_ _3"/>r pol<span class="_ _3"/>ic<span class="_ _3"/>y to deter<span class="_ _3"/>mi<span class="_ _3"/>ne fa<span class="_ _3"/>ir va<span class="_ _3"/>lue b<span class="_ _3"/>ase<span class="_ _3"/>d on t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l info<span class="_ _3"/>rma<span class="_ _3"/>tio<span class="_ _3"/>n th<span class="_ _3"/>at mo<span class="_ _3"/>st a<span class="_ _3"/>ccur<span class="_ _3"/>ately ref<span class="_ _3"/>lec<span class="_ _3"/>ts th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es<span class="_ _3"/>. We use p<span class="_ _3"/>ric<span class="_ _3"/>in<span class="_ _3"/>g ser<span class="_ _3"/>v<span class="_ _3"/>ice<span class="_ _3"/>s and b<span class="_ _3"/>en<span class="_ _3"/>ch<span class="_ _3"/>ma<span class="_ _3"/>rk </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vice<span class="_ _3"/>s to in<span class="_ _3"/>crea<span class="_ _3"/>se th<span class="_ _3"/>e da<span class="_ _3"/>ta qua<span class="_ _3"/>li<span class="_ _3"/>ty. Ma<span class="_ _3"/>rket va<span class="_ _3"/>lu<span class="_ _3"/>es </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are d<span class="_ _3"/>ete<span class="_ _3"/>rmi<span class="_ _3"/>ne<span class="_ _3"/>d by the R<span class="_ _3"/>is<span class="_ _3"/>k Ma<span class="_ _3"/>na<span class="_ _3"/>ge<span class="_ _3"/>me<span class="_ _3"/>nt fu<span class="_ _3"/>nc<span class="_ _3"/>tio<span class="_ _3"/>n. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use e<span class="_ _3"/>xte<span class="_ _3"/>rn<span class="_ _3"/>al p<span class="_ _3"/>ric<span class="_ _3"/>e provi<span class="_ _3"/>de<span class="_ _3"/>rs to e<span class="_ _3"/>nsu<span class="_ _3"/>re a hi<span class="_ _3"/>gh q<span class="_ _3"/>ua<span class="_ _3"/>l<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity i<span class="_ _3"/>n ou<span class="_ _3"/>r pr<span class="_ _3"/>ice cu<span class="_ _3"/>r<span class="_ _3"/>ves<span class="_ _3"/>. Wh<span class="_ _3"/>ere p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re not a<span class="_ _3"/>vai<span class="_ _3"/>la<span class="_ _3"/>ble<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we mo<span class="_ _3"/>de<span class="_ _3"/>l th<span class="_ _3"/>e pri<span class="_ _3"/>ces b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>ur p<span class="_ _3"/>rio<span class="_ _3"/>r ex<span class="_ _3"/>pe<span class="_ _3"/>ri<span class="_ _3"/>en<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d be<span class="_ _3"/>st es<span class="_ _3"/>ti<span class="_ _3"/>mate<span class="_ _3"/>s. W<span class="_ _3"/>he<span class="_ _3"/>re rele<span class="_ _3"/>vant a<span class="_ _3"/>nd p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, we </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>va<span class="_ _3"/>li<span class="_ _3"/>da<span class="_ _3"/>te our p<span class="_ _3"/>ri<span class="_ _3"/>ce cur<span class="_ _3"/>ve<span class="_ _3"/>s ag<span class="_ _3"/>ai<span class="_ _3"/>nst t<span class="_ _3"/>hi<span class="_ _3"/>rd-<span class="_ _3"/>pa<span class="_ _3"/>r<span class="_ _3"/>ty da<span class="_ _3"/>ta.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fai<span class="_ _3"/>r va<span class="_ _3"/>lu<span class="_ _3"/>e hi<span class="_ _3"/>era<span class="_ _3"/>rc<span class="_ _3"/>hy </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on q<span class="_ _3"/>uoted p<span class="_ _3"/>ri<span class="_ _3"/>ces co<span class="_ _3"/>mp<span class="_ _3"/>ris<span class="_ _3"/>e <span class="_ _49"/>q<span class="_ _3"/>uote<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>cur<span class="_ _3"/>iti<span class="_ _3"/>es a<span class="_ _3"/>nd de<span class="_ _3"/>ri<span class="_ _3"/>vat<span class="_ _3"/>ives t<span class="_ _3"/>hat a<span class="_ _3"/>re tra<span class="_ _3"/>de<span class="_ _3"/>d in a<span class="_ _3"/>ct<span class="_ _3"/>ive </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket<span class="_ _3"/>s<span class="_ _3"/>. The m<span class="_ _3"/>ar<span class="_ _3"/>ket va<span class="_ _3"/>lue<span class="_ _3"/>s of de<span class="_ _3"/>riv<span class="_ _3"/>ati<span class="_ _3"/>ves tra<span class="_ _3"/>de<span class="_ _3"/>d in <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an a<span class="_ _3"/>ct<span class="_ _3"/>ive m<span class="_ _3"/>ar<span class="_ _3"/>ket is of<span class="_ _3"/>ten s<span class="_ _3"/>ettle<span class="_ _3"/>d on a d<span class="_ _3"/>ai<span class="_ _3"/>l<span class="_ _0"/>y ba<span class="_ _3"/>si<span class="_ _3"/>s, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>ere<span class="_ _3"/>by mi<span class="_ _3"/>ni<span class="_ _3"/>mi<span class="_ _3"/>sin<span class="_ _3"/>g th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue p<span class="_ _3"/>res<span class="_ _3"/>ente<span class="_ _3"/>d on <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">the b<span class="_ _0"/>alance<span class="_ _0"/> sheet.<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s com<span class="_ _3"/>pr<span class="_ _3"/>ise </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>ri<span class="_ _3"/>vati<span class="_ _3"/>ves w<span class="_ _3"/>he<span class="_ _3"/>re val<span class="_ _3"/>uat<span class="_ _3"/>ion m<span class="_ _3"/>od<span class="_ _3"/>el<span class="_ _3"/>s wi<span class="_ _3"/>th ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in<span class="_ _3"/>pu<span class="_ _3"/>ts a<span class="_ _3"/>re use<span class="_ _3"/>d to me<span class="_ _3"/>asu<span class="_ _3"/>re fai<span class="_ _3"/>r va<span class="_ _3"/>lue<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rket v<span class="_ _3"/>alu<span class="_ _3"/>es ba<span class="_ _3"/>se<span class="_ _3"/>d on no<span class="_ _3"/>n-<span class="_ _3"/>o<span class="_ _3"/>bse<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le in<span class="_ _3"/>put<span class="_ _3"/>s ma<span class="_ _3"/>in<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">comprise<span class="_ _0"/> long-<span class="_ _0"/>t<span class="_ _0"/>erm po<span class="_ _0"/>wer pur<span class="_ _0"/>chase<span class="_ _0"/> agreements<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">(CPPAs) th<span class="_ _3"/>at loc<span class="_ _3"/>k th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce of th<span class="_ _3"/>e ex<span class="_ _3"/>pe<span class="_ _3"/>cted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r ge<span class="_ _3"/>ne<span class="_ _3"/>rat<span class="_ _3"/>ion ov<span class="_ _3"/>er a p<span class="_ _3"/>eri<span class="_ _3"/>od of u<span class="_ _3"/>p to 10<span class="_ _3"/>-<span class="_ _4"/>2<span class="_ _3"/>0 yea<span class="_ _3"/>rs<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Du<span class="_ _3"/>e to the lo<span class="_ _3"/>ng d<span class="_ _3"/>ura<span class="_ _3"/>tio<span class="_ _3"/>n of th<span class="_ _3"/>ese C<span class="_ _3"/>PP<span class="_ _0"/>As<span class="_ _3"/>, powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are n<span class="_ _3"/>ot ob<span class="_ _3"/>se<span class="_ _3"/>rva<span class="_ _3"/>bl<span class="_ _3"/>e for a lar<span class="_ _3"/>ge pa<span class="_ _3"/>r<span class="_ _3"/>t of the d<span class="_ _3"/>ur<span class="_ _3"/>ati<span class="_ _3"/>on<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The most<span class="_ _0"/> significan<span class="_ _0"/>t non-observabl<span class="_ _0"/>e inputs<span class="_ _0"/> are b<span class="_ _0"/>ased<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">on U<span class="_ _3"/>S powe<span class="_ _3"/>r pr<span class="_ _3"/>ices (<span class="_ _3"/>ma<span class="_ _3"/>in<span class="_ _3"/>l<span class="_ _0"/>y ERCOT) a<span class="_ _3"/>nd G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">power p<span class="_ _3"/>rices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Estima<span class="_ _3"/>ting as-produced pow<span class="_ _0"/>er prices</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Si<span class="_ _3"/>nce o<span class="_ _3"/>ur C<span class="_ _3"/>PP<span class="_ _0"/>As a<span class="_ _3"/>re no<span class="_ _3"/>rm<span class="_ _3"/>al<span class="_ _3"/>l<span class="_ _0"/>y set<span class="_ _3"/>tled o<span class="_ _3"/>n the a<span class="_ _3"/>ctu<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pro<span class="_ _3"/>du<span class="_ _3"/>ct<span class="_ _3"/>ion<span class="_ _3"/>, a<span class="_ _3"/>nd th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice<span class="_ _3"/>s ava<span class="_ _3"/>ila<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e mar<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ket a<span class="_ _3"/>re ba<span class="_ _3"/>sed o<span class="_ _3"/>n a con<span class="_ _3"/>stant p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>ti<span class="_ _3"/>on (f<span class="_ _3"/>lat p<span class="_ _3"/>rofi<span class="_ _3"/>le)<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">we take i<span class="_ _3"/>nto acc<span class="_ _3"/>oun<span class="_ _3"/>t tha<span class="_ _3"/>t ou<span class="_ _3"/>r exp<span class="_ _3"/>ec<span class="_ _3"/>ted p<span class="_ _3"/>rod<span class="_ _3"/>uc<span class="_ _3"/>tio<span class="_ _3"/>n is </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">not co<span class="_ _3"/>ns<span class="_ _3"/>tant<span class="_ _3"/>, an<span class="_ _3"/>d thu<span class="_ _3"/>s ou<span class="_ _3"/>r CPP<span class="_ _0"/>A<span class="_ _3"/>s wil<span class="_ _3"/>l not b<span class="_ _3"/>e sett<span class="_ _3"/>led </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ag<span class="_ _3"/>ai<span class="_ _3"/>ns<span class="_ _3"/>t a fla<span class="_ _3"/>t prof<span class="_ _3"/>ile p<span class="_ _3"/>ri<span class="_ _3"/>ce (see d<span class="_ _3"/>es<span class="_ _3"/>cri<span class="_ _3"/>pti<span class="_ _3"/>on of vo<span class="_ _3"/>lum<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk i<span class="_ _3"/>n note 6.<span class="_ _3"/>2). Fo<span class="_ _3"/>r the m<span class="_ _3"/>aj<span class="_ _3"/>ori<span class="_ _3"/>ty of ou<span class="_ _3"/>r ma<span class="_ _3"/>rke<span class="_ _3"/>ts<span class="_ _3"/>, the f<span class="_ _3"/>lat </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">prof<span class="_ _3"/>i<span class="_ _3"/>le powe<span class="_ _3"/>r pr<span class="_ _3"/>ice ca<span class="_ _3"/>n be o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>ved for a m<span class="_ _3"/>ax<span class="_ _3"/>im<span class="_ _3"/>um </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of fou<span class="_ _3"/>r to six y<span class="_ _3"/>ea<span class="_ _3"/>rs i<span class="_ _3"/>n the m<span class="_ _3"/>ar<span class="_ _3"/>ket, a<span class="_ _3"/>fte<span class="_ _3"/>r whi<span class="_ _3"/>ch a<span class="_ _3"/>n ac<span class="_ _3"/>tiv<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ma<span class="_ _3"/>rket n<span class="_ _3"/>o lon<span class="_ _3"/>ge<span class="_ _3"/>r ex<span class="_ _3"/>ist<span class="_ _3"/>s<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:138.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 236.9px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Derivativ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es valued on the basis o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f unobservabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e input</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.629px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.225px; letter-spacing: 0.225px; display: inline-block; margin-left: 0px; width: 502.856px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.7364px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>et value at 1 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>January<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 405.581px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(14,687)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,448)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ofit or l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 364.359px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(31)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(322)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.184px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alue adjustments thr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ough other c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ompr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ehensive income<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 283.682px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,766<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(6,476)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7441px; width: 631.406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sales/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>redemp<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 449.19px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,366<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,190</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.57px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Purchas<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es/issues<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 465.439px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>750<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(497)</span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.418px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 324.826px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,773)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.76px; width: 631.541px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ansf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>err<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o quot<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed prices and obs<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ervabl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e input<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 311.947px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> 308<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">639</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 128.273px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Mark<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>et value at 31 D<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ecember<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 392.051px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 40.131px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:110.015625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 180.469px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able input per c<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ommodity pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.9453px; white-space: pre; word-spacing: -0.225px; letter-spacing: 0.225px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 422.272px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(5,261)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,580)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.189px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 432.304px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(1,484)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.4123px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(5,642)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7598px; width: 631.342px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 437.509px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(737)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,263)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other pow<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 455.145px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(37)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 46.8165px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(2,132)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.518px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas prices<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 499.406px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(9)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(70)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.273px; width: 631.312px; white-space: pre; word-spacing: 1.296px; letter-spacing: -1.296px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">To<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>t<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 0.984375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>a<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 2.0625px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>l<span style="word-spacing: 1.296px; letter-spacing: -1.296px; display: inline-block; margin-left: 0px; width: 502.459px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">(7,528)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 39.7148px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>(14,687)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The main unobserv<span class="_ _0"/>able inputs ar<span class="_ _0"/>e US po<span class="_ _0"/>wer pric<span class="_ _0"/>es and German pow<span class="_ _0"/>er prices<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:128.376953125px;"><span style="position: absolute; display: inline-block; left: 363.172px; top: 0.0078125px; width: 268.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>er price (DKK/MWh)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 78.375px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Sensitivity (DKKm)</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 215.168px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Overvie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of signific<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ant unobserv<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>able inputs and<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 274.047px; top: 18.2578px; width: 43.0371px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>eight<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 357.766px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 18.2578px; width: 36.709px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Monthl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 51.8438px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">sensitivities</span><span style="position: absolute; display: inline-block; left: 280.453px; top: 30.2578px; width: 36.5098px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">aver<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>age</span><span style="position: absolute; display: inline-block; left: 352.219px; top: 30.2578px; width: 41.1797px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">minimum</span><span style="position: absolute; display: inline-block; left: 424.906px; top: 30.2578px; width: 205.395px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">maximum<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">+25 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.8085px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>-25 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 48.5078px; width: 156.258px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Intermit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ency-adjust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>wer pric<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 62.9941px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US ERC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>O<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 198.621px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">297<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>81<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>971<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(3,303)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,634</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 76.9941px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany (2025-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 202.781px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">440<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>332<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>654<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.4239px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(1,256)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 51.4279px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,256</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 91.0098px; width: 631.354px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US MISO (2024-2033)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 206.062px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">302<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>149<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>422<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(530)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>520</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 105.01px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">US SPP (2024-2035)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 212.215px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">189<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>128<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>358<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 63.1054px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(436)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 58.8926px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>583</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 119.01px; width: 631.283px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Irel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and (2024-2042)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 213.152px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">524<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>389<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 59.2732px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>808<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 68.7832px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(69)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>69</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tabl<span class="_ _0"/>e sho<span class="_ _0"/>ws the significant unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e inputs used in the f<span class="_ _4"/>air </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">value measur<span class="_ _0"/>ements c<span class="_ _0"/>ategoris<span class="_ _0"/>ed as le<span class="_ _0"/>vel 3 o<span class="_ _0"/>f the f<span class="_ _0"/>air val<span class="_ _0"/>ue hierar<span class="_ _0"/>ch<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toge<span class="_ _0"/>ther with a sensitivit<span class="_ _0"/>y anal<span class="_ _0"/>ysis as at 31 Dec<span class="_ _0"/>ember 2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">If intermit<span class="_ _0"/>t<span class="_ _0"/>ency-adjus<span class="_ _0"/>ted po<span class="_ _0"/>wer pric<span class="_ _0"/>es in German<span class="_ _0"/>y as of 31 December<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2023 increas<span class="_ _0"/>ed/<span class="_ _0"/>decr<span class="_ _0"/>eased b<span class="_ _0"/>y 25 <span class="_ _4"/>%, the mark<span class="_ _0"/>et value w<span class="_ _0"/>ould decr<span class="_ _0"/>ease<span class="_ _0"/>/</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">increas<span class="_ _0"/>e by DKK 1,256 mil<span class="_ _0"/>lion.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aluation techniques and significant<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">unobs<span class="_ _0"/>ervabl<span class="_ _0"/>e<span class="_ _0"/> inputs<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">We use a d<span class="_ _3"/>isc<span class="_ _3"/>oun<span class="_ _3"/>ted cas<span class="_ _3"/>h flow m<span class="_ _3"/>od<span class="_ _3"/>el fo<span class="_ _3"/>r the va<span class="_ _3"/>lu<span class="_ _3"/>a<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ti<span class="_ _3"/>on of pow<span class="_ _3"/>er d<span class="_ _3"/>er<span class="_ _3"/>ivat<span class="_ _3"/>ive<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e US pow<span class="_ _3"/>er p<span class="_ _3"/>urc<span class="_ _3"/>has<span class="_ _3"/>e ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nts g<span class="_ _3"/>ive e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>re to </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e lon<span class="_ _3"/>g-ter<span class="_ _3"/>m US pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>es, m<span class="_ _3"/>ai<span class="_ _3"/>nly in t<span class="_ _3"/>he ERCOT<span class="_ _4"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">SPP<span class="_ _0"/>, an<span class="_ _3"/>d MI<span class="_ _3"/>SO re<span class="_ _3"/>gio<span class="_ _3"/>ns<span class="_ _3"/>. Th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for th<span class="_ _3"/>e fi<span class="_ _3"/>rs<span class="_ _3"/>t four to s<span class="_ _3"/>ix ye<span class="_ _3"/>ar<span class="_ _3"/>s. F<span class="_ _3"/>or th<span class="_ _3"/>e follow<span class="_ _3"/>in<span class="_ _3"/>g four </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to si<span class="_ _3"/>x yea<span class="_ _3"/>rs<span class="_ _3"/>, the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce is e<span class="_ _3"/>sti<span class="_ _3"/>ma<span class="_ _3"/>ted ba<span class="_ _3"/>sed o<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>np<span class="_ _3"/>ut<span class="_ _3"/>s (gas p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>nd h<span class="_ _3"/>eat r<span class="_ _3"/>ates). F<span class="_ _3"/>or th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bse<span class="_ _3"/>qu<span class="_ _3"/>ent p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pr<span class="_ _3"/>ice i<span class="_ _3"/>s non<span class="_ _3"/>-<span class="_ _3"/> <span class="_ _49"/>ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>bl<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d es<span class="_ _3"/>tim<span class="_ _3"/>ated by e<span class="_ _3"/>xt<span class="_ _3"/>rap<span class="_ _3"/>ola<span class="_ _3"/>tin<span class="_ _3"/>g the p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">toward<span class="_ _3"/>s th<span class="_ _3"/>e U.S<span class="_ _3"/>. En<span class="_ _3"/>er<span class="_ _3"/>gy Info<span class="_ _3"/>rm<span class="_ _3"/>ati<span class="_ _3"/>on Ad<span class="_ _3"/>mi<span class="_ _3"/>ni<span class="_ _3"/>stra<span class="_ _3"/>tio<span class="_ _3"/>n's </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">lon<span class="_ _3"/>g-te<span class="_ _3"/>rm pow<span class="_ _3"/>er p<span class="_ _3"/>ric<span class="_ _3"/>e forec<span class="_ _3"/>ast<span class="_ _3"/>, as<span class="_ _3"/>sum<span class="_ _3"/>in<span class="_ _3"/>g si<span class="_ _3"/>mi<span class="_ _3"/>lar s<span class="_ _3"/>ea<span class="_ _3"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>na<span class="_ _3"/>lit<span class="_ _3"/>y as i<span class="_ _3"/>n prev<span class="_ _3"/>iou<span class="_ _3"/>s pe<span class="_ _3"/>ri<span class="_ _3"/>ods<span class="_ _3"/>. A<span class="_ _3"/>s only a mi<span class="_ _3"/>no<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pe<span class="_ _3"/>rio<span class="_ _3"/>d is w<span class="_ _3"/>ith<span class="_ _3"/>in th<span class="_ _3"/>e pe<span class="_ _3"/>ri<span class="_ _3"/>od wh<span class="_ _3"/>en p<span class="_ _3"/>ower </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>ice<span class="_ _3"/>s are n<span class="_ _3"/>on<span class="_ _3"/>-o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le, we c<span class="_ _3"/>las<span class="_ _3"/>sif<span class="_ _3"/>y th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>ts </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as b<span class="_ _3"/>ase<span class="_ _3"/>d on o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le in<span class="_ _3"/>pu<span class="_ _3"/>t.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In G<span class="_ _3"/>er<span class="_ _3"/>ma<span class="_ _3"/>ny and o<span class="_ _3"/>the<span class="_ _3"/>r cou<span class="_ _3"/>ntr<span class="_ _3"/>ies w<span class="_ _3"/>he<span class="_ _3"/>re we ha<span class="_ _3"/>ve lon<span class="_ _3"/>g-</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ter<span class="_ _3"/>m PP<span class="_ _0"/>A cont<span class="_ _3"/>rac<span class="_ _3"/>ts<span class="_ _3"/>, th<span class="_ _3"/>e powe<span class="_ _3"/>r pri<span class="_ _3"/>ce is o<span class="_ _3"/>bse<span class="_ _3"/>r<span class="_ _3"/>vab<span class="_ _3"/>le </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for u<span class="_ _3"/>p to fiv<span class="_ _3"/>e yea<span class="_ _3"/>rs<span class="_ _3"/>. Wh<span class="_ _3"/>en p<span class="_ _3"/>ower p<span class="_ _3"/>ri<span class="_ _3"/>ces a<span class="_ _3"/>re no lo<span class="_ _3"/>nge<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ob<span class="_ _3"/>ser<span class="_ _3"/>va<span class="_ _3"/>ble i<span class="_ _3"/>n th<span class="_ _3"/>e ma<span class="_ _3"/>rket<span class="_ _3"/>, we ha<span class="_ _3"/>ve es<span class="_ _3"/>tim<span class="_ _3"/>ated t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">powe<span class="_ _3"/>r pr<span class="_ _3"/>ice by ex<span class="_ _3"/>tr<span class="_ _3"/>apo<span class="_ _3"/>lat<span class="_ _3"/>in<span class="_ _3"/>g the la<span class="_ _3"/>st ye<span class="_ _3"/>ar w<span class="_ _3"/>ith a<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">observabl<span class="_ _0"/>e p<span class="_ _0"/>ow<span class="_ _0"/>er pri<span class="_ _0"/>ce,<span class="_ _0"/> t<span class="_ _0"/>aking exp<span class="_ _0"/>ected<span class="_ _0"/> in<span class="_ _0"/>flati<span class="_ _0"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d se<span class="_ _3"/>aso<span class="_ _3"/>na<span class="_ _3"/>li<span class="_ _3"/>ty into a<span class="_ _3"/>ccou<span class="_ _3"/>nt<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Acquired CPP<span class="_ _0"/>As</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al n<span class="_ _3"/>eg<span class="_ _3"/>ati<span class="_ _3"/>ve fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m lon<span class="_ _3"/>g-te<span class="_ _3"/>rm CP<span class="_ _3"/>P<span class="_ _0"/>As </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">acq<span class="_ _3"/>u<span class="_ _3"/>ire<span class="_ _3"/>d in a b<span class="_ _3"/>usi<span class="_ _3"/>ne<span class="_ _3"/>ss co<span class="_ _3"/>mb<span class="_ _3"/>ina<span class="_ _3"/>ti<span class="_ _3"/>on is re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>se<span class="_ _3"/>d as </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reve<span class="_ _3"/>nu<span class="_ _3"/>e in p<span class="_ _3"/>rofi<span class="_ _3"/>t or los<span class="_ _3"/>s in t<span class="_ _3"/>he fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod to w<span class="_ _3"/>hi<span class="_ _3"/>ch </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e ma<span class="_ _3"/>rket va<span class="_ _3"/>lue re<span class="_ _3"/>late<span class="_ _3"/>s. T<span class="_ _3"/>hi<span class="_ _3"/>s ef<span class="_ _3"/>fect<span class="_ _3"/>ive<span class="_ _3"/>ly inc<span class="_ _3"/>rea<span class="_ _3"/>ses o<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">de<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>s the r<span class="_ _3"/>even<span class="_ _3"/>ue f<span class="_ _3"/>rom th<span class="_ _3"/>e cont<span class="_ _3"/>rac<span class="_ _3"/>t pr<span class="_ _3"/>ice to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">for<span class="_ _3"/>wa<span class="_ _3"/>rd pr<span class="_ _3"/>ice a<span class="_ _3"/>t the c<span class="_ _3"/>losi<span class="_ _3"/>ng d<span class="_ _3"/>ate. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>023, w<span class="_ _3"/>e hav<span class="_ _3"/>e reco<span class="_ _3"/>gn<span class="_ _3"/>ise<span class="_ _3"/>d an i<span class="_ _3"/>nco<span class="_ _3"/>me of D<span class="_ _3"/>KK 1<span class="_ _0"/>97 </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: D<span class="_ _3"/>KK 228 m<span class="_ _3"/>ill<span class="_ _3"/>io<span class="_ _3"/>n) re<span class="_ _3"/>lated to th<span class="_ _3"/>e in<span class="_ _3"/>iti<span class="_ _3"/>al </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r val<span class="_ _3"/>ue fro<span class="_ _3"/>m CPPAs<span class="_ _3"/>. Th<span class="_ _3"/>e total am<span class="_ _3"/>ou<span class="_ _3"/>nt of in<span class="_ _3"/>it<span class="_ _3"/>ia<span class="_ _3"/>l fair </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">va<span class="_ _3"/>lue a<span class="_ _3"/>s of 31 Dece<span class="_ _3"/>mb<span class="_ _3"/>er 2<span class="_ _3"/>023 a<span class="_ _3"/>mo<span class="_ _3"/>unt<span class="_ _3"/>s to a loss of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">DK<span class="_ _3"/>K 1,24<span class="_ _3"/>3 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n (2022: lo<span class="_ _3"/>ss of D<span class="_ _3"/>KK 1,<span class="_ _3"/>497 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n), </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">wh<span class="_ _3"/>ich w<span class="_ _3"/>il<span class="_ _3"/>l be re<span class="_ _3"/>cog<span class="_ _3"/>nis<span class="_ _3"/>ed a<span class="_ _3"/>s reven<span class="_ _3"/>ue i<span class="_ _3"/>n a fu<span class="_ _3"/>ture p<span class="_ _3"/>er<span class="_ _3"/>iod<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Wh<span class="_ _3"/>en t<span class="_ _3"/>he fa<span class="_ _3"/>ir va<span class="_ _3"/>lu<span class="_ _3"/>e at ‘i<span class="_ _3"/>ni<span class="_ _3"/>tia<span class="_ _3"/>ti<span class="_ _3"/>on re<span class="_ _3"/>cog<span class="_ _3"/>ni<span class="_ _3"/>tio<span class="_ _3"/>n’ d<span class="_ _3"/>if<span class="_ _3"/>fer<span class="_ _3"/>s fro<span class="_ _3"/>m </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e tra<span class="_ _3"/>nsa<span class="_ _3"/>ct<span class="_ _3"/>io<span class="_ _3"/>n pr<span class="_ _3"/>ice<span class="_ _3"/>, an<span class="_ _3"/>d the fa<span class="_ _3"/>ir v<span class="_ _3"/>alu<span class="_ _3"/>e is n<span class="_ _3"/>ot pu<span class="_ _3"/>re<span class="_ _3"/>ly </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ba<span class="_ _3"/>se<span class="_ _3"/>d on ob<span class="_ _3"/>se<span class="_ _3"/>rv<span class="_ _3"/>ab<span class="_ _3"/>le pr<span class="_ _3"/>ice<span class="_ _3"/>s, t<span class="_ _3"/>he d<span class="_ _3"/>if<span class="_ _3"/>fere<span class="_ _3"/>nc<span class="_ _3"/>e bet<span class="_ _3"/>we<span class="_ _3"/>en th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fai<span class="_ _3"/>r va<span class="_ _3"/>lue a<span class="_ _3"/>t in<span class="_ _3"/>iti<span class="_ _3"/>al r<span class="_ _3"/>eco<span class="_ _3"/>gn<span class="_ _3"/>iti<span class="_ _3"/>on a<span class="_ _3"/>nd t<span class="_ _3"/>he tr<span class="_ _3"/>an<span class="_ _3"/>sac<span class="_ _3"/>ti<span class="_ _3"/>on p<span class="_ _3"/>ric<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is d<span class="_ _3"/>efe<span class="_ _3"/>rre<span class="_ _3"/>d an<span class="_ _3"/>d rec<span class="_ _3"/>og<span class="_ _3"/>nis<span class="_ _3"/>ed ov<span class="_ _3"/>er th<span class="_ _3"/>e li<span class="_ _3"/>feti<span class="_ _3"/>me o<span class="_ _3"/>f the P<span class="_ _3"/>P<span class="_ _0"/>A<span class="_ _3"/></span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ene<span class="_ _3"/>rgy trad<span class="_ _3"/>ing po<span class="_ _3"/>rtfoli<span class="_ _3"/>o</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 395.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0078px; width: 142.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ervie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gy <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 73.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 73.9688px; top: 31.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span></span><span style="position: absolute; display: inline-block; left: 262.422px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 371.719px; top: 31.0234px; width: 49.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 583.406px; top: 31.0234px; width: 47.8125px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 240.562px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 43.0078px; width: 45.1406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">gain/(lo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 583.406px; top: 43.0078px; width: 47.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> gain/(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,683<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,854)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,906<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,060<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,680</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 631.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,138<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(312)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,601<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(774)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 631.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">156<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(137)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>498<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 214.395px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">175<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(50)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.455078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 80.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rading mandates</span><span style="position: absolute; display: inline-block; left: 80.7812px; top: 0.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 80.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aR limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 221.172px; top: 18.2734px; width: 88.4473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stress limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 72.2637px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 100 million</span><span style="position: absolute; display: inline-block; left: 221.172px; top: 30.2578px; width: 408.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 400 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Maximum open po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sitions in trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.1035px; width: 210.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st loss in one tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading day </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 54.0879px; width: 192.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Stre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the lar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gest dail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss we risk<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 53.6016px; width: 98.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 6 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.1035px; width: 199.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">at a probabilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y of 95 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%. V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR is based on data </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 66.0879px; width: 188.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">sust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aining with the given portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olio<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. Str<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess is </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 65.6016px; width: 94.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 9.5 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of gas</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 78.1035px; width: 202.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the past 45 tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading days,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> with the heaviest </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 78.0879px; width: 186.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">based on dat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 1 January 2006 t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 77.6016px; width: 109.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 1 million boe of oil</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.0879px; width: 195.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">weighting being assigned t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the most r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecent </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 90.0879px; width: 52.5059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sent day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 89.5859px; width: 193.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 1.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of carbon emissions</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.088px; width: 56.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">trading day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 101.586px; width: 195.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 0.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of coal and biomass</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The contr<span class="_ _0"/>actual principal amount has been de<span class="_ _0"/>termined as the ne<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">position per derivativ<span class="_ _0"/>e type<span class="_ _0"/>. <span class="_ _0"/>The risks associat<span class="_ _0"/>ed with our op<span class="_ _0"/>tions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are smal<span class="_ _0"/>ler than f<span class="_ _4"/>or our swaps.<span class="_ _0"/> The mark<span class="_ _0"/>e<span class="_ _0"/>t value most<span class="_ _0"/>l<span class="_ _0"/>y consists<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of r<span class="_ _0"/>eceiv<span class="_ _0"/>ed exposur<span class="_ _0"/>e from our ass<span class="_ _0"/>ets with s<span class="_ _0"/>et<span class="_ _0"/>tl<span class="_ _0"/>ement at maturit<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whereas part o<span class="_ _0"/>f the ext<span class="_ _0"/>ernal tr<span class="_ _0"/>ade is set<span class="_ _0"/>tl<span class="_ _0"/>ed on a dail<span class="_ _0"/>y basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">included with the set<span class="_ _0"/>tl<span class="_ _0"/>ed mar<span class="_ _0"/>gin.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>T<span class="_ _0"/>r<span class="_ _0"/>ading activities ar<span class="_ _0"/>e carried out under mandat<span class="_ _0"/>es appr<span class="_ _0"/>ov<span class="_ _0"/>ed b<span class="_ _0"/>y the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/>. <span class="_ _0"/>The mandat<span class="_ _0"/>es comprise a v<span class="_ _0"/>alue-at-risk (V<span class="_ _0"/>aR) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mandate and a s<span class="_ _0"/>tress mandat<span class="_ _0"/>e as w<span class="_ _0"/>ell as a limit f<span class="_ _0"/>or the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">positions measur<span class="_ _0"/>ed in energy unit<span class="_ _0"/>s per product (po<span class="_ _0"/>wer<span class="_ _4"/>, gas, et<span class="_ _0"/>c.).<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The graph sho<span class="_ _0"/>ws the dail<span class="_ _4"/>y V<span class="_ _0"/>aR position f<span class="_ _0"/>or the period 2022-2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aR r<span class="_ _0"/>eached DKK 280 million on 9 Mar<span class="_ _0"/>ch 2022, causing a passiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">breach o<span class="_ _0"/>f the Board o<span class="_ _0"/>f Dir<span class="_ _0"/>ectors' mandat<span class="_ _0"/>e of DKK 100 mil<span class="_ _0"/>lion due </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the R<span class="_ _0"/>ussian in<span class="_ _0"/>vasion of Ukr<span class="_ _0"/>aine and the l<span class="_ _0"/>arge r<span class="_ _0"/>eduction in gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plies t<span class="_ _0"/>o Europe<span class="_ _0"/>, c<span class="_ _0"/>ausing the European ener<span class="_ _0"/>gy price<span class="_ _0"/>s to spik<span class="_ _0"/>e<span class="_ _0"/>. In 2022, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">there w<span class="_ _0"/>er<span class="_ _0"/>e further passive br<span class="_ _0"/>eaches in <span class="_ _0"/>August due t<span class="_ _0"/>o <span class="_ _6"/>Russian gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _0"/>y cuts and in Sept<span class="_ _0"/>ember<span class="_ _0"/>-No<span class="_ _0"/>vember due t<span class="_ _0"/>o a hal<span class="_ _0"/>t of gas thr<span class="_ _0"/>ough the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Nord Str<span class="_ _0"/>eam 1 and 2 pipelines af<span class="_ _0"/>ter the e<span class="_ _0"/>xplosions in Sep<span class="_ _0"/>tember<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>rad<span class="_ _3"/>ing por<span class="_ _3"/>tfolio</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of ou<span class="_ _3"/>r tra<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>lio i<span class="_ _3"/>s to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>optimise<span class="_ _0"/> hedging exec<span class="_ _0"/>ution</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>c<span class="_ _3"/>ontr<span class="_ _3"/>ib<span class="_ _3"/>ute to in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d ma<span class="_ _3"/>rket i<span class="_ _3"/>ns<span class="_ _3"/>igh<span class="_ _3"/>t</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>rofi<span class="_ _3"/>t fro<span class="_ _3"/>m sho<span class="_ _3"/>r<span class="_ _3"/>t<span class="_ _0"/>-t<span class="_ _0"/>e<span class="_ _3"/>rm fl<span class="_ _3"/>uc<span class="_ _3"/>tuat<span class="_ _3"/>io<span class="_ _3"/>ns in <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>erg<span class="_ _3"/>y pr<span class="_ _3"/>ices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The energ<span class="_ _0"/>y tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio r<span class="_ _0"/>eceives<span class="_ _0"/> the<span class="_ _0"/> exposur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ou<span class="_ _3"/>r ass<span class="_ _3"/>ets a<span class="_ _3"/>nd ta<span class="_ _3"/>kes th<span class="_ _3"/>at ex<span class="_ _3"/>po<span class="_ _3"/>sure i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l ma<span class="_ _3"/>rket i<span class="_ _3"/>n the m<span class="_ _3"/>os<span class="_ _3"/>t ef<span class="_ _3"/>fi<span class="_ _3"/>cie<span class="_ _3"/>nt way p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gi<span class="_ _3"/>ven t<span class="_ _3"/>he m<span class="_ _3"/>an<span class="_ _3"/>date<span class="_ _3"/>s show<span class="_ _3"/>n to the le<span class="_ _3"/>ft<span class="_ _3"/>. Th<span class="_ _3"/>e over<span class="_ _3"/>vi<span class="_ _3"/>ew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ene<span class="_ _3"/>rgy t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o to the le<span class="_ _3"/>ft i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net of t<span class="_ _3"/>he in<span class="_ _3"/>tern<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>res re<span class="_ _3"/>cei<span class="_ _3"/>ved f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and t<span class="_ _3"/>he e<span class="_ _3"/>xte<span class="_ _3"/>rna<span class="_ _3"/>l tra<span class="_ _3"/>de<span class="_ _3"/>s in l<span class="_ _3"/>in<span class="_ _3"/>e wit<span class="_ _3"/>h inte<span class="_ _3"/>rna<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">risk<span class="_ _0"/> management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio primaril<span class="_ _0"/>y<span class="_ _0"/> consis<span class="_ _0"/>ts o<span class="_ _0"/>f posi<span class="_ _0"/>tions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in p<span class="_ _3"/>owe<span class="_ _3"/>r and g<span class="_ _3"/>as<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tra<span class="_ _3"/>di<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io co<span class="_ _3"/>ns<span class="_ _3"/>titute<span class="_ _3"/>s a sm<span class="_ _3"/>alle<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r total p<span class="_ _3"/>or<span class="_ _3"/>tfol<span class="_ _3"/>io of d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, a<span class="_ _3"/>nd t<span class="_ _3"/>he a<span class="_ _3"/>ssoc<span class="_ _3"/>ia<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk is l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ene<span class="_ _3"/>rgy trad<span class="_ _3"/>ing po<span class="_ _3"/>rtfoli<span class="_ _3"/>o</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 6.7</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:127.142578125px;"><span style="position: absolute; display: inline-block; left: 395.422px; top: 0.0078125px; width: 235.611px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 189.522px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span><span style="position: absolute; display: inline-block; left: 0px; top: 19.0078px; width: 142.553px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>Ov<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ervie<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>w of the Group<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>gy <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 0px; top: 31.0078px; width: 73.9922px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 73.9688px; top: 31.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span></span><span style="position: absolute; display: inline-block; left: 262.422px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 371.719px; top: 31.0234px; width: 49.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 475.031px; top: 31.0234px; width: 56.4023px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Contract<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ual <span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 583.406px; top: 31.0234px; width: 47.8125px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Unrealised</span><span style="position: absolute; display: inline-block; left: 0px; top: 43.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 240.562px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 373.703px; top: 43.0078px; width: 45.1406px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">gain/(lo<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 453.062px; top: 43.0078px; width: 75.9785px; white-space: pre; word-spacing: -2.151px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> principal <span style="word-spacing: -2.151px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.04492px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>amount</span><span style="position: absolute; display: inline-block; left: 583.406px; top: 43.0078px; width: 47.291px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> gain/(lo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ss)</span><span style="position: absolute; display: inline-block; left: 0px; top: 61.7598px; width: 631.652px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>waps (s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 176.361px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">3,305<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 79.5352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(492)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4,683<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 72.5625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(7,854)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 75.7598px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer op<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>tions (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 169.213px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5,906<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>1,406<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,060<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 77.256px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>8,680</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 89.7598px; width: 631.682px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gas sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (sel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>l position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2,138<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(312)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.1602px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3,601<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(774)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 103.76px; width: 631.775px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Oil sw<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aps and options (buy position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">156<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(137)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 93.129px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>498<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 80.2969px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(204)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 117.775px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other (sell position)<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 214.395px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">175<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 90.867px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>13<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 99.0877px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>74<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 85.5998px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(50)</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:111.455078125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 80.6953px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>rading mandates</span><span style="position: absolute; display: inline-block; left: 80.7812px; top: 0.9375px; width: 4.18945px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> <span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"/><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">2</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2734px; width: 80.2148px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>aR limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 221.172px; top: 18.2734px; width: 88.4473px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Stress limit in 2023:<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 72.2637px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 100 million</span><span style="position: absolute; display: inline-block; left: 221.172px; top: 30.2578px; width: 408.193px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">DKK 400 million<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 140.643px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Maximum open po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>sitions in trading portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>olio</span><span style="position: absolute; display: inline-block; left: 0px; top: 54.1035px; width: 210.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arge<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>st loss in one tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading day </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 54.0879px; width: 192.943px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Stre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ss indicat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es the lar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gest dail<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y l<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oss we risk<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 53.6016px; width: 98.8594px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 6 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 66.1035px; width: 199.336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">at a probabilit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y of 95 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>%. V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aR is based on data </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 66.0879px; width: 188.186px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">sust<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aining with the given portf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>olio<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. Str<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ess is </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 65.6016px; width: 94.4941px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 9.5 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TWh of gas</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 78.1035px; width: 202.869px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>or the past 45 tr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ading days,<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> with the heaviest </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 78.0879px; width: 186.188px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">based on dat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a fr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>om 1 January 2006 t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the </span><span style="position: absolute; display: inline-block; left: 433.688px; top: 77.6016px; width: 109.611px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>Max. 1 million boe of oil</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 90.0879px; width: 195.762px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">weighting being assigned t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o the most r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ecent </span><span style="position: absolute; display: inline-block; left: 221.172px; top: 90.0879px; width: 52.5059px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">pre<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sent day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 89.5859px; width: 193.91px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 1.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of carbon emissions</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.088px; width: 56.4434px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">trading day<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s.</span><span style="position: absolute; display: inline-block; left: 433.688px; top: 101.586px; width: 195.791px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">·<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 2.27929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Max. 0.5 mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>lion tonne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s of coal and biomass</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The contr<span class="_ _0"/>actual principal amount has been de<span class="_ _0"/>termined as the ne<span class="_ _0"/>t </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">position per derivativ<span class="_ _0"/>e type<span class="_ _0"/>. <span class="_ _0"/>The risks associat<span class="_ _0"/>ed with our op<span class="_ _0"/>tions </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">are smal<span class="_ _0"/>ler than f<span class="_ _4"/>or our swaps.<span class="_ _0"/> The mark<span class="_ _0"/>e<span class="_ _0"/>t value most<span class="_ _0"/>l<span class="_ _0"/>y consists<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of r<span class="_ _0"/>eceiv<span class="_ _0"/>ed exposur<span class="_ _0"/>e from our ass<span class="_ _0"/>ets with s<span class="_ _0"/>et<span class="_ _0"/>tl<span class="_ _0"/>ement at maturit<span class="_ _0"/>y<span class="_ _0"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whereas part o<span class="_ _0"/>f the ext<span class="_ _0"/>ernal tr<span class="_ _0"/>ade is set<span class="_ _0"/>tl<span class="_ _0"/>ed on a dail<span class="_ _0"/>y basis and </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">included with the set<span class="_ _0"/>tl<span class="_ _0"/>ed mar<span class="_ _0"/>gin.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>T<span class="_ _0"/>r<span class="_ _0"/>ading activities ar<span class="_ _0"/>e carried out under mandat<span class="_ _0"/>es appr<span class="_ _0"/>ov<span class="_ _0"/>ed b<span class="_ _0"/>y the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Board o<span class="_ _0"/>f Direct<span class="_ _0"/>ors<span class="_ _0"/>. <span class="_ _0"/>The mandat<span class="_ _0"/>es comprise a v<span class="_ _0"/>alue-at-risk (V<span class="_ _0"/>aR) </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">mandate and a s<span class="_ _0"/>tress mandat<span class="_ _0"/>e as w<span class="_ _0"/>ell as a limit f<span class="_ _0"/>or the maximum </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">positions measur<span class="_ _0"/>ed in energy unit<span class="_ _0"/>s per product (po<span class="_ _0"/>wer<span class="_ _4"/>, gas, et<span class="_ _0"/>c.).<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>The graph sho<span class="_ _0"/>ws the dail<span class="_ _4"/>y V<span class="_ _0"/>aR position f<span class="_ _0"/>or the period 2022-2023. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">V<span class="_ _0"/>aR r<span class="_ _0"/>eached DKK 280 million on 9 Mar<span class="_ _0"/>ch 2022, causing a passiv<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">breach o<span class="_ _0"/>f the Board o<span class="_ _0"/>f Dir<span class="_ _0"/>ectors' mandat<span class="_ _0"/>e of DKK 100 mil<span class="_ _0"/>lion due </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">to the R<span class="_ _0"/>ussian in<span class="_ _0"/>vasion of Ukr<span class="_ _0"/>aine and the l<span class="_ _0"/>arge r<span class="_ _0"/>eduction in gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">plies t<span class="_ _0"/>o Europe<span class="_ _0"/>, c<span class="_ _0"/>ausing the European ener<span class="_ _0"/>gy price<span class="_ _0"/>s to spik<span class="_ _0"/>e<span class="_ _0"/>. In 2022, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">there w<span class="_ _0"/>er<span class="_ _0"/>e further passive br<span class="_ _0"/>eaches in <span class="_ _0"/>August due t<span class="_ _0"/>o <span class="_ _6"/>Russian gas sup<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pl<span class="_ _0"/>y cuts and in Sept<span class="_ _0"/>ember<span class="_ _0"/>-No<span class="_ _0"/>vember due t<span class="_ _0"/>o a hal<span class="_ _0"/>t of gas thr<span class="_ _0"/>ough the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Nord Str<span class="_ _0"/>eam 1 and 2 pipelines af<span class="_ _0"/>ter the e<span class="_ _0"/>xplosions in Sep<span class="_ _0"/>tember<span class="_ _15c"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">T<span class="_ _4"/>rad<span class="_ _3"/>ing por<span class="_ _3"/>tfolio</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of ou<span class="_ _3"/>r tra<span class="_ _3"/>di<span class="_ _3"/>ng p<span class="_ _3"/>or<span class="_ _3"/>tfo<span class="_ _3"/>lio i<span class="_ _3"/>s to: </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls29 ws28"> <span class="_ _16"> </span> <span class="_ _49"/>optimise<span class="_ _0"/> hedging exec<span class="_ _0"/>ution</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/> <span class="_ _49"/>c<span class="_ _3"/>ontr<span class="_ _3"/>ib<span class="_ _3"/>ute to in<span class="_ _3"/>cre<span class="_ _3"/>ase<span class="_ _3"/>d ma<span class="_ _3"/>rket i<span class="_ _3"/>ns<span class="_ _3"/>igh<span class="_ _3"/>t</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">·<span class="ff3 ls4"> <span class="_ _16"> </span> <span class="_ _49"/>p<span class="_ _3"/>rofi<span class="_ _3"/>t fro<span class="_ _3"/>m sho<span class="_ _3"/>r<span class="_ _3"/>t<span class="_ _0"/>-t<span class="_ _0"/>e<span class="_ _3"/>rm fl<span class="_ _3"/>uc<span class="_ _3"/>tuat<span class="_ _3"/>io<span class="_ _3"/>ns in <span class="ls0"> </span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">en<span class="_ _3"/>erg<span class="_ _3"/>y pr<span class="_ _3"/>ices<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The energ<span class="_ _0"/>y tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio r<span class="_ _0"/>eceives<span class="_ _0"/> the<span class="_ _0"/> exposur<span class="_ _0"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">fro<span class="_ _3"/>m ou<span class="_ _3"/>r ass<span class="_ _3"/>ets a<span class="_ _3"/>nd ta<span class="_ _3"/>kes th<span class="_ _3"/>at ex<span class="_ _3"/>po<span class="_ _3"/>sure i<span class="_ _3"/>nto th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ex<span class="_ _3"/>ter<span class="_ _3"/>na<span class="_ _3"/>l ma<span class="_ _3"/>rket i<span class="_ _3"/>n the m<span class="_ _3"/>os<span class="_ _3"/>t ef<span class="_ _3"/>fi<span class="_ _3"/>cie<span class="_ _3"/>nt way p<span class="_ _3"/>oss<span class="_ _3"/>ib<span class="_ _3"/>le, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">gi<span class="_ _3"/>ven t<span class="_ _3"/>he m<span class="_ _3"/>an<span class="_ _3"/>date<span class="_ _3"/>s show<span class="_ _3"/>n to the le<span class="_ _3"/>ft<span class="_ _3"/>. Th<span class="_ _3"/>e over<span class="_ _3"/>vi<span class="_ _3"/>ew </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">of th<span class="_ _3"/>e Gro<span class="_ _3"/>up's ene<span class="_ _3"/>rgy t<span class="_ _3"/>rad<span class="_ _3"/>in<span class="_ _3"/>g por<span class="_ _3"/>t<span class="_ _3"/>foli<span class="_ _3"/>o to the le<span class="_ _3"/>ft i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e net of t<span class="_ _3"/>he in<span class="_ _3"/>tern<span class="_ _3"/>al e<span class="_ _3"/>xp<span class="_ _3"/>osu<span class="_ _3"/>res re<span class="_ _3"/>cei<span class="_ _3"/>ved f<span class="_ _3"/>rom t<span class="_ _3"/>he </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">as<span class="_ _3"/>set<span class="_ _3"/>s and t<span class="_ _3"/>he e<span class="_ _3"/>xte<span class="_ _3"/>rna<span class="_ _3"/>l tra<span class="_ _3"/>de<span class="_ _3"/>s in l<span class="_ _3"/>in<span class="_ _3"/>e wit<span class="_ _3"/>h inte<span class="_ _3"/>rna<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">risk<span class="_ _0"/> management.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The tr<span class="_ _0"/>ading portf<span class="_ _0"/>olio primaril<span class="_ _0"/>y<span class="_ _0"/> consis<span class="_ _0"/>ts o<span class="_ _0"/>f posi<span class="_ _0"/>tions<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">in p<span class="_ _3"/>owe<span class="_ _3"/>r and g<span class="_ _3"/>as<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Th<span class="_ _3"/>e tra<span class="_ _3"/>di<span class="_ _3"/>ng po<span class="_ _3"/>r<span class="_ _3"/>tfol<span class="_ _3"/>io co<span class="_ _3"/>ns<span class="_ _3"/>titute<span class="_ _3"/>s a sm<span class="_ _3"/>alle<span class="_ _3"/>r pa<span class="_ _3"/>r<span class="_ _3"/>t of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r total p<span class="_ _3"/>or<span class="_ _3"/>tfol<span class="_ _3"/>io of d<span class="_ _3"/>er<span class="_ _3"/>iva<span class="_ _3"/>tiv<span class="_ _3"/>es, a<span class="_ _3"/>nd t<span class="_ _3"/>he a<span class="_ _3"/>ssoc<span class="_ _3"/>ia<span class="_ _3"/>ted </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ri<span class="_ _3"/>sk is l<span class="_ _3"/>im<span class="_ _3"/>ite<span class="_ _3"/>d.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">§ <span class="_"> </span>Acc<span class="_ _0"/>ounting policies</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ma<span class="_ _3"/>rke<span class="_ _3"/>t val<span class="_ _3"/>ue a<span class="_ _3"/>dj<span class="_ _3"/>ust<span class="_ _3"/>me<span class="_ _3"/>nts o<span class="_ _3"/>f phys<span class="_ _3"/>ica<span class="_ _3"/>l a<span class="_ _3"/>nd f<span class="_ _3"/>ina<span class="_ _3"/>nc<span class="_ _3"/>ia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">co<span class="_ _3"/>ntra<span class="_ _3"/>ct<span class="_ _3"/>s rel<span class="_ _3"/>ati<span class="_ _3"/>ng to e<span class="_ _3"/>ne<span class="_ _3"/>rgy t<span class="_ _3"/>ha<span class="_ _3"/>t are e<span class="_ _3"/>nte<span class="_ _3"/>red i<span class="_ _3"/>nto wi<span class="_ _3"/>th </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e pu<span class="_ _3"/>rpo<span class="_ _3"/>se of g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>ti<span class="_ _3"/>ng g<span class="_ _3"/>ai<span class="_ _3"/>ns fr<span class="_ _3"/>om s<span class="_ _3"/>hor<span class="_ _3"/>t-ter<span class="_ _3"/>m pri<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">changes<span class="_ _0"/> are r<span class="_ _0"/>ecognised<span class="_ _0"/> as<span class="_ _0"/> rev<span class="_ _0"/>enue.</span> the Danish state, represented by the Danish Ministry of Finance the Danish state, represented by the Danish Ministry of Finance <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:82.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 62.0156px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Joint ventur<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 299.496px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 171.75px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.771px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Dividends rec<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eived<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 130.002px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">86<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>70</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 299.859px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al trans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>actions, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 94.7168px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(222)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(92)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 299.613px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sales o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f goods and service<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 92.6955px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">64<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 217.758px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 165.773px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 217.758px; top: 72.7598px; width: 5.67188px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">9</span><span style="position: absolute; display: inline-block; left: 223.43px; top: 72.7598px; width: 73.0605px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.0605px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 296.49px; top: 72.7598px; width: 2.94727px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ot<span class="_ _3"/>he<span class="_ _3"/>r rela<span class="_ _3"/>ted pa<span class="_ _3"/>r<span class="_ _3"/>tie<span class="_ _3"/>s are t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p<span class="_ _0"/>'s ass<span class="_ _3"/>oci<span class="_ _3"/>ates a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int ve<span class="_ _3"/>ntu<span class="_ _3"/>res<span class="_ _3"/>, me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of the B<span class="_ _3"/>oa<span class="_ _3"/>rd of Di<span class="_ _3"/>re<span class="_ _3"/>ctor<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Exe<span class="_ _3"/>cut<span class="_ _3"/>ive B<span class="_ _3"/>oa<span class="_ _3"/>rd, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r sen<span class="_ _3"/>io<span class="_ _3"/>r exe<span class="_ _3"/>cut<span class="_ _3"/>ive<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e note 7<span class="_ _4"/>.<span class="_ _3"/>4 ‘Co<span class="_ _3"/>mp<span class="_ _3"/>any ove<span class="_ _3"/>rv<span class="_ _3"/>iew<span class="_ _3"/>’ for a<span class="_ _3"/>n over<span class="_ _3"/>vi<span class="_ _3"/>ew of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r jo<span class="_ _3"/>int ve<span class="_ _3"/>ntur<span class="_ _3"/>es an<span class="_ _3"/>d as<span class="_ _3"/>soc<span class="_ _3"/>iate<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>m<span class="_ _3"/>p<span class="_ _3"/>a<span class="_ _3"/>ny <span class="_ _ad"> </span>ov<span class="_ _3"/>e<span class="_ _3"/>r<span class="_ _3"/>v<span class="_ _3"/>ie<span class="_ _3"/>w</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 7.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:526.720703125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 518.174px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Segment/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>compan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Country<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ype </span><span style="position: absolute; display: inline-block; left: 517.078px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 548.016px; top: 0.0078125px; width: 84.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ownership int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2578px; width: 74.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Par<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ent Compan<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 380.479px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.7734px; width: 38.8066px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.2598px; width: 125.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Anhol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t Havvindmøll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>epark I/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 69.2598px; width: 291.334px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 83.2598px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borkum Riff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>grund 1 Windpark <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.158px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 97.2598px; width: 631.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borkum Riff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>grund 2 Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind Farm GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 111.275px; width: 340.049px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borssel<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Windf<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm C.<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>V<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 241.306px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 340.049px; top: 111.275px; width: 291.346px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The Netherlands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 125.275px; width: 50.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bree<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sea L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d</span><span style="position: absolute; display: inline-block; left: 51.0156px; top: 125.832px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 125.275px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 139.275px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 1 Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm GmbH &amp; Co<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.158px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 153.275px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 2 Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/S GmbH<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 147.944px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 167.275px; width: 133.998px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 3 GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG</span><span style="position: absolute; display: inline-block; left: 133.547px; top: 167.848px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 167.275px; width: 291.217px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.613px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 181.275px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm NW L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 195.291px; width: 205.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm SE L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td2</span><span style="position: absolute; display: inline-block; left: 204.25px; top: 195.848px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 195.291px; width: 291.1px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 209.291px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm SW<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d2<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 223.291px; width: 79.1367px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Hornsea 1 Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 79.0625px; top: 223.848px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 223.291px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 237.291px; width: 72.252px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ocean Wind LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 237.291px; width: 291.234px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 251.291px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Borssel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Holding B<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.869px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The Netherlands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 265.307px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea 1 Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings Limited<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 279.307px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea Pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oject <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Three (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.791px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.307px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wo Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 194.742px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 307.307px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed North Americ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a Inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.322px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 243.715px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.322px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Rac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Bank (Holding) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 349.322px; width: 631.441px; white-space: pre; word-spacing: -0.432px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed T<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan <span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>L<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 261.381px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 363.338px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alney Extension Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 377.338px; width: 631.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est of Duddon Sands (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 391.338px; width: 130.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Bank Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 130.297px; top: 391.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 391.322px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 405.338px; width: 92.3438px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>volution Wind,<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> LLC</span><span style="position: absolute; display: inline-block; left: 92px; top: 405.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 405.338px; width: 291.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 419.338px; width: 113.59px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sonningmay Wind Limited</span><span style="position: absolute; display: inline-block; left: 113.734px; top: 419.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 419.338px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 433.338px; width: 109.324px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Soundmark Wind Limited</span><span style="position: absolute; display: inline-block; left: 110.141px; top: 433.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 433.338px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 447.338px; width: 66.8906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">South Fork, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C</span><span style="position: absolute; display: inline-block; left: 67.0469px; top: 447.91px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 447.338px; width: 291.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 461.338px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y (UK) Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Windf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms Limited<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 162.498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 475.354px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est Of Duddon Sands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 238.383px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 489.354px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Horns Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v 2 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.197px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 503.354px; width: 100.986px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>P<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 503.354px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 517.354px; width: 137.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 136.906px; top: 517.926px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 517.354px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:344.689453125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 518.174px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Segment/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>compan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Country<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ype </span><span style="position: absolute; display: inline-block; left: 517.297px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 547.453px; top: 0.0078125px; width: 84.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ownership int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2578px; width: 37.5352px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onshore</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2W P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ermian Solar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 631.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ele<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ven Mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.076px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 631.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Hayst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ack <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind Project, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 631.383px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Helena Wind, LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.666px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Lincoln L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 264.387px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mockingbird Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LLC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 210.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Muscl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Shoals Solar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 234.252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Old 300 Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 144.775px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Onshore Ir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and Green Ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gy Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ir<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eland<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 158.775px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sage Draw <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 247.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 172.791px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sparta Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LLC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.192px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 186.791px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sunflo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer Ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 244.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 200.791px; width: 631.453px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ahoka Wind, LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.115px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 214.791px; width: 631.359px; white-space: pre; word-spacing: -0.432px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ern T<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>rail Wind, <span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>LL<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 228.807px; width: 121.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Onshore Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 122.422px; top: 229.348px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 228.791px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 256.305px; width: 82.4238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.807px; width: 170.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Bioenergy &amp; <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Thermal P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 170.266px; top: 271.363px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 270.807px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 284.807px; width: 109.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Salg &amp; Servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 109.266px; top: 285.363px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 284.807px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 306.82px; width: 76.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Shared Functions</span><span style="position: absolute; display: inline-block; left: 0px; top: 321.322px; width: 631.219px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>North Americ<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Hol<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 190.893px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.322px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TW Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 185.35px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>S = subsidiary<span class="_ _0"/>, JO = joint oper<span class="_ _0"/>ation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The compan<span class="_ _0"/>y is o<span class="_ _0"/>wned through a c<span class="_ _0"/>ompany which is no<span class="_ _0"/>t owned<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">100 <span class="_ _4"/>% by Ørst<span class="_ _0"/>ed. <span class="_ _0"/>The dis<span class="_ _0"/>clos<span class="_ _0"/>ed ownership int<span class="_ _0"/>er<span class="_ _0"/>est is Ørst<span class="_ _0"/>ed'<span class="_ _4"/>s <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ul<span class="_ _0"/>timat<span class="_ _0"/>e ownership int<span class="_ _0"/>er<span class="_ _0"/>est in the compan<span class="_ _0"/>y<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Subsidiaries owned dir<span class="_ _0"/>ectl<span class="_ _0"/>y b<span class="_ _0"/>y Ørsted <span class="_ _0"/>A/<span class="_ _0"/>S<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Companies without significant activitie<span class="_ _0"/>s are no<span class="_ _0"/>t included in the list. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A ful<span class="_ _0"/>l compr<span class="_ _0"/>ehensive list o<span class="_ _0"/>f companies is av<span class="_ _0"/>ailabl<span class="_ _0"/>e at: <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">https:/<span class="_ _15c"/>/or<span class="_ _0"/>sted.<span class="_ _0"/>com/<span class="_ _4"/>company<span class="_ _0"/>-ov<span class="_ _0"/>erview</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:96.126953125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 47.4375px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Associat<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>es</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.4941px; width: 28.4062px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm</span><span style="position: absolute; display: inline-block; left: 0px; top: 30.7441px; width: 299.625px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Capit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>al trans<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>actions, ne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 100.242px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(54)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.1346px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(37)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 299.789px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sale o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>f goods and services<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 105.07px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">14</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 299.684px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Purchas<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e of goods and servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.4022px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">(186)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 54.3634px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(180)</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.7598px; width: 299.654px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rec<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eivabl<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>es<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 168.275px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">-<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 73.5px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>-</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 299.848px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Pay<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ables<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 166.688px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(25)<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 60.5685px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>(44)</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ot<span class="_ _3"/>he<span class="_ _3"/>r rela<span class="_ _3"/>ted pa<span class="_ _3"/>r<span class="_ _3"/>tie<span class="_ _3"/>s are t<span class="_ _3"/>he G<span class="_ _3"/>rou<span class="_ _3"/>p<span class="_ _0"/>'s ass<span class="_ _3"/>oci<span class="_ _3"/>ates a<span class="_ _3"/>nd </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">jo<span class="_ _3"/>int ve<span class="_ _3"/>ntu<span class="_ _3"/>res<span class="_ _3"/>, me<span class="_ _3"/>mb<span class="_ _3"/>er<span class="_ _3"/>s of the B<span class="_ _3"/>oa<span class="_ _3"/>rd of Di<span class="_ _3"/>re<span class="_ _3"/>ctor<span class="_ _3"/>s an<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">th<span class="_ _3"/>e Exe<span class="_ _3"/>cut<span class="_ _3"/>ive B<span class="_ _3"/>oa<span class="_ _3"/>rd, a<span class="_ _3"/>nd ot<span class="_ _3"/>he<span class="_ _3"/>r sen<span class="_ _3"/>io<span class="_ _3"/>r exe<span class="_ _3"/>cut<span class="_ _3"/>ive<span class="_ _3"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Se<span class="_ _3"/>e note 7<span class="_ _4"/>.<span class="_ _3"/>4 ‘Co<span class="_ _3"/>mp<span class="_ _3"/>any ove<span class="_ _3"/>rv<span class="_ _3"/>iew<span class="_ _3"/>’ for a<span class="_ _3"/>n over<span class="_ _3"/>vi<span class="_ _3"/>ew of </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ou<span class="_ _3"/>r jo<span class="_ _3"/>int ve<span class="_ _3"/>ntur<span class="_ _3"/>es an<span class="_ _3"/>d as<span class="_ _3"/>soc<span class="_ _3"/>iate<span class="_ _3"/>s.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Auditor'<span class="_ _0"/>s <span class="_ _181"> </span>fees</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 7.2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">P<span class="_ _3"/>wC is Ø<span class="_ _3"/>rs<span class="_ _3"/>ted<span class="_ _3"/>'s au<span class="_ _3"/>di<span class="_ _3"/>tor ap<span class="_ _3"/>po<span class="_ _3"/>inte<span class="_ _3"/>d by the a<span class="_ _3"/>nn<span class="_ _3"/>ua<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>g<span class="_ _3"/>en<span class="_ _3"/>era<span class="_ _3"/>l me<span class="_ _3"/>eti<span class="_ _3"/>ng<span class="_ _3"/>. P<span class="_ _3"/>wC a<span class="_ _3"/>ud<span class="_ _3"/>its t<span class="_ _3"/>he co<span class="_ _3"/>nso<span class="_ _3"/>li<span class="_ _3"/>date<span class="_ _3"/>d </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>fina<span class="_ _3"/>ncial st<span class="_ _0"/>at<span class="_ _0"/>ements o<span class="_ _0"/>f Ørst<span class="_ _0"/>ed and<span class="_ _0"/> our subsidiaries<span class="_ _0"/>' </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">statu<span class="_ _3"/>tor<span class="_ _3"/>y fi<span class="_ _3"/>na<span class="_ _3"/>nci<span class="_ _3"/>al s<span class="_ _3"/>tatem<span class="_ _3"/>en<span class="_ _3"/>ts in a<span class="_ _3"/>ll t<span class="_ _3"/>he co<span class="_ _3"/>untr<span class="_ _3"/>ie<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">whe<span class="_ _3"/>re we are rep<span class="_ _3"/>resented<span class="_ _3"/>. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">It i<span class="_ _3"/>s our p<span class="_ _3"/>ol<span class="_ _3"/>icy t<span class="_ _3"/>ha<span class="_ _3"/>t the a<span class="_ _3"/>nn<span class="_ _3"/>ua<span class="_ _3"/>l fee for n<span class="_ _3"/>on<span class="_ _3"/>-a<span class="_ _3"/>ud<span class="_ _3"/>it </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">se<span class="_ _3"/>r<span class="_ _3"/>vice<span class="_ _3"/>s prov<span class="_ _3"/>ide<span class="_ _3"/>d by ou<span class="_ _3"/>r statu<span class="_ _3"/>tory a<span class="_ _3"/>ud<span class="_ _3"/>ito<span class="_ _3"/>r can<span class="_ _3"/>not </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">exc<span class="_ _3"/>ee<span class="_ _3"/>d the a<span class="_ _3"/>nn<span class="_ _3"/>ua<span class="_ _3"/>l fee fo<span class="_ _3"/>r statuto<span class="_ _3"/>ry a<span class="_ _3"/>ud<span class="_ _3"/>it se<span class="_ _3"/>r<span class="_ _3"/>vi<span class="_ _3"/>ces </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">me<span class="_ _3"/>asu<span class="_ _3"/>re<span class="_ _3"/>d at Gr<span class="_ _3"/>oup l<span class="_ _3"/>evel<span class="_ _3"/>. Th<span class="_ _3"/>e ca<span class="_ _3"/>p may b<span class="_ _3"/>e exc<span class="_ _3"/>eed<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bje<span class="_ _3"/>ct to a<span class="_ _3"/>pp<span class="_ _3"/>roval by th<span class="_ _3"/>e Aud<span class="_ _3"/>it &amp; R<span class="_ _3"/>isk C<span class="_ _3"/>om<span class="_ _3"/>mit<span class="_ _3"/>tee<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘Other<span class="_ _0"/> assuranc<span class="_ _0"/>e engagements’<span class="_ _0"/> primaril<span class="_ _0"/>y<span class="_ _0"/> included<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">revi<span class="_ _3"/>ews of E<span class="_ _3"/>SG d<span class="_ _3"/>ata, a<span class="_ _3"/>ssu<span class="_ _3"/>ra<span class="_ _3"/>nce se<span class="_ _3"/>r<span class="_ _3"/>vic<span class="_ _3"/>es re<span class="_ _3"/>lated to th<span class="_ _3"/>e </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">is<span class="_ _3"/>sua<span class="_ _3"/>nce of b<span class="_ _3"/>on<span class="_ _3"/>ds<span class="_ _3"/>, au<span class="_ _3"/>di<span class="_ _3"/>t of spe<span class="_ _3"/>ci<span class="_ _3"/>al re<span class="_ _3"/>gu<span class="_ _3"/>lato<span class="_ _3"/>ry f<span class="_ _3"/>in<span class="_ _3"/>an<span class="_ _3"/>cia<span class="_ _3"/>l </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">state<span class="_ _3"/>me<span class="_ _3"/>nts<span class="_ _3"/>, an<span class="_ _3"/>d as<span class="_ _3"/>sur<span class="_ _3"/>anc<span class="_ _3"/>e ser<span class="_ _3"/>v<span class="_ _3"/>ices r<span class="_ _3"/>ela<span class="_ _3"/>ted to othe<span class="_ _3"/>r </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">re<span class="_ _3"/>por<span class="_ _3"/>ti<span class="_ _3"/>ng to th<span class="_ _3"/>ir<span class="_ _3"/>d par<span class="_ _3"/>t<span class="_ _3"/>ies<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘T<span class="_ _0"/>ax a<span class="_ _3"/>nd VA<span class="_ _4"/>T ad<span class="_ _3"/>vi<span class="_ _3"/>ce’ pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ily in<span class="_ _3"/>clu<span class="_ _3"/>ded a<span class="_ _3"/>dv<span class="_ _3"/>ice i<span class="_ _3"/>n </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>tio<span class="_ _3"/>n wit<span class="_ _3"/>h tax d<span class="_ _3"/>ue d<span class="_ _3"/>il<span class="_ _3"/>ige<span class="_ _3"/>nc<span class="_ _3"/>e, tra<span class="_ _3"/>ns<span class="_ _3"/>fer p<span class="_ _3"/>ric<span class="_ _3"/>in<span class="_ _3"/>g </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ad<span class="_ _3"/>vic<span class="_ _3"/>e, a<span class="_ _3"/>nd ad<span class="_ _3"/>vi<span class="_ _3"/>ce in co<span class="_ _3"/>nn<span class="_ _3"/>ec<span class="_ _3"/>tio<span class="_ _3"/>n wi<span class="_ _3"/>th the p<span class="_ _3"/>re<span class="_ _3"/>pa<span class="_ _3"/>rati<span class="_ _3"/>on </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an<span class="_ _3"/>d revi<span class="_ _3"/>ew of tax re<span class="_ _3"/>turn<span class="_ _3"/>s.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">‘O<span class="_ _3"/>the<span class="_ _3"/>r se<span class="_ _3"/>r<span class="_ _3"/>vice<span class="_ _3"/>s’ in<span class="_ _3"/>clu<span class="_ _3"/>de<span class="_ _3"/>d othe<span class="_ _3"/>r con<span class="_ _3"/>su<span class="_ _3"/>ltancy s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">pr<span class="_ _3"/>im<span class="_ _3"/>ar<span class="_ _3"/>ily rela<span class="_ _3"/>ted to ven<span class="_ _3"/>do<span class="_ _3"/>r du<span class="_ _3"/>e di<span class="_ _3"/>li<span class="_ _3"/>ge<span class="_ _3"/>nce a<span class="_ _3"/>nd re<span class="_ _3"/>gre<span class="_ _3"/>s<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sion t<span class="_ _0"/>esting. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Fe<span class="_ _3"/>es for se<span class="_ _3"/>r<span class="_ _3"/>vi<span class="_ _3"/>ces oth<span class="_ _3"/>er t<span class="_ _3"/>ha<span class="_ _3"/>n statuto<span class="_ _3"/>ry a<span class="_ _3"/>ud<span class="_ _3"/>it s<span class="_ _3"/>upp<span class="_ _3"/>li<span class="_ _3"/>ed </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">by Pw<span class="_ _3"/>C De<span class="_ _3"/>nm<span class="_ _3"/>ar<span class="_ _3"/>k to Ørs<span class="_ _3"/>ted a<span class="_ _3"/>mo<span class="_ _3"/>unted to D<span class="_ _3"/>KK 8 m<span class="_ _3"/>il<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">li<span class="_ _3"/>on (2<span class="_ _3"/>022: DK<span class="_ _3"/>K 7 mi<span class="_ _3"/>ll<span class="_ _3"/>io<span class="_ _3"/>n) an<span class="_ _3"/>d cons<span class="_ _3"/>is<span class="_ _3"/>ted of as<span class="_ _3"/>su<span class="_ _3"/>ran<span class="_ _3"/>ce </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _49"/>s<span class="_ _3"/>er<span class="_ _3"/>vi<span class="_ _3"/>ces re<span class="_ _3"/>late<span class="_ _3"/>d to the is<span class="_ _3"/>su<span class="_ _3"/>an<span class="_ _3"/>ce of bo<span class="_ _3"/>nds<span class="_ _3"/>, du<span class="_ _3"/>e di<span class="_ _3"/>li<span class="_ _3"/>ge<span class="_ _3"/>nce<span class="_ _3"/>, </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">reg<span class="_ _3"/>res<span class="_ _3"/>si<span class="_ _3"/>on tes<span class="_ _3"/>tin<span class="_ _3"/>g, re<span class="_ _3"/>view of E<span class="_ _3"/>SG d<span class="_ _3"/>ata<span class="_ _3"/>, an<span class="_ _3"/>d othe<span class="_ _3"/>r ge<span class="_ _3"/>n<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">er<span class="_ _3"/>al a<span class="_ _3"/>ccou<span class="_ _3"/>nti<span class="_ _3"/>ng<span class="_ _3"/>, tax<span class="_ _3"/>, an<span class="_ _3"/>d tra<span class="_ _3"/>nsfe<span class="_ _3"/>r pr<span class="_ _3"/>ici<span class="_ _3"/>ng <span class="_ _3"/>adv<span class="_ _3"/>ice<span class="_ _3"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:154.15625px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 59.3789px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Audit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>or'<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s fees</span><span style="position: absolute; display: inline-block; left: 0px; top: 12.3828px; width: 631.471px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">DKKm<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 503.726px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">2023<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>2022</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 30.2578px; width: 124.904px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Audit and audit-r<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>elat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ed f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ees</span><span style="position: absolute; display: inline-block; left: 0px; top: 44.7441px; width: 631.535px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Stat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ut<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ory audit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 476.929px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">37<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>30</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 58.7441px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other assuranc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e engagements<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 414.81px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">5<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>4</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 72.2578px; width: 82.2832px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Non-audit service<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>s</span><span style="position: absolute; display: inline-block; left: 0px; top: 86.7598px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ax and V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T advic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 465.439px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 100.76px; width: 631.324px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Other service<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 486.99px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">4<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 70.7344px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>3</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 114.273px; width: 631.348px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>otal f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ees t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>o PwC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 465.439px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">48<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 65.0156px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>40</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 130.398px; width: 631.77px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ee for non-audit s<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ervices in per<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>cent o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>f stat<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>utory audit f<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ee<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 277.588px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">28 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 53.25px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span> <span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 1.21875px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>31 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 144.414px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">PwC Denmark non-audit servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e ratio <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 365.232px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">74 %<span style="word-spacing: -0.936px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 55.8517px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>69 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The non-audit service<span class="_ _0"/>s pro<span class="_ _0"/>vided b<span class="_ _0"/>y the Group audit<span class="_ _0"/>or in Denmark canno<span class="_ _0"/>t exc<span class="_ _0"/>eed 70 <span class="_ _4"/>%. <span class="_ _0"/>The ‘PwC Denmark non-audit servic<span class="_ _0"/>e ratio<span class="_ _0"/>’ includes<span class="_ _0"/> <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">an assuranc<span class="_ _0"/>e servic<span class="_ _0"/>e rel<span class="_ _0"/>at<span class="_ _0"/>ed to a c<span class="_ _0"/>ont<span class="_ _0"/>emplat<span class="_ _0"/>ed bond issuance f<span class="_ _4"/>or which we have r<span class="_ _0"/>eceiv<span class="_ _0"/>ed an exemp<span class="_ _0"/>tion from the Danish Business <span class="_ _0"/>Authoritie<span class="_ _0"/>s. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">The ‘PwC Denmark non-audit servic<span class="_ _0"/>e ratio<span class="_ _0"/>’<span class="_ _0"/>, e<span class="_ _0"/>xcluding this ex<span class="_ _0"/>empt<span class="_ _0"/>ed service<span class="_ _0"/>, c<span class="_ _0"/>onstitues 55 <span class="_ _15c"/>% f<span class="_ _0"/>or 2023.</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>m<span class="_ _3"/>p<span class="_ _3"/>a<span class="_ _3"/>ny <span class="_ _ad"> </span>ov<span class="_ _3"/>e<span class="_ _3"/>r<span class="_ _3"/>v<span class="_ _3"/>ie<span class="_ _3"/>w</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 7.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:526.720703125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 518.174px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Segment/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>compan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Country<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ype </span><span style="position: absolute; display: inline-block; left: 517.078px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 548.016px; top: 0.0078125px; width: 84.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ownership int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2578px; width: 74.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Par<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ent Compan<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 380.479px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.7734px; width: 38.8066px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.2598px; width: 125.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Anhol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t Havvindmøll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>epark I/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 69.2598px; width: 291.334px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 83.2598px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borkum Riff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>grund 1 Windpark <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.158px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 97.2598px; width: 631.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borkum Riff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>grund 2 Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind Farm GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 111.275px; width: 340.049px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borssel<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Windf<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm C.<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>V<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 241.306px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 340.049px; top: 111.275px; width: 291.346px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The Netherlands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 125.275px; width: 50.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bree<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sea L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d</span><span style="position: absolute; display: inline-block; left: 51.0156px; top: 125.832px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 125.275px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 139.275px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 1 Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm GmbH &amp; Co<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.158px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 153.275px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 2 Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/S GmbH<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 147.944px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 167.275px; width: 133.998px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 3 GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG</span><span style="position: absolute; display: inline-block; left: 133.547px; top: 167.848px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 167.275px; width: 291.217px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.613px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 181.275px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm NW L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 195.291px; width: 205.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm SE L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td2</span><span style="position: absolute; display: inline-block; left: 204.25px; top: 195.848px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 195.291px; width: 291.1px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 209.291px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm SW<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d2<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 223.291px; width: 79.1367px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Hornsea 1 Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 79.0625px; top: 223.848px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 223.291px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 237.291px; width: 72.252px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ocean Wind LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 237.291px; width: 291.234px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 251.291px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Borssel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Holding B<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.869px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The Netherlands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 265.307px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea 1 Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings Limited<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 279.307px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea Pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oject <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Three (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.791px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.307px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wo Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 194.742px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 307.307px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed North Americ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a Inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.322px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 243.715px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.322px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Rac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Bank (Holding) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 349.322px; width: 631.441px; white-space: pre; word-spacing: -0.432px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed T<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan <span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>L<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 261.381px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 363.338px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alney Extension Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 377.338px; width: 631.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est of Duddon Sands (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 391.338px; width: 130.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Bank Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 130.297px; top: 391.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 391.322px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 405.338px; width: 92.3438px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>volution Wind,<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> LLC</span><span style="position: absolute; display: inline-block; left: 92px; top: 405.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 405.338px; width: 291.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 419.338px; width: 113.59px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sonningmay Wind Limited</span><span style="position: absolute; display: inline-block; left: 113.734px; top: 419.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 419.338px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 433.338px; width: 109.324px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Soundmark Wind Limited</span><span style="position: absolute; display: inline-block; left: 110.141px; top: 433.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 433.338px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 447.338px; width: 66.8906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">South Fork, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C</span><span style="position: absolute; display: inline-block; left: 67.0469px; top: 447.91px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 447.338px; width: 291.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 461.338px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y (UK) Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Windf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms Limited<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 162.498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 475.354px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est Of Duddon Sands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 238.383px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 489.354px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Horns Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v 2 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.197px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 503.354px; width: 100.986px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>P<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 503.354px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 517.354px; width: 137.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 136.906px; top: 517.926px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 517.354px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:344.689453125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 518.174px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Segment/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>compan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Country<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ype </span><span style="position: absolute; display: inline-block; left: 517.297px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 547.453px; top: 0.0078125px; width: 84.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ownership int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2578px; width: 37.5352px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onshore</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2W P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ermian Solar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 631.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ele<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ven Mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.076px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 631.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Hayst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ack <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind Project, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 631.383px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Helena Wind, LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.666px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Lincoln L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 264.387px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mockingbird Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LLC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 210.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Muscl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Shoals Solar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 234.252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Old 300 Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 144.775px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Onshore Ir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and Green Ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gy Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ir<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eland<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 158.775px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sage Draw <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 247.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 172.791px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sparta Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LLC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.192px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 186.791px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sunflo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer Ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 244.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 200.791px; width: 631.453px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ahoka Wind, LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.115px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 214.791px; width: 631.359px; white-space: pre; word-spacing: -0.432px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ern T<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>rail Wind, <span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>LL<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 228.807px; width: 121.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Onshore Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 122.422px; top: 229.348px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 228.791px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 256.305px; width: 82.4238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.807px; width: 170.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Bioenergy &amp; <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Thermal P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 170.266px; top: 271.363px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 270.807px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 284.807px; width: 109.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Salg &amp; Servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 109.266px; top: 285.363px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 284.807px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 306.82px; width: 76.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Shared Functions</span><span style="position: absolute; display: inline-block; left: 0px; top: 321.322px; width: 631.219px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>North Americ<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Hol<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 190.893px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.322px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TW Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 185.35px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>S = subsidiary<span class="_ _0"/>, JO = joint oper<span class="_ _0"/>ation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The compan<span class="_ _0"/>y is o<span class="_ _0"/>wned through a c<span class="_ _0"/>ompany which is no<span class="_ _0"/>t owned<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">100 <span class="_ _4"/>% by Ørst<span class="_ _0"/>ed. <span class="_ _0"/>The dis<span class="_ _0"/>clos<span class="_ _0"/>ed ownership int<span class="_ _0"/>er<span class="_ _0"/>est is Ørst<span class="_ _0"/>ed'<span class="_ _4"/>s <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ul<span class="_ _0"/>timat<span class="_ _0"/>e ownership int<span class="_ _0"/>er<span class="_ _0"/>est in the compan<span class="_ _0"/>y<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Subsidiaries owned dir<span class="_ _0"/>ectl<span class="_ _0"/>y b<span class="_ _0"/>y Ørsted <span class="_ _0"/>A/<span class="_ _0"/>S<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Companies without significant activitie<span class="_ _0"/>s are no<span class="_ _0"/>t included in the list. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A ful<span class="_ _0"/>l compr<span class="_ _0"/>ehensive list o<span class="_ _0"/>f companies is av<span class="_ _0"/>ailabl<span class="_ _0"/>e at: <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">https:/<span class="_ _15c"/>/or<span class="_ _0"/>sted.<span class="_ _0"/>com/<span class="_ _4"/>company<span class="_ _0"/>-ov<span class="_ _0"/>erview</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Co<span class="_ _3"/>m<span class="_ _3"/>p<span class="_ _3"/>a<span class="_ _3"/>ny <span class="_ _ad"> </span>ov<span class="_ _3"/>e<span class="_ _3"/>r<span class="_ _3"/>v<span class="_ _3"/>ie<span class="_ _3"/>w</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 7.4</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:526.720703125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 518.174px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Segment/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>compan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Country<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ype </span><span style="position: absolute; display: inline-block; left: 517.078px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 548.016px; top: 0.0078125px; width: 84.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ownership int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2578px; width: 74.9297px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Par<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ent Compan<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 380.479px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 293.625px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 54.7734px; width: 38.8066px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Offshor<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>e</span><span style="position: absolute; display: inline-block; left: 0px; top: 69.2598px; width: 125.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Anhol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t Havvindmøll<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>epark I/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 69.2598px; width: 291.334px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 83.2598px; width: 631.488px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borkum Riff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>grund 1 Windpark <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.158px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 97.2598px; width: 631.166px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borkum Riff<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>grund 2 Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind Farm GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 88.7284px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 111.275px; width: 340.049px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Borssel<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Windf<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm C.<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>V<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 241.306px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="position: absolute; display: inline-block; left: 340.049px; top: 111.275px; width: 291.346px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The Netherlands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 96.2167px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 125.275px; width: 50.9941px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Bree<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>sea L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d</span><span style="position: absolute; display: inline-block; left: 51.0156px; top: 125.832px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 125.275px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 139.275px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 1 Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm GmbH &amp; Co<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>. oHG<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.158px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">German<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 153.275px; width: 631.512px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 2 Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>/S GmbH<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 147.944px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.988px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 167.275px; width: 133.998px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Gode Wind 3 GmbH &amp; C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o. oHG</span><span style="position: absolute; display: inline-block; left: 133.547px; top: 167.848px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 167.275px; width: 291.217px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Germany<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 128.613px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 181.275px; width: 631.459px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm NW L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 132.885px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 195.291px; width: 205.02px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm SE L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td2</span><span style="position: absolute; display: inline-block; left: 204.25px; top: 195.848px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 195.291px; width: 291.1px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 209.291px; width: 631.295px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Great<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er Changhua Off<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>shor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm SW<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d2<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 131.461px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 223.291px; width: 79.1367px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Hornsea 1 Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 79.0625px; top: 223.848px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 223.291px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 237.291px; width: 72.252px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ocean Wind LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 237.291px; width: 291.234px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 251.291px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Borssel<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Holding B<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>V<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>.<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 217.869px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The Netherlands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 102.861px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 265.307px; width: 631.471px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea 1 Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings Limited<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 187.928px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 279.307px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea Pr<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>oject <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Three (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 174.791px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 293.307px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Hornsea <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>T<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wo Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 194.742px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 307.307px; width: 631.406px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed North Americ<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a Inc<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 229.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 321.322px; width: 631.383px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Po<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 243.715px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.322px; width: 631.266px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Rac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Bank (Holding) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 204.451px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 349.322px; width: 631.441px; white-space: pre; word-spacing: -0.432px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed T<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan <span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>L<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>t<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>d<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 261.381px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.92px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>aiwan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 363.338px; width: 631.207px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alney Extension Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>dings Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 156.352px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 83.5545px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 377.338px; width: 631.547px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est of Duddon Sands (UK) L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>td<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 172.166px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 143.525px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 391.338px; width: 130.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Rac<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Bank Wind F<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arm Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed</span><span style="position: absolute; display: inline-block; left: 130.297px; top: 391.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 391.322px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 405.338px; width: 92.3438px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Re<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>volution Wind,<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/> LLC</span><span style="position: absolute; display: inline-block; left: 92px; top: 405.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 405.338px; width: 291.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 419.338px; width: 113.59px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sonningmay Wind Limited</span><span style="position: absolute; display: inline-block; left: 113.734px; top: 419.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 419.338px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 433.338px; width: 109.324px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Soundmark Wind Limited</span><span style="position: absolute; display: inline-block; left: 110.141px; top: 433.895px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 433.338px; width: 290.977px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.051px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 447.338px; width: 66.8906px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">South Fork, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C</span><span style="position: absolute; display: inline-block; left: 67.0469px; top: 447.91px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">2</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 447.338px; width: 291.445px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 138.369px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 461.338px; width: 631.43px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>alne<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>y (UK) Offshor<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Windf<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>arms Limited<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 162.498px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 142.887px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 89.9591px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 475.354px; width: 631.248px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est Of Duddon Sands<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 238.383px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The UK<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 137.467px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">JO<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 89.4727px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">50 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 489.354px; width: 631.494px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Horns Re<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>v 2 <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 239.197px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 503.354px; width: 100.986px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>P<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ow<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 503.354px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 517.354px; width: 137.607px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 136.906px; top: 517.926px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 340.656px; top: 517.354px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;position:relative;height:344.689453125px;"><span style="position: absolute; display: inline-block; left: 0px; top: 0.0078125px; width: 518.174px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Segment/<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>compan<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>y<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 255.867px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>Country<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 117.738px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"> </span>T<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>ype </span><span style="position: absolute; display: inline-block; left: 517.297px; top: 0.921875px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff5; -webkit-text-stroke-width: 0.078705px;">1</span><span style="position: absolute; display: inline-block; left: 547.453px; top: 0.0078125px; width: 84.4336px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Ownership int<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;"/>erest</span><span style="position: absolute; display: inline-block; left: 0px; top: 18.2578px; width: 37.5352px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Onshore</span><span style="position: absolute; display: inline-block; left: 0px; top: 32.7441px; width: 631.559px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">2W P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ermian Solar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 242.121px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 46.7441px; width: 631.582px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ele<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ven Mil<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 216.076px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.4627px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 60.7598px; width: 631.33px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Hayst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ack <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind Project, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 220.518px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 74.7598px; width: 631.383px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Helena Wind, LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.666px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 88.7598px; width: 631.16px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Lincoln L<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 264.387px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 102.76px; width: 631.447px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Mockingbird Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LLC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 210.281px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 116.775px; width: 631.172px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Muscl<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e Shoals Solar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 234.252px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 130.775px; width: 631.307px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Old 300 Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar Cent<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>er<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 228.504px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 144.775px; width: 631.523px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Orst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Onshore Ir<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>el<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>and Green Ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gy Limit<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.047px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ir<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>eland<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 145.6px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 158.775px; width: 631.477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sage Draw <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Wind, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 247.67px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 172.791px; width: 631.4px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sparta Sol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ar<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LLC<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 266.192px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 186.791px; width: 631.453px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Sunflo<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer Ener<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>gy<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>, LL<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 244.852px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span>The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 200.791px; width: 631.453px; white-space: pre; word-spacing: -0.288px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">T<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.533px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ahoka Wind, LL<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.288px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 263.115px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 214.791px; width: 631.359px; white-space: pre; word-spacing: -0.432px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">W<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>est<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ern T<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>rail Wind, <span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>LL<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>C<span style="word-spacing: -0.432px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 237.973px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">The US<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 144.562px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 228.807px; width: 121.939px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Onshore Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 122.422px; top: 229.348px; width: 3.30469px; white-space: pre; word-spacing: 0px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;">3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 228.791px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 256.305px; width: 82.4238px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Bioenergy &amp; Other</span><span style="position: absolute; display: inline-block; left: 0px; top: 270.807px; width: 170.057px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Bioenergy &amp; <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Thermal P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 170.266px; top: 271.363px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 270.807px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 284.807px; width: 109.693px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Salg &amp; Servic<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>e A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -1.1487px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S</span><span style="position: absolute; display: inline-block; left: 109.266px; top: 285.363px; width: 4.01367px; white-space: pre; word-spacing: -0.645382px; letter-spacing: 0px; margin-left: 0px; font-size: 5.247px; font-family: ff4; -webkit-text-stroke-width: 0.078705px;"> 3</span><span style="position: absolute; display: inline-block; left: 340.328px; top: 284.807px; width: 291.299px; white-space: pre; word-spacing: -0.09px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span><span style="position: absolute; display: inline-block; left: 0px; top: 306.82px; width: 76.3477px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff1; -webkit-text-stroke-width: 0.135px;">Shared Functions</span><span style="position: absolute; display: inline-block; left: 0px; top: 321.322px; width: 631.219px; white-space: pre; word-spacing: -0.36px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>North Americ<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>a <span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 0.58008px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>Hol<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding A/<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: -0.36px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 190.893px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span style="position: absolute; display: inline-block; left: 0px; top: 335.322px; width: 631.277px; white-space: pre; word-spacing: 0px; letter-spacing: 0.09px; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Ørst<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ed Wind P<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>o<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>wer <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>TW Hol<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>ding <span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>A/<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: -0.474px; width: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"/>S<span style="word-spacing: 0px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 185.35px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span><span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">Denmark<span style="word-spacing: -0.09px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; width: 135.357px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">S<span style="word-spacing: 0px; letter-spacing: 0px; display: inline-block; margin-left: 0px; width: 84.0233px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;"> </span></span><span style="word-spacing: -1.062px; letter-spacing: 0.09px; display: inline-block; margin-left: 0px; font-size: 9px; font-family: ff3; -webkit-text-stroke-width: 0.135px;">100 %</span></span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">1</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>S = subsidiary<span class="_ _0"/>, JO = joint oper<span class="_ _0"/>ation.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">2</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_ _7"> </span> <span class="_ _1"/>The compan<span class="_ _0"/>y is o<span class="_ _0"/>wned through a c<span class="_ _0"/>ompany which is no<span class="_ _0"/>t owned<span class="_ _0"/> </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">100 <span class="_ _4"/>% by Ørst<span class="_ _0"/>ed. <span class="_ _0"/>The dis<span class="_ _0"/>clos<span class="_ _0"/>ed ownership int<span class="_ _0"/>er<span class="_ _0"/>est is Ørst<span class="_ _0"/>ed'<span class="_ _4"/>s <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ul<span class="_ _0"/>timat<span class="_ _0"/>e ownership int<span class="_ _0"/>er<span class="_ _0"/>est in the compan<span class="_ _0"/>y<span class="_ _4"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">3</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;"> <span class="_"> </span> <span class="_ _6"/>Subsidiaries owned dir<span class="_ _0"/>ectl<span class="_ _0"/>y b<span class="_ _0"/>y Ørsted <span class="_ _0"/>A/<span class="_ _0"/>S<span class="_ _0"/>.</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Companies without significant activitie<span class="_ _0"/>s are no<span class="_ _0"/>t included in the list. </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">A ful<span class="_ _0"/>l compr<span class="_ _0"/>ehensive list o<span class="_ _0"/>f companies is av<span class="_ _0"/>ailabl<span class="_ _0"/>e at: <span class="ls0"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">https:/<span class="_ _15c"/>/or<span class="_ _0"/>sted.<span class="_ _0"/>com/<span class="_ _4"/>company<span class="_ _0"/>-ov<span class="_ _0"/>erview</span> <span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Ev<span class="_ _0"/>en<span class="_ _3"/>ts a<span class="_ _3"/>fte<span class="_ _3"/>r the re<span class="_ _3"/>por<span class="_ _3"/>ti<span class="_ _3"/>ng pe<span class="_ _3"/>rio<span class="_ _3"/>d</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Not<span class="_ _0"/>e 7.5</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">Sunrise Wind</span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">In 2<span class="_ _3"/>024<span class="_ _3"/>, Ør<span class="_ _3"/>sted s<span class="_ _3"/>ign<span class="_ _3"/>ed a<span class="_ _3"/>n ag<span class="_ _3"/>ree<span class="_ _3"/>me<span class="_ _3"/>nt to ac<span class="_ _3"/>qu<span class="_ _3"/>ire Eve<span class="_ _3"/>r<span class="_ _0"/><span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">so<span class="_ _3"/>urce's 5<span class="_ _3"/>0 <span class="_ _15c"/>% s<span class="_ _3"/>ha<span class="_ _3"/>re of Su<span class="_ _3"/>nr<span class="_ _3"/>ise W<span class="_ _3"/>in<span class="_ _3"/>d. T<span class="_ _3"/>he a<span class="_ _3"/>cqu<span class="_ _3"/>is<span class="_ _3"/>iti<span class="_ _3"/>on i<span class="_ _3"/>s </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">su<span class="_ _3"/>bje<span class="_ _3"/>ct to th<span class="_ _3"/>e su<span class="_ _3"/>cces<span class="_ _3"/>sfu<span class="_ _3"/>l awa<span class="_ _3"/>rd of S<span class="_ _3"/>un<span class="_ _3"/>ris<span class="_ _3"/>e Wi<span class="_ _3"/>nd i<span class="_ _3"/>n the </span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">state of N<span class="_ _3"/>ew Y<span class="_ _0"/>ork s<span class="_ _3"/>oli<span class="_ _3"/>ci<span class="_ _3"/>tatio<span class="_ _3"/>n for of<span class="_ _3"/>fs<span class="_ _3"/>hor<span class="_ _3"/>e win<span class="_ _3"/>d cap<span class="_ _3"/>ac<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">ity. Th<span class="_ _3"/>e ac<span class="_ _3"/>qu<span class="_ _3"/>isi<span class="_ _3"/>tio<span class="_ _3"/>n wou<span class="_ _3"/>ld gi<span class="_ _3"/>ve Ø<span class="_ _3"/>rste<span class="_ _3"/>d 10<span class="_ _3"/>0 <span class="_ _15c"/>% own<span class="_ _3"/>er<span class="ls0">-</span></span><span xmlns="http://www.w3.org/1999/xhtml" style="display:inherit;clear:left;">sh<span class="_ _3"/>ip of S<span class="_ _3"/>un<span class="_ _3"/>ris<span class="_ _3"/>e Wi<span class="_ _3"/>nd<span class="_ _3"/>.</span> Ørsted A/S A/S Kraftværksvej 53DK-7000 Fredericia Value adjustments for the year for cash flow hedging amounting to DKK 25,017 million mainly consist of gains related to the hedging of power and, to a lesser extent, gains related to the hedging of gas. The gain of DKK 4,143 million transferred to the income statement mainly consists of gains related to the hedging of power. In 2023, foreign exchange gains relating to net investments in foreign enterprises amounting to DKK 548 million were primarily attributable to an increase of 3 % in the GBP exchange rate, partly countered by a decrease of 3 % in the USD exchange rate and a decrease of 3 % in the NTD exchange rate. A part of the net investment was hedged.